import nltk
nltk.download('punkt')
import nltk
nltk.download('averaged_perceptron_tagger')
import nltk
nltk.download('wordnet')
# https://datascienceplus.com/topic-modeling-in-python-with-nltk-and-gensim/
LDA is a topic analysis tool. You can get the probability of association of a word with a topic or topics, but that is all. Semantic similarity is better handled by using the word2vec algorithm. But you can find the similarity between two documents, using LDA. Also you can look at the degree of distributions of words in topics, to at least entertain the idea of finding semantic simliraites in words. For document imilarity you can use, Doc2vec converts each document into a vector, and semantic similarity can be computed by cosine distance as you mentioned.
import nltk
nltk.download('stopwords')
import nltk
nltk.download('brown')
[nltk_data] Downloading package stopwords to [nltk_data] /Users/dereksnow/nltk_data... [nltk_data] Package stopwords is already up-to-date!
True
text = open("Airgas Inc2009.txt").read()
import spacy
spacy.load('en')
from spacy.lang.en import English
parser = English()
def tokenize(text):
lda_tokens = []
tokens = parser(text)
for token in tokens:
if token.orth_.isspace():
continue
elif token.like_url:
lda_tokens.append('URL')
elif token.orth_.startswith('@'):
lda_tokens.append('SCREEN_NAME')
else:
lda_tokens.append(token.lower_)
return lda_tokens
import nltk
nltk.download('wordnet')
from nltk.corpus import wordnet as wn
def get_lemma(word):
lemma = wn.morphy(word)
if lemma is None:
return word
else:
return lemma
from nltk.stem.wordnet import WordNetLemmatizer
def get_lemma2(word):
return WordNetLemmatizer().lemmatize(word)
[nltk_data] Downloading package wordnet to [nltk_data] /Users/dereksnow/nltk_data... [nltk_data] Package wordnet is already up-to-date!
nltk.download('stopwords')
en_stop = set(nltk.corpus.stopwords.words('english'))
[nltk_data] Downloading package stopwords to [nltk_data] /Users/dereksnow/nltk_data... [nltk_data] Package stopwords is already up-to-date!
def prepare_text_for_lda(text):
tokens = tokenize(text)
tokens = [token for token in tokens if len(token) > 4]
tokens = [token for token in tokens if token not in en_stop]
tokens = [get_lemma(token) for token in tokens]
return tokens
import random
text_data = []
with open('dataset.csv','w+') as f:
for line in f:
tokens = prepare_text_for_lda(line)
if random.random() > .99:
print(tokens)
text_data.append(tokens)
text_data
[]
from nltk.corpus import brown
brown.fileids()
['ca01', 'ca02', 'ca03', 'ca04', 'ca05', 'ca06', 'ca07', 'ca08', 'ca09', 'ca10', 'ca11', 'ca12', 'ca13', 'ca14', 'ca15', 'ca16', 'ca17', 'ca18', 'ca19', 'ca20', 'ca21', 'ca22', 'ca23', 'ca24', 'ca25', 'ca26', 'ca27', 'ca28', 'ca29', 'ca30', 'ca31', 'ca32', 'ca33', 'ca34', 'ca35', 'ca36', 'ca37', 'ca38', 'ca39', 'ca40', 'ca41', 'ca42', 'ca43', 'ca44', 'cb01', 'cb02', 'cb03', 'cb04', 'cb05', 'cb06', 'cb07', 'cb08', 'cb09', 'cb10', 'cb11', 'cb12', 'cb13', 'cb14', 'cb15', 'cb16', 'cb17', 'cb18', 'cb19', 'cb20', 'cb21', 'cb22', 'cb23', 'cb24', 'cb25', 'cb26', 'cb27', 'cc01', 'cc02', 'cc03', 'cc04', 'cc05', 'cc06', 'cc07', 'cc08', 'cc09', 'cc10', 'cc11', 'cc12', 'cc13', 'cc14', 'cc15', 'cc16', 'cc17', 'cd01', 'cd02', 'cd03', 'cd04', 'cd05', 'cd06', 'cd07', 'cd08', 'cd09', 'cd10', 'cd11', 'cd12', 'cd13', 'cd14', 'cd15', 'cd16', 'cd17', 'ce01', 'ce02', 'ce03', 'ce04', 'ce05', 'ce06', 'ce07', 'ce08', 'ce09', 'ce10', 'ce11', 'ce12', 'ce13', 'ce14', 'ce15', 'ce16', 'ce17', 'ce18', 'ce19', 'ce20', 'ce21', 'ce22', 'ce23', 'ce24', 'ce25', 'ce26', 'ce27', 'ce28', 'ce29', 'ce30', 'ce31', 'ce32', 'ce33', 'ce34', 'ce35', 'ce36', 'cf01', 'cf02', 'cf03', 'cf04', 'cf05', 'cf06', 'cf07', 'cf08', 'cf09', 'cf10', 'cf11', 'cf12', 'cf13', 'cf14', 'cf15', 'cf16', 'cf17', 'cf18', 'cf19', 'cf20', 'cf21', 'cf22', 'cf23', 'cf24', 'cf25', 'cf26', 'cf27', 'cf28', 'cf29', 'cf30', 'cf31', 'cf32', 'cf33', 'cf34', 'cf35', 'cf36', 'cf37', 'cf38', 'cf39', 'cf40', 'cf41', 'cf42', 'cf43', 'cf44', 'cf45', 'cf46', 'cf47', 'cf48', 'cg01', 'cg02', 'cg03', 'cg04', 'cg05', 'cg06', 'cg07', 'cg08', 'cg09', 'cg10', 'cg11', 'cg12', 'cg13', 'cg14', 'cg15', 'cg16', 'cg17', 'cg18', 'cg19', 'cg20', 'cg21', 'cg22', 'cg23', 'cg24', 'cg25', 'cg26', 'cg27', 'cg28', 'cg29', 'cg30', 'cg31', 'cg32', 'cg33', 'cg34', 'cg35', 'cg36', 'cg37', 'cg38', 'cg39', 'cg40', 'cg41', 'cg42', 'cg43', 'cg44', 'cg45', 'cg46', 'cg47', 'cg48', 'cg49', 'cg50', 'cg51', 'cg52', 'cg53', 'cg54', 'cg55', 'cg56', 'cg57', 'cg58', 'cg59', 'cg60', 'cg61', 'cg62', 'cg63', 'cg64', 'cg65', 'cg66', 'cg67', 'cg68', 'cg69', 'cg70', 'cg71', 'cg72', 'cg73', 'cg74', 'cg75', 'ch01', 'ch02', 'ch03', 'ch04', 'ch05', 'ch06', 'ch07', 'ch08', 'ch09', 'ch10', 'ch11', 'ch12', 'ch13', 'ch14', 'ch15', 'ch16', 'ch17', 'ch18', 'ch19', 'ch20', 'ch21', 'ch22', 'ch23', 'ch24', 'ch25', 'ch26', 'ch27', 'ch28', 'ch29', 'ch30', 'cj01', 'cj02', 'cj03', 'cj04', 'cj05', 'cj06', 'cj07', 'cj08', 'cj09', 'cj10', 'cj11', 'cj12', 'cj13', 'cj14', 'cj15', 'cj16', 'cj17', 'cj18', 'cj19', 'cj20', 'cj21', 'cj22', 'cj23', 'cj24', 'cj25', 'cj26', 'cj27', 'cj28', 'cj29', 'cj30', 'cj31', 'cj32', 'cj33', 'cj34', 'cj35', 'cj36', 'cj37', 'cj38', 'cj39', 'cj40', 'cj41', 'cj42', 'cj43', 'cj44', 'cj45', 'cj46', 'cj47', 'cj48', 'cj49', 'cj50', 'cj51', 'cj52', 'cj53', 'cj54', 'cj55', 'cj56', 'cj57', 'cj58', 'cj59', 'cj60', 'cj61', 'cj62', 'cj63', 'cj64', 'cj65', 'cj66', 'cj67', 'cj68', 'cj69', 'cj70', 'cj71', 'cj72', 'cj73', 'cj74', 'cj75', 'cj76', 'cj77', 'cj78', 'cj79', 'cj80', 'ck01', 'ck02', 'ck03', 'ck04', 'ck05', 'ck06', 'ck07', 'ck08', 'ck09', 'ck10', 'ck11', 'ck12', 'ck13', 'ck14', 'ck15', 'ck16', 'ck17', 'ck18', 'ck19', 'ck20', 'ck21', 'ck22', 'ck23', 'ck24', 'ck25', 'ck26', 'ck27', 'ck28', 'ck29', 'cl01', 'cl02', 'cl03', 'cl04', 'cl05', 'cl06', 'cl07', 'cl08', 'cl09', 'cl10', 'cl11', 'cl12', 'cl13', 'cl14', 'cl15', 'cl16', 'cl17', 'cl18', 'cl19', 'cl20', 'cl21', 'cl22', 'cl23', 'cl24', 'cm01', 'cm02', 'cm03', 'cm04', 'cm05', 'cm06', 'cn01', 'cn02', 'cn03', 'cn04', 'cn05', 'cn06', 'cn07', 'cn08', 'cn09', 'cn10', 'cn11', 'cn12', 'cn13', 'cn14', 'cn15', 'cn16', 'cn17', 'cn18', 'cn19', 'cn20', 'cn21', 'cn22', 'cn23', 'cn24', 'cn25', 'cn26', 'cn27', 'cn28', 'cn29', 'cp01', 'cp02', 'cp03', 'cp04', 'cp05', 'cp06', 'cp07', 'cp08', 'cp09', 'cp10', 'cp11', 'cp12', 'cp13', 'cp14', 'cp15', 'cp16', 'cp17', 'cp18', 'cp19', 'cp20', 'cp21', 'cp22', 'cp23', 'cp24', 'cp25', 'cp26', 'cp27', 'cp28', 'cp29', 'cr01', 'cr02', 'cr03', 'cr04', 'cr05', 'cr06', 'cr07', 'cr08', 'cr09']
brown.words('cp08')
['Rachel', 'steered', 'me', 'along', 'toward', 'a', ...]
from nltk.corpus import brown
## loading multiple documents
data = []
for fileid in brown.fileids():
document = ' '.join(brown.words(fileid))
data.append(document)
NO_DOCUMENTS = len(data)
print(NO_DOCUMENTS)
print(data[:5])
500 ["The Fulton County Grand Jury said Friday an investigation of Atlanta's recent primary election produced `` no evidence '' that any irregularities took place . The jury further said in term-end presentments that the City Executive Committee , which had over-all charge of the election , `` deserves the praise and thanks of the City of Atlanta '' for the manner in which the election was conducted . The September-October term jury had been charged by Fulton Superior Court Judge Durwood Pye to investigate reports of possible `` irregularities '' in the hard-fought primary which was won by Mayor-nominate Ivan Allen Jr. . `` Only a relative handful of such reports was received '' , the jury said , `` considering the widespread interest in the election , the number of voters and the size of this city '' . The jury said it did find that many of Georgia's registration and election laws `` are outmoded or inadequate and often ambiguous '' . It recommended that Fulton legislators act `` to have these laws studied and revised to the end of modernizing and improving them '' . The grand jury commented on a number of other topics , among them the Atlanta and Fulton County purchasing departments which it said `` are well operated and follow generally accepted practices which inure to the best interest of both governments '' . Merger proposed However , the jury said it believes `` these two offices should be combined to achieve greater efficiency and reduce the cost of administration '' . The City Purchasing Department , the jury said , `` is lacking in experienced clerical personnel as a result of city personnel policies '' . It urged that the city `` take steps to remedy '' this problem . Implementation of Georgia's automobile title law was also recommended by the outgoing jury . It urged that the next Legislature `` provide enabling funds and re-set the effective date so that an orderly implementation of the law may be effected '' . The grand jury took a swipe at the State Welfare Department's handling of federal funds granted for child welfare services in foster homes . `` This is one of the major items in the Fulton County general assistance program '' , the jury said , but the State Welfare Department `` has seen fit to distribute these funds through the welfare departments of all the counties in the state with the exception of Fulton County , which receives none of this money . The jurors said they realize `` a proportionate distribution of these funds might disable this program in our less populous counties '' . Nevertheless , `` we feel that in the future Fulton County should receive some portion of these available funds '' , the jurors said . `` Failure to do this will continue to place a disproportionate burden '' on Fulton taxpayers . The jury also commented on the Fulton ordinary's court which has been under fire for its practices in the appointment of appraisers , guardians and administrators and the awarding of fees and compensation . Wards protected The jury said it found the court `` has incorporated into its operating procedures the recommendations '' of two previous grand juries , the Atlanta Bar Association and an interim citizens committee . `` These actions should serve to protect in fact and in effect the court's wards from undue costs and its appointed and elected servants from unmeritorious criticisms '' , the jury said . Regarding Atlanta's new multi-million-dollar airport , the jury recommended `` that when the new management takes charge Jan. 1 the airport be operated in a manner that will eliminate political influences '' . The jury did not elaborate , but it added that `` there should be periodic surveillance of the pricing practices of the concessionaires for the purpose of keeping the prices reasonable '' . Ask jail deputies On other matters , the jury recommended that : ( 1 ) Four additional deputies be employed at the Fulton County Jail and `` a doctor , medical intern or extern be employed for night and weekend duty at the jail '' . ( 2 ) Fulton legislators `` work with city officials to pass enabling legislation that will permit the establishment of a fair and equitable '' pension plan for city employes . The jury praised the administration and operation of the Atlanta Police Department , the Fulton Tax Commissioner's Office , the Bellwood and Alpharetta prison farms , Grady Hospital and the Fulton Health Department . Mayor William B. Hartsfield filed suit for divorce from his wife , Pearl Williams Hartsfield , in Fulton Superior Court Friday . His petition charged mental cruelty . The couple was married Aug. 2 , 1913 . They have a son , William Berry Jr. , and a daughter , Mrs. J. M. Cheshire of Griffin . Attorneys for the mayor said that an amicable property settlement has been agreed upon . The petition listed the mayor's occupation as `` attorney '' and his age as 71 . It listed his wife's age as 74 and place of birth as Opelika , Ala. . The petition said that the couple has not lived together as man and wife for more than a year . The Hartsfield home is at 637 E. Pelham Rd. Aj . Henry L. Bowden was listed on the petition as the mayor's attorney . Hartsfield has been mayor of Atlanta , with exception of one brief interlude , since 1937 . His political career goes back to his election to city council in 1923 . The mayor's present term of office expires Jan. 1 . He will be succeeded by Ivan Allen Jr. , who became a candidate in the Sept. 13 primary after Mayor Hartsfield announced that he would not run for reelection . Georgia Republicans are getting strong encouragement to enter a candidate in the 1962 governor's race , a top official said Wednesday . Robert Snodgrass , state GOP chairman , said a meeting held Tuesday night in Blue Ridge brought enthusiastic responses from the audience . State Party Chairman James W. Dorsey added that enthusiasm was picking up for a state rally to be held Sept. 8 in Savannah at which newly elected Texas Sen. John Tower will be the featured speaker . In the Blue Ridge meeting , the audience was warned that entering a candidate for governor would force it to take petitions out into voting precincts to obtain the signatures of registered voters . Despite the warning , there was a unanimous vote to enter a candidate , according to Republicans who attended . When the crowd was asked whether it wanted to wait one more term to make the race , it voted no -- and there were no dissents . The largest hurdle the Republicans would have to face is a state law which says that before making a first race , one of two alternative courses must be taken : 1 Five per cent of the voters in each county must sign petitions requesting that the Republicans be allowed to place names of candidates on the general election ballot , or 2 The Republicans must hold a primary under the county unit system -- a system which the party opposes in its platform . Sam Caldwell , State Highway Department public relations director , resigned Tuesday to work for Lt. Gov. Garland Byrd's campaign . Caldwell's resignation had been expected for some time . He will be succeeded by Rob Ledford of Gainesville , who has been an assistant more than three years . When the gubernatorial campaign starts , Caldwell is expected to become a campaign coordinator for Byrd . The Georgia Legislature will wind up its 1961 session Monday and head for home -- where some of the highway bond money it approved will follow shortly . Before adjournment Monday afternoon , the Senate is expected to approve a study of the number of legislators allotted to rural and urban areas to determine what adjustments should be made . Gov. Vandiver is expected to make the traditional visit to both chambers as they work toward adjournment . Vandiver likely will mention the $100 million highway bond issue approved earlier in the session as his first priority item . Construction bonds Meanwhile , it was learned the State Highway Department is very near being ready to issue the first $30 million worth of highway reconstruction bonds . The bond issue will go to the state courts for a friendly test suit to test the validity of the act , and then the sales will begin and contracts let for repair work on some of Georgia's most heavily traveled highways . A Highway Department source said there also is a plan there to issue some $3 million to $4 million worth of Rural Roads Authority bonds for rural road construction work . A revolving fund The department apparently intends to make the Rural Roads Authority a revolving fund under which new bonds would be issued every time a portion of the old ones are paid off by tax authorities . Vandiver opened his race for governor in 1958 with a battle in the Legislature against the issuance of $50 million worth of additional rural roads bonds proposed by then Gov. Marvin Griffin . The Highway Department source told The Constitution , however , that Vandiver has not been consulted yet about the plans to issue the new rural roads bonds . Schley County Rep. B. D. Pelham will offer a resolution Monday in the House to rescind the body's action of Friday in voting itself a $10 per day increase in expense allowances . Pelham said Sunday night there was research being done on whether the `` quickie '' vote on the increase can be repealed outright or whether notice would have to first be given that reconsideration of the action would be sought . While emphasizing that technical details were not fully worked out , Pelham said his resolution would seek to set aside the privilege resolution which the House voted through 87-31 . A similar resolution passed in the Senate by a vote of 29-5 . As of Sunday night , there was no word of a resolution being offered there to rescind the action . Pelham pointed out that Georgia voters last November rejected a constitutional amendment to allow legislators to vote on pay raises for future Legislature sessions . A veteran Jackson County legislator will ask the Georgia House Monday to back federal aid to education , something it has consistently opposed in the past . Rep. Mac Barber of Commerce is asking the House in a privilege resolution to `` endorse increased federal support for public education , provided that such funds be received and expended '' as state funds . Barber , who is in his 13th year as a legislator , said there `` are some members of our congressional delegation in Washington who would like to see it ( the resolution ) passed '' . But he added that none of Georgia's congressmen specifically asked him to offer the resolution . The resolution , which Barber tossed into the House hopper Friday , will be formally read Monday . It says that `` in the event Congress does provide this increase in federal funds '' , the State Board of Education should be directed to `` give priority '' to teacher pay raises . Colquitt -- After a long , hot controversy , Miller County has a new school superintendent , elected , as a policeman put it , in the `` coolest election I ever saw in this county '' . The new school superintendent is Harry Davis , a veteran agriculture teacher , who defeated Felix Bush , a school principal and chairman of the Miller County Democratic Executive Committee . Davis received 1,119 votes in Saturday's election , and Bush got 402 . Ordinary Carey Williams , armed with a pistol , stood by at the polls to insure order . `` This was the coolest , calmest election I ever saw '' , Colquitt Policeman Tom Williams said . `` Being at the polls was just like being at church . I didn't smell a drop of liquor , and we didn't have a bit of trouble '' . The campaign leading to the election was not so quiet , however . It was marked by controversy , anonymous midnight phone calls and veiled threats of violence . The former county school superintendent , George P. Callan , shot himself to death March 18 , four days after he resigned his post in a dispute with the county school board . During the election campaign , both candidates , Davis and Bush , reportedly received anonymous telephone calls . Ordinary Williams said he , too , was subjected to anonymous calls soon after he scheduled the election . Many local citizens feared that there would be irregularities at the polls , and Williams got himself a permit to carry a gun and promised an orderly election . Sheriff Felix Tabb said the ordinary apparently made good his promise . `` Everything went real smooth '' , the sheriff said . `` There wasn't a bit of trouble '' .", "Austin , Texas -- Committee approval of Gov. Price Daniel's `` abandoned property '' act seemed certain Thursday despite the adamant protests of Texas bankers . Daniel personally led the fight for the measure , which he had watered down considerably since its rejection by two previous Legislatures , in a public hearing before the House Committee on Revenue and Taxation . Under committee rules , it went automatically to a subcommittee for one week . But questions with which committee members taunted bankers appearing as witnesses left little doubt that they will recommend passage of it . Daniel termed `` extremely conservative '' his estimate that it would produce 17 million dollars to help erase an anticipated deficit of 63 million dollars at the end of the current fiscal year next Aug. 31 . He told the committee the measure would merely provide means of enforcing the escheat law which has been on the books `` since Texas was a republic '' . It permits the state to take over bank accounts , stocks and other personal property of persons missing for seven years or more . The bill , which Daniel said he drafted personally , would force banks , insurance firms , pipeline companies and other corporations to report such property to the state treasurer . The escheat law cannot be enforced now because it is almost impossible to locate such property , Daniel declared . Dewey Lawrence , a Tyler lawyer representing the Texas Bankers Association , sounded the opposition keynote when he said it would force banks to violate their contractual obligations with depositors and undermine the confidence of bank customers . `` If you destroy confidence in banks , you do something to the economy '' , he said . `` You take out of circulation many millions of dollars '' . Rep. Charles E. Hughes of Sherman , sponsor of the bill , said a failure to enact it would amount `` to making a gift out of the taxpayers' pockets to banks , insurance and pipeline companies '' . His contention was denied by several bankers , including Scott Hudson of Sherman , Gaynor B. Jones of Houston , J. B. Brady of Harlingen and Howard Cox of Austin . Cox argued that the bill is `` probably unconstitutional '' since , he said , it would impair contracts . He also complained that not enough notice was given on the hearing , since the bill was introduced only last Monday . Austin , Texas -- Senators unanimously approved Thursday the bill of Sen. George Parkhouse of Dallas authorizing establishment of day schools for the deaf in Dallas and the four other largest counties . The bill is designed to provide special schooling for more deaf students in the scholastic age at a reduced cost to the state . There was no debate as the Senate passed the bill on to the House . It would authorize the Texas Education Agency to establish county-wide day schools for the deaf in counties of 300,000 or more population , require deaf children between 6 and 13 years of age to attend the day schools , permitting older ones to attend the residential Texas School for the Deaf here . Operating budget for the day schools in the five counties of Dallas , Harris , Bexar , Tarrant and El Paso would be $451,500 , which would be a savings of $157,460 yearly after the first year's capital outlay of $88,000 was absorbed , Parkhouse told the Senate . The TEA estimated there would be 182 scholastics to attend the day school in Dallas County , saving them from coming to Austin to live in the state deaf school . Dallas may get to hear a debate on horse race parimutuels soon between Reps. V. E. ( Red ) Berry and Joe Ratcliff . While details are still to be worked out , Ratcliff said he expects to tell home folks in Dallas why he thinks Berry's proposed constitutional amendment should be rejected . `` We're getting more ' pro ' letters than ' con ' on horse race betting '' , said Ratcliff . `` But I believe if people were better informed on this question , most of them would oppose it also . I'm willing to stake my political career on it '' . Rep. Berry , an ex-gambler from San Antonio , got elected on his advocacy of betting on the ponies . A House committee which heard his local option proposal is expected to give it a favorable report , although the resolution faces hard sledding later . The house passed finally , and sent to the Senate , a bill extending the State Health Department's authority to give planning assistance to cities . The senate quickly whipped through its meager fare of House bills approved by committees , passing the three on the calendar . One validated acts of school districts . Another enlarged authority of the Beaumont Navigation District . The third amended the enabling act for creation of the Lamar county Hospital District , for which a special constitutional amendment previously was adopted . Without dissent , senators passed a bill by Sen. A. R. Schwartz of Galveston authorizing establishment in the future of a school for the mentally retarded in the Gulf Coast district . Money for its construction will be sought later on but in the meantime the State Hospital board can accept gifts and donations of a site . Two tax revision bills were passed . One , by Sen. Louis Crump of San Saba , would aid more than 17,000 retailers who pay a group of miscellaneous excise taxes by eliminating the requirement that each return be notarized . Instead , retailers would sign a certificate of correctness , violation of which would carry a penalty of one to five years in prison , plus a $1,000 fine . It was one of a series of recommendations by the Texas Research League . The other bill , by Sen. A. M. Aikin Jr. of Paris , would relieve real estate brokers , who pay their own annual licensing fee , from the $12 annual occupation license on brokers in such as stocks and bonds . Natural gas public utility companies would be given the right of eminent domain , under a bill by Sen. Frank Owen 3 , of El Paso , to acquire sites for underground storage reservoirs for gas . Marshall Formby of Plainview , former chairman of the Texas Highway Commission , suggested a plan to fill by appointment future vacancies in the Legislature and Congress , eliminating the need for costly special elections . Under Formby's plan , an appointee would be selected by a board composed of the governor , lieutenant governor , speaker of the House , attorney general and chief justice of the Texas Supreme Court . Austin , Texas -- State representatives decided Thursday against taking a poll on what kind of taxes Texans would prefer to pay . An adverse vote of 81 to 65 kept in the State Affairs Committee a bill which would order the referendum on the April 4 ballot , when Texas votes on a U.S. senator . Rep. Wesley Roberts of Seminole , sponsor of the poll idea , said that further delay in the committee can kill the bill . The West Texan reported that he had finally gotten Chairman Bill Hollowell of the committee to set it for public hearing on Feb. 22 . The proposal would have to receive final legislative approval , by two-thirds majorities , before March 1 to be printed on the April 4 ballot , Roberts said . Opponents generally argued that the ballot couldn't give enough information about tax proposals for the voters to make an intelligent choice . All Dallas members voted with Roberts , except Rep. Bill Jones , who was absent . Austin , Texas -- Paradise lost to the alleged water needs of Texas' big cities Thursday . Rep. James Cotten of Weatherford insisted that a water development bill passed by the Texas House of Representatives was an effort by big cities like Dallas and Fort Worth to cover up places like Paradise , a Wise County hamlet of 250 people . When the shouting ended , the bill passed , 114 to 4 , sending it to the Senate , where a similar proposal is being sponsored by Sen. George Parkhouse of Dallas . Most of the fire was directed by Cotten against Dallas and Sen. Parkhouse . The bill would increase from $5,000,000 to $15,000,000 the maximum loan the state could make to a local water project . Cotten construed this as a veiled effort by Parkhouse to help Dallas and other large cities get money which Cotten felt could better be spent providing water for rural Texas . Statements by other legislators that Dallas is paying for all its water program by local bonds , and that less populous places would benefit most by the pending bill , did not sway Cotten's attack . The bill's defenders were mostly small-town legislators like J. W. Buchanan of Dumas , Eligio ( Kika ) De La Garza of Mission , Sam F. Collins of Newton and Joe Chapman of Sulphur Springs . `` This is a poor boy's bill '' , said Chapman . `` Dallas and Fort Worth can vote bonds . This would help the little peanut districts '' . Austin , Texas -- A Houston teacher , now serving in the Legislature , proposed Thursday a law reducing the time spent learning `` educational methods '' . Rep. Henry C. Grover , who teaches history in the Houston public schools , would reduce from 24 to 12 semester hours the so-called `` teaching methods '' courses required to obtain a junior or senior high school teaching certificate . A normal year's work in college is 30 semester hours . Grover also would require junior-senior high teachers to have at least 24 semester hours credit in the subject they are teaching . The remainder of the 4-year college requirement would be in general subjects . `` A person with a master's degree in physics , chemistry , math or English , yet who has not taken Education courses , is not permitted to teach in the public schools '' , said Grover . College teachers in Texas are not required to have the Education courses . Fifty-three of the 150 representatives immediately joined Grover as co-signers of the proposal . Paris , Texas ( sp. ) -- The board of regents of Paris Junior College has named Dr. Clarence Charles Clark of Hays , Kan. as the school's new president . Dr. Clark will succeed Dr. J. R. McLemore , who will retire at the close of the present school term . Dr. Clark holds an earned Doctor of Education degree from the University of Oklahoma . He also received a Master of Science degree from Texas A & I College and a Bachelor of Science degree from Southwestern State College , Weatherford , Okla. . In addition , Dr. Clark has studied at Rhode Island State College and Massachusetts Institute of Technology . During his college career , Dr. Clark was captain of his basketball team and was a football letterman . Dr. Clark has served as teacher and principal in Oklahoma high schools , as teacher and athletic director at Raymondville , Texas , High School , as an instructor at the University of Oklahoma , and as an associate professor of education at Fort Hays , Kan. , State College . He has served as a border patrolman and was in the Signal Corps of the U.S. Army . Denton , Texas ( sp. ) -- Principals of the 13 schools in the Denton Independent School District have been re-elected for the 1961-62 session upon the recommendation of Supt. Chester O. Strickland . State and federal legislation against racial discrimination in employment was called for yesterday in a report of a `` blue ribbon '' citizens committee on the aid to dependent children program . The report , culminating a year long study of the ADC program in Cook county by a New York City welfare consulting firm , listed 10 long range recommendations designed to reduce the soaring ADC case load . The report called racial discrimination in employment `` one of the most serious causes of family breakdown , desertion , and ADC dependency '' . `` Must solve problem '' The monthly cost of ADC to more than 100,000 recipients in the county is 4.4 million dollars , said C. Virgil Martin , president of Carson Pirie Scott & Co. , committee chairman . `` We must solve the problems which have forced these people to depend upon ADC for subsistence '' , Martin said . The volume of ADC cases will decrease , Martin reported , when the community is able to deal effectively with two problems : Relatively limited skills and discrimination in employment because of color . These , he said , are `` two of the principal underlying causes for family breakups leading to ADC '' . Calls for extension Other recommendations made by the committee are : Extension of the ADC program to all children in need living with any relatives , including both parents , as a means of preserving family unity . Research projects as soon as possible on the causes and prevention of dependency and illegitimacy .", "Several defendants in the Summerdale police burglary trial made statements indicating their guilt at the time of their arrest , Judge James B. Parsons was told in Criminal court yesterday . The disclosure by Charles Bellows , chief defense counsel , startled observers and was viewed as the prelude to a quarrel between the six attorneys representing the eight former policemen now on trial . Bellows made the disclosure when he asked Judge Parsons to grant his client , Alan Clements , 30 , a separate trial . Bellows made the request while the all-woman jury was out of the courtroom . Fears prejudicial aspects `` The statements may be highly prejudicial to my client '' , Bellows told the court . `` Some of the defendants strongly indicated they knew they were receiving stolen property . It is impossible to get a fair trial when some of the defendants made statements involving themselves and others '' . Judge Parsons leaned over the bench and inquired , `` You mean some of the defendants made statements admitting this '' ? ? `` Yes , your honor '' , replied Bellows . `` What this amounts to , if true , is that there will be a free-for-all fight in this case . There is a conflict among the defendants '' . Washington , July 24 -- President Kennedy today pushed aside other White House business to devote all his time and attention to working on the Berlin crisis address he will deliver tomorrow night to the American people over nationwide television and radio . The President spent much of the week-end at his summer home on Cape Cod writing the first drafts of portions of the address with the help of White House aids in Washington with whom he talked by telephone . Shortly after the Chief Executive returned to Washington in midmorning from Hyannis Port , Mass. , a White House spokesman said the address text still had `` quite a way to go '' toward completion . Decisions are made Asked to elaborate , Pierre Salinger , White House press secretary , replied , `` I would say it's got to go thru several more drafts '' . Salinger said the work President Kennedy , advisers , and members of his staff were doing on the address involved composition and wording , rather than last minute decisions on administration plans to meet the latest Berlin crisis precipitated by Russia's demands and proposals for the city . The last 10 cases in the investigation of the Nov. 8 election were dismissed yesterday by Acting Judge John M. Karns , who charged that the prosecution obtained evidence `` by unfair and fundamentally illegal means '' . Karns said that the cases involved a matter `` of even greater significance than the guilt or innocence '' of the 50 persons . He said evidence was obtained `` in violation of the legal rights of citizens '' . Karns' ruling pertained to eight of the 10 cases . In the two other cases he ruled that the state had been `` unable to make a case '' . Contempt proceedings originally had been brought against 677 persons in 133 precincts by Morris J. Wexler , special prosecutor . Issue jury subpoenas Wexler admitted in earlier court hearings that he issued grand jury subpenas to about 200 persons involved in the election investigation , questioned the individuals in the Criminal courts building , but did not take them before the grand jury . Mayer Goldberg , attorney for election judges in the 58th precinct of the 23d ward , argued this procedure constituted intimidation . Wexler has denied repeatedly that coercion was used in questioning . Karns said it was a `` wrongful act '' for Wexler to take statements `` privately and outside of the grand jury room '' . He said this constituted a `` very serious misuse '' of the Criminal court processes . `` Actually , the abuse of the process may have constituted a contempt of the Criminal court of Cook county , altho vindication of the authority of that court is not the function of this court '' , said Karns , who is a City judge in East St. Louis sitting in Cook County court . Faced seven cases Karns had been scheduled this week to hear seven cases involving 35 persons . Wexler had charged the precinct judges in these cases with `` complementary '' miscount of the vote , in which votes would be taken from one candidate and given to another . The cases involved judges in the 33d , 24th , and 42d precincts of the 31st ward , the 21st and 28th precincts of the 29th ward , the 18th precinct of the 4th ward , and the 9th precinct of the 23d ward . The case of the judges in the 58th precinct of the 23d ward had been heard previously and taken under advisement by Karns . Two other cases also were under advisement . Claims precedent lacking After reading his statement discharging the 23d ward case , Karns told Wexler that if the seven cases scheduled for trial also involved persons who had been subpenaed , he would dismiss them . Washington , Feb. 9 -- President Kennedy today proposed a mammoth new medical care program whereby social security taxes on 70 million American workers would be raised to pay the hospital and some other medical bills of 14.2 million Americans over 65 who are covered by social security or railroad retirement programs . The President , in a special message to Congress , tied in with his aged care plan requests for large federal grants to finance medical and dental scholarships , build 20 new medical and 20 new dental schools , and expand child health care and general medical research . The aged care plan , similar to one the President sponsored last year as a senator , a fight on Capitol hill . It was defeated in Congress last year . Cost up to $37 a year It would be financed by boosting the social security payroll tax by as much as $37 a year for each of the workers now paying such taxes . The social security payroll tax is now 6 per cent -- 3 per cent on each worker and employer -- on the first $4,800 of pay per year . The Kennedy plan alone would boost the base to $5,000 a year and the payroll tax to 6.5 per cent -- 3.25 per cent each . Similar payroll tax boosts would be imposed on those under the railroad retirement system . The payroll tax would actually rise to 7.5 per cent starting Jan. 1 , 1963 , if the plan is approved , because the levy is already scheduled to go up by 1 per cent on that date to pay for other social security costs . Outlays would increase Officials estimated the annual tax boost for the medical plan would amount to 1.5 billion dollars and that medical benefits paid out would run 1 billion or more in the first year , 1963 . Both figures would go higher in later years . Other parts of the Kennedy health plan would entail federal grants of 750 million to 1 billion dollars over the next 10 years . These would be paid for out of general , not payroll , taxes . Nursing home care The aged care plan carries these benefits for persons over 65 who are under the social security and railroad retirement systems : 1 Full payment of hospital bills for stays up to 90 days for each illness , except that the patient would pay $10 a day of the cost for the first nine days . 2 Full payment of nursing home bills for up to 180 days following discharge from a hospital . A patient could receive up to 300 days paid-for nursing home care under a `` unit formula '' allowing more of such care for those who use none or only part of the hospital-care credit . 3 Hospital outpatient clinic diagnostic service for all costs in excess of $20 a patient . 4 Community visiting nurse services at home for up to 240 days an illness . The President noted that Congress last year passed a law providing grants to states to help pay medical bills of the needy aged . Calls proposal modest He said his plan is designed to `` meet the needs of those millions who have no wish to receive care at the taxpayers' expense , but who are nevertheless staggered by the drain on their savings -- or those of their children -- caused by an extended hospital stay '' . `` This is a very modest proposal cut to meet absolutely essential needs '' , he said , `` and with sufficient ' deductible ' requirements to discourage any malingering or unnecessary overcrowding of our hospitals . `` This is not a program of socialized medicine . It is a program of prepayment of health costs with absolute freedom of choice guaranteed . Every person will choose his own doctor and hospital '' . Wouldn't pay doctors The plan does not cover doctor bills . They would still be paid by the patient . Apart from the aged care plan the President's most ambitious and costly proposals were for federal scholarships , and grants to build or enlarge medical and dental schools . The President said the nation's 92 medical and 47 dental schools cannot now handle the student load needed to meet the rising need for health care . Moreover , he said , many qualified young people are not going into medicine and dentistry because they can't afford the schooling costs . Contributions to schools The scholarship plan would provide federal contributions to each medical and dental school equal to $1,500 a year for one-fourth of the first year students . The schools could use the money to pay 4-year scholarships , based on need , of up to $2,000 a year per student . In addition , the government would pay a $1,000 `` cost of education '' grant to the schools for each $1,500 in scholarship grants . Officials estimated the combined programs would cost 5.1 million dollars the first year and would go up to 21 millions by 1966 . The President recommended federal `` matching grants '' totaling 700 million dollars in 10 years for constructing new medical and dental schools or enlarging the capacity of existing ones . More for nursing homes In the area of `` community health services '' , the President called for doubling the present 10 million dollar a year federal grants for nursing home construction . He asked for another 10 million dollar `` initial '' appropriation for `` stimulatory grants '' to states to improve nursing homes . He further proposed grants of an unspecified sum for experimental hospitals . In the child health field , the President said he will recommend later an increase in funds for programs under the children's bureau . He also asked Congress to approve establishment of a national child health institute . Asks research funds The President said he will ask Congress to increase grants to states for vocational rehabilitation . He did not say by how much . For medical research he asked a 20 million dollar a year increase , from 30 to 50 millions , in matching grants for building research facilities . The President said he will also propose increasing , by an unspecified amount , the 540 million dollars in the 1961-62 budget for direct government research in medicine . The President said his proposals combine the `` indispensable elements in a sound health program -- people , knowledge , services , facilities , and the means to pay for them '' . Reaction as expected Congressional reaction to the message was along expected lines . Legislators who last year opposed placing aged-care under the social security system criticized the President's plan . Those who backed a similar plan last year hailed the message . Senate Republican Leader Dirksen ( Ill. ) and House Republican Leader Charles Halleck ( Ind. ) said the message did not persuade them to change their opposition to compulsory medical insurance . Halleck said the voluntary care plan enacted last year should be given a fair trial first . House Speaker Sam Rayburn ( D. , Tex. ) called the Kennedy program `` a mighty fine thing '' , but made no prediction on its fate in the House . Washington , Feb. 9 -- Acting hastily under White House pressure , the Senate tonight confirmed Robert C. Weaver as the nation's federal housing chief . Only 11 senators were on the floor and there was no record vote . A number of scattered `` ayes '' and `` noes '' was heard . Customary Senate rules were ignored in order to speed approval of the Negro leader as administrator of the housing and home finance agency . In the last eight years , all Presidential appointments , including those of cabinet rank , have been denied immediate action because of a Senate rule requiring at least a 24 hour delay after they are reported to the floor . Enforce by demand The rule was enforced by demand of Sen. Wayne Morse ( D. , Ore. ) in connection with President Eisenhower's cabinet selections in 1953 and President Kennedy's in 1961 .", "Oslo The most positive element to emerge from the Oslo meeting of North Atlantic Treaty Organization Foreign Ministers has been the freer , franker , and wider discussions , animated by much better mutual understanding than in past meetings . This has been a working session of an organization that , by its very nature , can only proceed along its route step by step and without dramatic changes . In Oslo , the ministers have met in a climate of candor , and made a genuine attempt to get information and understanding one another's problems . This atmosphere of understanding has been particularly noticeable where relations are concerned between the `` colonialist '' powers and those who have never , or not for a long time , had such problems . The nightmare of a clash between those in trouble in Africa , exacerbated by the difficulties , changes , and tragedies facing them , and other allies who intellectually and emotionally disapprove of the circumstances that have brought these troubles about , has been conspicuous by its absence . Explosion avoided In the case of Portugal , which a few weeks ago was rumored ready to walk out of the NATO Council should critics of its Angola policy prove harsh , there has been a noticeable relaxation of tension . The general , remarkably courteous , explanation has left basic positions unchanged , but there has been no explosion in the council . There should even be no more bitter surprises in the UN General Assembly as to NATO members' votes , since a new ad hoc NATO committee has been set up so that in the future such topics as Angola will be discussed in advance . Canada alone has been somewhat out of step with the Oslo attempt to get all the allied cars back on the track behind the NATO locomotive . Even Norway , despite daily but limited manifestations against atomic arms in the heart of this northernmost capital of the alliance , is today closer to the NATO line . On the negative side of the balance sheet must be set some disappointment that the United States leadership has not been as much in evidence as hoped for . One diplomat described the tenor of Secretary of State Dean Rusk's speeches as `` inconclusive '' . But he hastened to add that , if United States policies were not always clear , despite Mr. Rusk's analysis of the various global danger points and setbacks for the West , this may merely mean the new administration has not yet firmly fixed its policy . Exploratory mood A certain vagueness may also be caused by tactical appreciation of the fact that the present council meeting is a semipublic affair , with no fewer than six Soviet correspondents accredited . The impression has nevertheless been given during these three days , despite Mr. Rusk's personal popularity , that the United States delegation came to Oslo in a somewhat tentative and exploratory frame of mind , more ready to listen and learn than to enunciate firm policy on a global scale with detailed application to individual danger spots . The Secretary of State himself , in his first speech , gave some idea of the tremendous march of events inside and outside the United States that has preoccupied the new administration in the past four months . But where the core of NATO is concerned , the Secretary of State has not only reiterated the United States' profound attachment to the alliance , `` cornerstone '' of its foreign policy , but has announced that five nuclear submarines will eventually be at NATO's disposal in European waters . The Secretary of State has also solemnly repeated a warning to the Soviet Union that the United States will not stand for another setback in Berlin , an affirmation once again taken up by the council as a whole . Conflict surveyed The secretary's greatest achievement is perhaps the rekindling of NATO realization that East-West friction , wherever it take place around the globe , is in essence the general conflict between two entirely different societies , and must be treated as such without regard to geographical distance or lack of apparent connection . The annual spring meeting has given an impetus in three main directions : more , deeper , and more timely political consultation within the alliance , the use of the Organization for Economic Cooperation and Development ( when ratified ) as a method of coordinating aid to the underdeveloped countries , and the need for strengthening conventional forces as well as the maintenance of the nuclear deterrent . This increase in the `` threshold '' , as the conventional forces strengthening is called , will prove one of the alliance's most difficult problems in the months to come . Each ally will have to carry out obligations long since laid down , but never completely fulfilled . Washington The Kennedy administration moves haltingly toward a Geneva conference on Laos just as serious debate over its foreign policy erupts for the first time . There is little optimism here that the Communists will be any more docile at the conference table than they were in military actions on the ground in Laos . The United States , State Department officials explain , now is mainly interested in setting up an international inspection system which will prevent Laos from being used as a base for Communist attacks on neighboring Thailand and South Viet Nam . They count on the aid of the neutral countries attending the Geneva conference to achieve this . The United States hopes that any future Lao Cabinet would not become Communist dominated . But it is apparent that no acceptable formula has been found to prevent such a possibility . Policies modified The inclination here is to accept a de facto cease-fire in Laos , rather than continue to insist on a verification of the cease-fire by the international control commission before participating in the Geneva conference . This is another of the modifications of policy on Laos that the Kennedy administration has felt compelled to make . It excuses these actions as being the chain reaction to basic errors made in the previous administration . Its spokesmen insist that there has not been time enough to institute reforms in military and economic aid policies in the critical areas . But with the months moving on -- and the immediate confrontations with the Communists showing no gain for the free world -- the question arises : How effective have Kennedy administration first foreign policy decisions been in dealing with Communist aggression ? ? Former Vice-President Richard M. Nixon in Detroit called for a firmer and tougher policy toward the Soviet Union . He was critical of what he feels is President Kennedy's tendency to be too conciliatory . GOP restrained It does not take a Gallup poll to find out that most Republicans in Congress feel this understates the situation as Republicans see it . They can hardly restrain themselves from raising the question of whether Republicans , if they had been in power , would have made `` amateurish and monumental blunders '' in Cuba . One Republican senator told this correspondent that he was constantly being asked why he didn't attack the Kennedy administration on this score . His reply , he said , was that he agreed to the need for unity in the country now . But he further said that it was better politics to let others question the wisdom of administration policies first . The Republicans some weeks ago served notice through Senator Thruston B. Morton ( R ) of Kentucky , chairman of the Republican National Committee , that the Kennedy administration would be held responsible if the outcome in Laos was a coalition government susceptible of Communist domination . Kennedy administration policies also have been assailed now from another direction by 70 Harvard , Boston University , Brandeis , and Massachusetts Institute of Technology educators . Detente urged This group pleads with the administration to `` give no further support for the invasion of Cuba by exile groups '' . It recommends that the United States `` seek instead to detach the Castro regime from the Communist bloc by working for a diplomatic detente and a resumption of trade relations ; ; and concentrate its constructive efforts on eliminating in other parts of Latin America the social conditions on which totalitarian nationalism feeds '' . Mr. Nixon , for his part , would oppose intervention in Cuba without specific provocation . But he did recommend that President Kennedy state clearly that if Communist countries shipped any further arms to Cuba that it would not be tolerated . Until the Cuban fiasco and the Communist military victories in Laos , almost any observer would have said that President Kennedy had blended a program that respected , generally , the opinions voiced both by Mr. Nixon and the professors . Aid plans revamped Very early in his administration he informed the Kremlin through diplomatic channels , a high official source disclosed , that the new administration would react even tougher than the Eisenhower administration would during the formative period of the administration . Strenuous efforts were made to remove pin pricking from administration statements . Policies on nuclear test ban negotiations were reviewed and changed . But thus far there has been no response in kind . Foreign aid programs were revamped to give greater emphasis to economic aid and to encourage political reform in recipient nations . In Laos , the administration looked at the Eisenhower administration efforts to show determination by sailing a naval fleet into Southeast Asian waters as a useless gesture . Again and again it asked the Communists to `` freeze '' the military situation in Laos . But the Communists aided the Pathet Lao at an even faster rate . And after several correspondents went into Pathet Lao territory and exposed the huge build-up , administration spokesmen acclaimed them for performing a `` great service '' and laid the matter before the Southeast Asia Treaty Organization . SEATO was steamed up and prepared contingency plans for coping with the military losses in Laos . But the Communists never gave sufficient provocation at any one time for the United States to want to risk a limited or an all-out war over Laos . ( Some SEATO nations disagreed , however . ) There was the further complication that the administration had very early concluded that Laos was ill suited to be an ally , unlike its more determined neighbors , Thailand and South Viet Nam . The administration declared itself in favor of a neutralized Laos . The pro-Western government , which the United States had helped in a revolt against the Souvanna Phouma `` neutralist '' government , never did appear to spark much fighting spirit in the Royal Lao Army . There certainly was not any more energy displayed after it was clear the United States would not back the pro-Western government to the hilt . If the administration ever had any ideas that it could find an acceptable alternative to Prince Souvanna Phouma , whom it felt was too trusting of Communists , it gradually had to relinquish them . One factor was the statement of Senator J. W. Fulbright ( D ) of Arkansas , chairman of the Senate Foreign Relations Committee . He declared on March 25 that the United States had erred a year and a half ago by `` encouraging the removal '' of Prince Souvanna . Washington The White House is taking extraordinary steps to check the rapid growth of juvenile delinquency in the United States . The President is deeply concerned over this problem and its effect upon the `` vitality of the nation '' . In an important assertion of national leadership in this field , he has issued an executive order establishing the President's committee on Juvenile Delinquency and Crime , to be supported and assisted by a Citizens Advisory Council of recognized authorities on juvenile problems . The President asks the support and cooperation of Congress in his efforts through the enactment of legislation to provide federal grants to states for specified efforts in combating this disturbing crime trend . Offenses multiply The President has also called upon the Attorney General , the Secretary of Health , Education and Welfare , and the Secretary of Labor to coordinate their efforts `` in the development of a program of federal leadership to assist states and local communities in their efforts to cope with the problem . Simultaneously the President announced Thursday the appointment of David L. Hackett , a special assistant to the Attorney General , as executive director of the new Committee on Juvenile Delinquency and Youth Crime . His sense of urgency in this matter stems from the fact that court cases and juvenile arrests have more than doubled since 1948 , each year showing an increase in offenders . Among arrests reported by the Federal Bureau of Investigation in 1959 , about half for burglary and larceny involved persons under 18 years of age .", "East Providence should organize its civil defense setup and begin by appointing a full-time director , Raymond H. Hawksley , the present city CD head , believes . Mr. Hawksley said yesterday he would be willing to go before the city council `` or anyone else locally '' to outline his proposal at the earliest possible time . East Providence now has no civil defense program . Mr. Hawksley , the state's general treasurer , has been a part-time CD director in the city for the last nine years . He is not interested in being named a full-time director . Noting that President Kennedy has handed the Defense Department the major responsibility for the nation's civil defense program , Mr. Hawksley said the federal government would pay half the salary of a full-time local director . He expressed the opinion the city could hire a CD director for about $3,500 a year and would only have to put up half that amount on a matching fund basis to defray the salary costs . Mr. Hawksley said he believed there are a number of qualified city residents who would be willing to take the full-time CD job . One of these men is former Fire Chief John A. Laughlin , he said . Along with a director , the city should provide a CD headquarters so that pertinent information about the local organization would be centralized . Mr. Hawksley said . One advantage that would come to the city in having a full-time director , he said , is that East Providence would become eligible to apply to the federal government for financial aid in purchasing equipment needed for a sound civil defense program . Matching funds also can be obtained for procurement of such items as radios , sirens and rescue trucks , he said . Mr. Hawksley believes that East Providence could use two more rescue trucks , similar to the CD vehicle obtained several years ago and now detailed to the Central Fire Station . He would assign one of the rescue trucks to the Riverside section of the city and the other to the Rumford area . Speaking of the present status of civil defense in the city , Mr. Hawksley said he would be willing to bet that not more than one person in a hundred would know what to do or where to go in the event of an enemy attack . The Narragansett Race Track grounds is one assembly point , he said , and a drive-in theater in Seekonk would be another . Riverside residents would go to the Seekonk assembly point . Mr. Hawksley said he was not critical of city residents for not knowing what to do or where to assemble in case of an air attack . Such vital information , he said , has to be made available to the public frequently and at regular intervals for residents to know . If the city council fails to consider appointment of a full-time CD director , Mr. Hawksley said , then he plans to call a meeting early in September so that a civil defense organization will be developed locally . One of the first things he would do , he said , would be to organize classes in first aid . Other steps would be developed after information drifts down to the local level from the federal government . Rhode Island is going to examine its Sunday sales law with possible revisions in mind . Governor Notte said last night he plans to name a committee to make the study and come up with recommendations for possible changes in time for the next session of the General Assembly . The governor's move into the so-called `` blue law '' controversy came in the form of a letter to Miss Mary R. Grant , deputy city clerk of Central Falls . A copy was released to the press . Mr. Notte was responding to a resolution adopted by the Central Falls City Council on July 10 and sent to the state house by Miss Grant . The resolution urges the governor to have a complete study of the Sunday sales laws made with an eye to their revision at the next session of the legislature . While the city council suggested that the Legislative Council might perform the review , Mr. Notte said that instead he will take up the matter with Atty. Gen. J. Joseph Nugent to get `` the benefit of his views '' . He will then appoint the study committee with Mr. Nugent's cooperation , the governor said . `` I would expect the proposed committee to hold public hearings '' , Mr. Notte said , `` to obtain the views of the general public and religious , labor and special-interest groups affected by these laws '' . The governor wrote Miss Grant that he has been concerned for some time `` with the continuous problem which confronts our local and state law enforcement officers as a result of the laws regulating Sunday sales '' . The attorney general has advised local police that it is their duty to enforce the blue laws . Should there be evidence they are shirking , he has said , the state police will step into the situation . There has been more activity across the state line in Massachusetts than in Rhode Island in recent weeks toward enforcement of the Sunday sales laws . The statutes , similar in both the Bay State and Rhode Island and dating back in some instances to colonial times , severely limit the types of merchandise that may be sold on the Sabbath . The Central Falls City Council expressed concern especially that more foods be placed on the eligible list and that neighborhood grocery and variety stores be allowed to do business on Sunday . The only day they `` have a chance to compete with large supermarkets is on Sunday '' , the council's resolution said . The small shops `` must be retained , for they provide essential service to the community '' , according to the resolution , which added that they `` also are the source of livelihood for thousands of our neighbors '' . It declares that Sunday sales licenses provide `` great revenue '' to the local government . The council advised the governor that `` large supermarkets , factory outlets and department stores not be allowed to do business '' on Sunday . They `` operate on a volume basis '' , it was contended , `` and are not essential to provide the more limited but vital shopping needs of the community '' . Liberals and conservatives in both parties -- Democratic and Republican -- should divorce themselves and form two independent parties , George H. Reama , nationally known labor-management expert , said here yesterday . Mr. Reama told the Rotary Club of Providence at its luncheon at the Sheraton-Biltmore Hotel that about half of the people in the country want the `` welfare '' type of government and the other half want a free enterprise system . He suggested that a regrouping of forces might allow the average voter a better pull at the right lever for him on election day . He said he was `` confessing that I was a member of the Socialist Party in 1910 '' . That , he added , was when he was `` a very young man , a machinist and toolmaker by trade . `` That was before I studied law . Some of my fellow workers were grooming me for an office in the Socialist Party . The lawyer with whom I studied law steered me off the Socialist track . He steered me to the right track -- the free enterprise track '' . He said that when he was a Socialist in 1910 , the party called for government operation of all utilities and the pooling of all resources . He suggested that without the Socialist Party ever gaining a national victory , most of its original program has come to pass under both major parties . Mr. Reama , who retired as vice president of the American Screw Co. in 1955 said , `` Both parties in the last election told us that we need a five per cent growth in the gross national product -- but neither told us how to achieve it '' . He said he favors wage increases for workers -- `` but manufacturers are caught in a profit squeeze '' -- and raises should only come when the public is conditioned to higher prices , he added . Indicating the way in which he has turned his back on his 1910 philosophy , Mr. Reama said : `` A Socialist is a person who believes in dividing everything he does not own '' . Mr. Reama , far from really being retired , is engaged in industrial relations counseling . A petition bearing the signatures of more than 1,700 Johnston taxpayers was presented to the town council last night as what is hoped will be the first step in obtaining a home rule charter for the town . William A. Martinelli , chairman of the Citizens Group of Johnston , transferred the petitions from his left hand to his right hand after the council voted to accept them at the suggestion of Council President Raymond Fortin Sr. . The law which governs home rule charter petitions states that they must be referred to the chairman of the board of canvassers for verification of the signatures within 10 days and Mr. Martinelli happens to hold that post . Mr. Martinelli explained that there should be more than enough signatures to assure the scheduling of a vote on the home rule charter and possible election of a nine member charter commission within 70 days . He explained that by law the council must establish procedures for a vote on the issue within 60 days after the board of canvassers completes its work . A difference of opinion arose between Mr. Martinelli and John P. Bourcier , town solicitor , over the exact manner in which the vote is handled . Mr. Martinelli has , in recent weeks , been of the opinion that a special town meeting would be called for the vote , while Mr. Bourcier said that a special election might be called instead . Mr. Bourcier said that he had consulted several Superior Court justices in the last week and received opinions favoring both procedures . He assured Mr. Martinelli and the council that he would study the correct method and report back to the council as soon as possible . Mr. Martinelli said yesterday that the Citizens Group of Johnston will meet again July 24 to plan further strategy in the charter movement . He said that the group has no candidates for the charter commission in mind at present , but that it will undoubtedly endorse candidates when the time comes . `` After inspiring this , I think we should certainly follow through on it '' , he declared . `` It has become our responsibility and I hope that the Citizens Group will spearhead the movement '' . He said he would not be surprised if some of the more than 30 members of the group are interested in running on the required non-partisan ballot for posts on the charter commission . `` Our most immediate goal is to increase public awareness of the movement '' , he indicated , `` and to tell them what this will mean for the town '' . He expects that if the present timetable is followed a vote will be scheduled during the last week in September . Some opposition to the home rule movement started to be heard yesterday , with spokesmen for the town's insurgent Democratic leadership speaking out against the home rule charter in favor of the model municipal league charter . Increasing opposition can be expected in coming weeks , it was indicated . Misunderstanding of the real meaning of a home rule charter was cited as a factor which has caused the Citizens Group to obtain signatures under what were termed `` false pretenses '' . Several signers affixed their names , it was learned , after being told that no tax increase would be possible without consent of the General Assembly and that a provision could be included in the charter to have the town take over the Johnston Sanitary District sewer system . Action on a new ordinance permitting motorists who plead guilty to minor traffic offenses to pay fines at the local police station may be taken at Monday's special North Providence Town Council meeting . Council president Frank SanAntonio said yesterday he may ask the council to formally request Town Solicitor Michael A. Abatuno to draft the ordinance . At the last session of the General Assembly , the town was authorized to adopt such an ordinance as a means of making enforcement of minor offenses more effective . Nothing has been done yet to take advantage of the enabling legislation . At present all offenses must be taken to Sixth District Court for disposition . Local police have hesitated to prosecute them because of the heavy court costs involved even for the simplest offense ."]
zulu
['AMCOL_International_Corp2012.txt', 'Albemarle_Corp2011.txt', 'Fossil_Group_Inc2012.txt', 'Mohawk_Industries_Inc2015.txt', 'Unum_Group2014.txt']
from os import listdir
from os.path import isfile, join
mypath = "/Volumes/extra/NLP_Work/transc/"
onlyfiles = [f for f in listdir(mypath) if isfile(join(mypath, f))]
len(onlyfiles)
rrr = [ ra for ra in onlyfiles if ".DOC" not in ra ]
rrr = [ ra for ra in rrr if "._" not in ra ]
zulu = [ rrr[i] for i in sorted(random.sample(range(len(rrr)), 50)) ]
data_text = []
for z in zulu:
data_text.append(open(mypath + z).read())
# text = open("Airgas Inc2009.txt").read()
# text2 = open("Airgas Inc2016.txt").read()
# data_text = [text, text2,text]
from sklearn.decomposition import NMF, LatentDirichletAllocation, TruncatedSVD
from sklearn.feature_extraction.text import CountVectorizer
NUM_TOPICS = 10
vectorizer = CountVectorizer(min_df=1, max_df=0.9,
stop_words='english', lowercase=True,
token_pattern='[a-zA-Z\-][a-zA-Z\-]{2,}')
data_vectorized = vectorizer.fit_transform(data_text)
### So SVD you can get similarities
## This shouldn't really give you anything.
vectorizer.get_feature_names()
['---', '--some', '--this', '-basis', '-basis-point', '-kilometer', '-month', '-plus', '-qs', '-year', '-year-old', 'a-ish', 'aaa', 'abandon', 'abate', 'aberration', 'ability', 'abnormal', 'above-average', 'abreast', 'absence', 'absent', 'absolute', 'absolutely', 'absorb', 'absorbed', 'absorbent', 'absorbing', 'absorbs', 'absorption', 'absurd', 'aca', 'accelerate', 'accelerated', 'accelerating', 'acceleration', 'accent', 'accentuated', 'accept', 'accepted', 'access', 'accessed', 'accesses', 'accessible', 'accessing', 'accessories', 'accessory', 'accident', 'accidental', 'accidents', 'accommodated', 'accomplish', 'accomplished', 'accomplishments', 'according', 'accordingly', 'account', 'account-specific', 'accountability', 'accounted', 'accounting', 'accretion', 'accretive', 'accruals', 'accrued', 'accumulative', 'accuracy', 'accustomed', 'achievable', 'achieve', 'achieved', 'achieves', 'achieving', 'achilles', 'acid', 'acids', 'acknowledge', 'acquire', 'acquired', 'acquires', 'acquiring', 'acquisitive', 'across-the-board', 'act', 'action', 'actionable', 'actions', 'activated', 'activator', 'activators', 'active', 'activecat', 'actively', 'actors', 'actuarial', 'actuaries', 'acumen', 'adapt', 'adapted', 'adaptive', 'add-on', 'adder', 'additionally', 'additions', 'additive', 'additives', 'addressed', 'addressing', 'adds', 'adeedic', 'adequacy', 'adequate', 'adequately', 'adhere', 'adherent', 'adjacencies', 'adjacency', 'adjacent', 'adjourn', 'adjunct', 'adjust', 'adjusted', 'adjusting', 'adjustment', 'adjustments', 'admin', 'administer', 'administration', 'administrative', 'admiral', 'ado', 'adopt', 'adopted', 'adoption', 'advance', 'advanced', 'advancement', 'advancements', 'advances', 'advancing', 'advantage', 'advantageous', 'advent', 'adverse', 'adversely', 'advertising', 'advice', 'advisers', 'advisor', 'advisors', 'advisory', 'advocacy', 'aerobatic', 'aerospace', 'aesthetic', 'aesthetics', 'af-', 'affamax', 'affect', 'affected', 'affecting', 'affective', 'affectively', 'affects', 'affiliate', 'affirm', 'afford', 'affordable', 'affords', 'afield', 'aflac', 'afraid', 'africa', 'african', 'aft', 'after-tax', 'afternoon', 'ag-intermediates', 'ag-related', 'age', 'agee', 'agencies', 'agency', 'agenda', 'agent', 'agents', 'ages', 'aggregate', 'aggressively', 'aggressiveness', 'agility', 'aging', 'agnostic', 'agree', 'agreed', 'agreement', 'agreements', 'agrees', 'ahmad', 'aided', 'aids', 'aim', 'aimed', 'air', 'airports', 'albeit', 'albemarle', 'albermarle', 'alberta', 'alcohol', 'alcohols', 'aleks', 'alert', 'alex', 'alexander', 'align', 'aligning', 'alignment', 'aligns', 'alkyl', 'alkyls', 'all-new', 'all-time', 'allegations', 'allegedly', 'alleviate', 'alliances', 'allison', 'allocate', 'allocated', 'allocating', 'allocation', 'allocations', 'allow', 'allowance', 'allowing', 'allows', 'alluded', 'alluding', 'alright', 'alt', 'alternate', 'alternative', 'alternatives', 'alters', 'aluminum', 'alykls', 'amanda', 'amazing', 'ambition', 'ambitious', 'amcol', 'amended', 'amending', 'america-based', 'america-merrill', 'american', 'american-based', 'americans', 'americas', 'amerist', 'amines', 'amorphous', 'amortization', 'amounted', 'amounts', 'ample', 'amsterdam', 'amy', 'anadarkos', 'analog', 'analogous', 'analysis', 'analysts', 'analytical', 'analytics', 'anchor', 'ancient', 'ancillary', 'andreeva', 'andrew', 'andrews', 'anesthetic', 'angle', 'angles', 'anna', 'anniversary', 'anniversarying', 'announce', 'announced', 'announcement', 'announcements', 'announces', 'announcing', 'annualized', 'annualizing', 'annually', 'annuities', 'annum', 'anomaly', 'anr', 'answered', 'answering', 'anticipate', 'anticipates', 'anticipation', 'antiknock', 'antioxidant', 'antioxidants', 'antitrust', 'anxious', 'anybody', 'anymore', 'anytime', 'aoci', 'aon', 'aop', 'aor', 'apart', 'apartments', 'api', 'apologies', 'apologize', 'app', 'apparel', 'apparent', 'appeal', 'appear', 'appearance', 'appears', 'appetite', 'applause', 'apples', 'apples-to-apples', 'applicability', 'application', 'applications', 'applied', 'applies', 'apply', 'applying', 'appointment', 'appointments', 'appreciably', 'appreciated', 'appreciates', 'appreciation', 'appreciative', 'approached', 'approaches', 'approaching', 'appropriate', 'appropriately', 'approval', 'approvals', 'approve', 'approved', 'approves', 'approximate', 'approximately', 'arabia', 'arabian', 'architect', 'architects', 'aren', 'arena', 'arenas', 'argument', 'arise', 'arkansas', 'armando', 'armani', 'armor', 'armstrong', 'arnold', 'arose', 'arrangement', 'arrangements', 'array', 'arrive', 'ars', 'art', 'article', 'articulate', 'articulated', 'artist', 'ash', 'asia', 'asia-pac', 'asia-pacific', 'asian', 'aside', 'asked', 'asking', 'aspect', 'aspects', 'asphalt', 'aspirational', 'aspirations', 'aspire', 'assembly', 'assess', 'assessed', 'assessing', 'assessment', 'asset', 'asset-based', 'assets', 'assigned', 'assist', 'assistance', 'associates', 'association', 'assortment', 'assortments', 'assumed', 'assumes', 'assuming', 'assumption', 'assurances', 'assure', 'assured', 'assuring', 'ath', 'atlantic', 'atmosphere', 'atoms', 'attached', 'attack', 'attacked', 'attention', 'attitude', 'attract', 'attracted', 'attraction', 'attractive', 'attractiveness', 'attracts', 'attributable', 'attribute', 'attributed', 'attributes', 'atypically', 'audience', 'audio', 'audiovisual', 'audit', 'audits', 'augment', 'aur', 'australia', 'authentic', 'authorization', 'authorize', 'authorized', 'auto', 'automated', 'automatically', 'automation', 'automobile', 'automotive', 'autos', 'availabilities', 'availability', 'available', 'avenue', 'avenues', 'averaged', 'averages', 'averaging', 'avid', 'avoid', 'award', 'aware', 'awareness', 'away', 'awesome', 'awful', 'awfully', 'awkward', 'baa', 'baby', 'back-end', 'back-office', 'backdrop', 'backed', 'background', 'backing', 'backlighting', 'backlogs', 'backs', 'backside', 'backtrack', 'backtracked', 'backward', 'backward-looking', 'backwards', 'bad', 'badly', 'bag', 'bags', 'bain', 'baird', 'baja', 'bake', 'baked', 'bakken', 'balanced', 'balances', 'balancing', 'balcaen', 'bale', 'ball', 'ballot', 'ballots', 'ballpark', 'balta', 'balterio', 'banc', 'bandied', 'bands', 'bang', 'bank', 'banking', 'bankruptcies', 'banks', 'bar', 'barbara', 'barclays', 'barometer', 'barrel', 'barrier', 'bars', 'basel', 'baseline', 'bases', 'basf', 'basic', 'basically--', 'basing', 'basins', 'basketball', 'bass', 'batch', 'batches', 'baton', 'bats', 'batteries', 'batters', 'battery', 'battery-grade', 'battled', 'baugh', 'bear', 'beat', 'beating', 'beautiful', 'beauty', 'becel', 'beef', 'began', 'begging', 'begin', 'beginning', 'beginnings', 'begins', 'begleiter', 'begs', 'begun', 'behalf', 'behave', 'behavior', 'behavioral', 'behaviors', 'belabor', 'belgian', 'belgium', 'belief', 'believed', 'bells', 'belly', 'bench', 'benchmark', 'benchmarking', 'beneficial', 'beneficiaries', 'beneficiary', 'benefited', 'benefiting', 'benelux', 'benign', 'bentonite', 'bentonite-based', 'bentonites', 'benzene', 'berg', 'berlusconi', 'bermuda', 'best-in-class', 'best-performing', 'bet', 'betray', 'better-performing', 'bettering', 'betterment', 'bevels', 'bfr', 'bfrs', 'bhullar', 'bi-product', 'biased', 'bid', 'bigger-picture', 'billing', 'billingsley', 'billion', 'binner', 'bio-based', 'biocide', 'biodiesel', 'biodiesels', 'biofuel', 'biofuels', 'biomass', 'biotech', 'bioterror', 'bishop', 'biting', 'bitumen', 'black', 'blanks', 'blend', 'blending', 'blind', 'block', 'blocks', 'bloodlines', 'blue', 'blues', 'blur', 'bmg', 'boards', 'bob', 'bode', 'bodes', 'bofa', 'boiler', 'boilers', 'boils', 'bold', 'boldness', 'bolster', 'bolstered', 'bolt', 'bolt-on', 'bolt-ons', 'bond', 'bonds', 'bonuses', 'book', 'book-to-bill', 'book-to-billed', 'booked', 'books', 'boom', 'boost', 'borders', 'bore', 'boring', 'borrow', 'borrowed', 'borrowing', 'borrowings', 'boruchow', 'bosshard', 'bottlenecking', 'bottles', 'bottom-line', 'bottom-up', 'bottomed', 'bouc', 'bought', 'boulay', 'bouley', 'bounce', 'bounced', 'boutiques', 'boxes', 'boy', 'boykin', 'bpa', 'branches', 'brand', 'brand-driven', 'brand-new', 'branded', 'branding', 'brandon', 'brands', 'brawn', 'brazil', 'breadth', 'break', 'breakdown', 'breakeven', 'breaking', 'breakout', 'breaks', 'breakthrough', 'breakthroughs', 'breege', 'brick', 'bridge', 'bridged', 'brief', 'briefly', 'bright', 'brightest', 'brightness', 'brine', 'brines', 'bringing', 'brings', 'britain', 'brittle', 'broad', 'broad-based', 'broaden', 'broadening', 'broader', 'broadest', 'broadloom', 'broadly', 'broke', 'broken', 'broker', 'brokerage', 'brokers', 'bromide', 'bromides', 'brominade', 'brominated', 'bromine', 'bromine-based', 'brominitic', 'bromobutyl', 'brothering', 'brown', 'brunt', 'brussels', 'bruyette', 'btoe', 'btu', 'buck', 'bucket', 'buckets', 'budget', 'budgeting', 'budgets', 'buffer', 'build-up', 'builder', 'builders', 'buildings', 'builds', 'buildup', 'bulgaria', 'bulgarian', 'bulk', 'bulletin', 'bullish', 'bump', 'bumping', 'bumps', 'bunch', 'bundling', 'bunting', 'burberry', 'burch', 'burden', 'burdened', 'burn', 'burner', 'burning', 'bus', 'business-by-business', 'busy', 'but----', 'button', 'buy', 'buy-back', 'buy-ins', 'buyback', 'buybacks', 'buyer', 'buyers', 'buyout', 'buys', 'buzz', 'byproduct', 'c-pac', 'cable', 'cables', 'cad', 'cadence', 'cafeteria', 'cafeteria-type', 'cagr', 'calcium', 'calculate', 'calculated', 'calculating', 'calculation', 'calculations', 'calculus', 'calendar', 'calendars', 'caliber', 'california', 'caller', 'calling', 'calms', 'campaign', 'campaigns', 'campus', 'campylobacter', 'canada', 'cancelable', 'cancer', 'cantor', 'cap', 'capabilities', 'capability', 'capable', 'capacities', 'capacity-expanding', 'capacity-wise', 'capitalization', 'capitalize', 'capitals', 'capped', 'capping', 'captive', 'captives', 'capture', 'captures', 'capturing', 'carbon', 'carbonate', 'card', 'care', 'career', 'careful', 'carefully', 'cares', 'caris', 'carole', 'carolina', 'carpet', 'carpets', 'carried', 'carrier', 'carriers', 'carry', 'carrying', 'cars', 'case', 'case-by-case', 'cases', 'cash-flow', 'casing', 'caspian', 'cast', 'casting', 'castings', 'casualty', 'cat', 'catalog', 'catalysis', 'catalyst', 'catalysts', 'catalytic', 'catalytically', 'catastrophic', 'catch', 'catch-up', 'catching', 'categories', 'categorize', 'category', 'caught', 'caulfield', 'cause', 'caused', 'causes', 'causing', 'caustic', 'caution', 'cautionary', 'cautious', 'cautiously', 'caveat', 'caveats', 'ceases', 'ceasing', 'celebrate', 'celebrating', 'cell', 'cells', 'cellulose', 'cellulosic', 'cement', 'center', 'centered', 'centers', 'central', 'centura', 'ceos', 'ceramic', 'ceramics', 'cerlikon', 'certainty', 'cfos', 'chain', 'chains', 'chairman', 'chairs', 'chalk', 'challenge', 'challenged', 'challenges', 'champine', 'chan', 'chance', 'chances', 'changer', 'channel', 'channeling', 'channels', 'chapter', 'characteristic', 'characteristics', 'characterize', 'characters', 'charged', 'charges', 'charging', 'chart', 'charts', 'chase', 'chasing', 'chassis', 'chat', 'chatting', 'cheap', 'cheaper', 'cheaply', 'check', 'chemical', 'chemically', 'chemicals', 'chemistries', 'chemistry', 'chemital', 'chems', 'chemtura', 'chen', 'chevrons', 'chief', 'chile', 'chime', 'china', 'chinese', 'chipboard', 'chips', 'chloride', 'chlorine', 'choice', 'choices', 'choose', 'choosing', 'choosy', 'choppiness', 'chose', 'chosen', 'chris', 'christmas', 'christopher', 'chrome', 'chromite', 'chrystalline', 'chugged', 'chunk', 'chunks', 'churn', 'churning', 'ciga', 'cigs', 'cio', 'circle', ...]
import pandas as pd
from bokeh.io import push_notebook, show, output_notebook
from bokeh.plotting import figure
from bokeh.models import ColumnDataSource, LabelSet
output_notebook()
import pandas as pd
svd = TruncatedSVD(n_components=2)
words_2d = svd.fit_transform(data_vectorized.T)
df = pd.DataFrame(columns=['x', 'y', 'word'])
df['x'], df['y'], df['word'] = words_2d[:,0], words_2d[:,1], vectorizer.get_feature_names()
source = ColumnDataSource(ColumnDataSource.from_df(df))
labels = LabelSet(x="x", y="y", text="word", y_offset=8,
text_font_size="8pt", text_color="#555555",
source=source, text_align='center')
plot = figure(plot_width=600, plot_height=600)
plot.circle("x", "y", size=12, source=source, line_color="black", fill_alpha=0.8)
plot.add_layout(labels)
show(plot, notebook_handle=True)
<Bokeh Notebook handle for In[28]>
len(data_text)
5
### Thi is definitey not the right way, it takes lines instead of ducuments for the corpus
# import random
# text_data = []
# for z in zulu:
# with open(mypath + z) as input_text:
# for i, line in enumerate(input_text):
# print(i)
# if line.strip():
# print(i)
# tokens = prepare_text_for_lda(line)
# if random.random() > .50: ## This makes sure that you only keep a certain percentage of data
# print(tokens)
# text_data.append(tokens)
# from gensim import corpora
# dictionary = corpora.Dictionary(text_data)
# corpus = [dictionary.doc2bow(text) for text in text_data]
0 1 2 3 4 4 5 5 ['request', 'sunday', '14:28:48'] 6 7 7 8 9 9 ['university', 'liverpool'] 10 10 11 11 12 13 14 14 15 16 17 17 18 18 19 20 21 21 ['result'] 22 22 23 23 ['health', 'earnings', 'final', 'disclosure', 'february', 'tuesday', '11276', 'words'] 24 25 26 26 [] 27 27 ['health', 'annual', 'analyst', 'final', 'disclosure', 'december', 'tuesday', '35487', 'words'] 28 29 30 30 31 31 ['health', 'earnings', 'final', 'disclosure', 'november', 'tuesday', '11105', 'words'] 32 33 34 34 35 35 36 37 38 38 [] 39 39 ['caremark', 'earnings', 'final', 'disclosure', 'august', 'tuesday', '11782', 'words'] 40 41 42 42 43 43 ['caremark', 'jefferies', 'global', 'consumer', 'conference', 'final', 'disclosure', 'thursday', 'words'] 44 45 46 46 [] 47 47 ['caremark', 'wells', 'fargo', 'healthcare', 'conference', 'final', 'disclosure', 'wednesday', 'words'] 48 49 50 50 51 51 52 53 54 54 55 55 56 57 58 58 59 59 60 61 62 62 [] 63 63 64 65 66 66 ['return'] 67 68 68 ['focus', 'document'] 69 70 71 71 72 73 73 74 75 75 ['health', 'earnings', 'final'] 76 77 77 ['length', '11276', 'words'] 78 79 79 80 80 ['nancy', 'christal'] 81 81 ['health', 'corporation'] 82 82 ['larry', 'merlo'] 83 83 ['health', 'corporation', 'president'] 84 84 85 85 86 86 87 87 88 88 89 89 ['health', 'corporation', 'president', 'retail'] 90 90 91 91 ['robert', 'jones'] 92 92 93 93 ['heinbockel'] 94 94 95 95 96 96 ['barclays', 'capital', 'analyst'] 97 97 ['percher'] 98 98 99 99 100 100 ['leerink', 'partner', 'analyst'] 101 101 102 102 ['cowen', 'company', 'analyst'] 103 103 104 104 ['morgan', 'stanley', 'analyst'] 105 105 ['scott', 'mushkin'] 106 106 107 107 ['george'] 108 108 ['deutsche', 'analyst'] 109 109 [] 110 110 ['jpmorgan', 'analyst'] 111 111 112 112 ['capital', 'market', 'analyst'] 113 113 114 114 115 115 116 116 117 117 118 118 ['cleveland', 'research', 'company', 'analyst'] 119 119 ['robert', 'willoughby'] 120 120 121 121 122 122 ['raymond', 'james', 'associate', 'analyst'] 123 123 124 124 125 125 ['muken'] 126 126 127 127 ['presentation'] 128 128 ['operator', 'lady', 'gentleman', 'thank', 'standing', 'welcome', 'health', 'fourth', 'quarter', 'earnings'] 129 129 ['operator', 'instructions'] 130 130 ['reminder', 'conference', 'record', 'tuesday', 'february', 'would', 'conference', 'nancy', 'christal', 'senior', 'investor', 'relations', 'please', 'proceed'] 131 131 132 132 133 133 134 134 135 135 136 136 ['quarterly', 'basis', 'consistently', 'post', 'solid', 'financial', 'result', 'fourth', 'quarter', 'exception', 'adjust', 'earnings', 'share', 'increase', 'share', 'guidance', 'range', 'retail', 'segment', 'exceed', 'revenue', 'expectation', 'operate', 'profit', 'retail', 'business', 'expectation', 'operate', 'profit', 'increase', 'right', 'expectation'] 137 137 138 138 139 139 140 140 141 141 ['ask', 'client', 'focus', 'number', 'priority', 'center', 'control', 'rapidly', 'rising', 'specialty', 'costs', 'bringing', 'array', 'differentiate', 'solution', 'specialty', 'connect', 'offering', 'roll', 'gain', 'client', 'interest', 'traction', 'marketplace'] 142 142 143 143 ['client', 'interest', 'manage', 'specialty', 'costs', 'medical', 'benefit', 'novologix', 'solution', 'continue', 'resonate', 'market', 'overall', 'specialty', 'capability', 'enable', 'provide', 'strong', 'clinical', 'support', 'patient', 'manage', 'trend', 'client', 'strategy', 'produce', 'result', 'specialty', 'revenue', 'healthy', 'versus', 'quarter', 'drive', 'business', 'drug', 'addition', 'coram', 'infusion', 'business', 'combine', 'innovative', 'offering', 'enable', 'optimize', 'quality', 'access', 'continue', 'drive', 'share', 'gain', 'growing', 'specialty', 'sector'] 144 144 ['another', 'manage', 'trend', 'client', 'highly', 'proactive', 'approach', 'formulary', 'management', 'market', 'formulary', 'strategy', 'since', 'update', 'template', 'formulary', 'annual', 'basis', 'increasingly', 'specialty', 'drug', 'strategy', 'formulary', 'process', 'enable', 'client', 'provide', 'excellent', 'access', 'meeting', 'member', 'need', 'clinical', 'effective', 'manner'] 145 145 ['january', 'gilead', 'drug', 'harvoni', 'sovaldi', 'become', 'exclusive', 'caremark', 'standard', 'commercial', 'exchange', 'medicare', 'medicaid', 'formulary', 'harvoni', 'prefer', 'agent', 'genotype', 'sovaldi', 'prefer', 'agent', 'treatment', 'genotype', 'create', 'lowest', 'solution', 'entire', 'population', 'patient', 'genotype', 'recognize', 'challenge', 'remain', 'commit', 'provide', 'solution', 'client', 'choose', 'treat', 'patient', 'make', 'sense', 'prioritize', 'patient', 'advance', 'stage', 'liver', 'fibrosis', 'believe', 'strategy', 'meet', 'patient', 'need', 'deliver', 'excellent', 'value', 'clinical', 'option', 'client', 'member'] 146 146 147 147 148 148 149 149 ['discernible', 'impact', 'pharmacy', 'business', 'since', 'launch', 'health', 'brand', 'customer', 'awareness', 'response', 'branding', 'campaign', 'positive', 'notable', 'increase', 'customer', 'perception', 'leader'] 150 150 151 151 ['pharmacy', 'store', 'sales', 'increase', 'versus', 'quarter', 'incidence', 'quarter', 'add', 'basis', 'point', 'pharmacy', 'comp', 'pharmacy', 'store', 'sales', 'include', 'negative', 'impact', 'basis', 'point', 'recent', 'generic', 'introduction', 'another', 'basis', 'point', 'implementation', 'specialty', 'connect', 'recall', 'specialty', 'connect', 'transfer', 'specialty', 'script', 'retail', 'segment', 'segment'] 152 152 ['pharmacy', 'margin', 'increase', 'quarter', 'expectation', 'discuss', 'previously', 'contract', 'regional', 'national', 'plan', 'position', 'prefer', 'provider', 'take', 'discipline', 'approach', 'participation', 'network', 'ensure', 'margin', 'compression', 'share', 'analysis', 'provide', 'right', 'economics'] 153 153 154 154 155 155 156 156 ['turning', 'store', 'growth', 'quarter', 'open', 'store', 'relocate', 'close', 'result', 'store', 'quarter', 'open', 'store', 'acquire', 'relocate', 'close', 'result', 'store', 'continue', 'enter', 'market', 'include', 'little', 'arkansas', 'seattle', 'washington', 'overall', 'store', 'growth', 'equate', 'increase', 'retail', 'square', 'footage', 'right'] 157 157 ['minuteclinic', 'open', 'clinic', 'quarter', 'ending', 'clinic', 'state', 'district', 'columbia', 'continue', 'strong', 'growth', 'trajectory', 'minuteclinic', 'revenue', 'customer', 'visit', 'increase', 'respectively', 'versus', 'quarter', 'affiliation', 'major', 'health', 'system', 'across', 'country', 'recently', 'add', 'affiliation', 'expand', 'platform', 'support', 'primary', 'conveniently', 'effectively'] 158 158 ['update', 'progress', 'source', 'venture', 'cardinal', 'health', 'extremely', 'please', 'rapid', 'progress', 'combine', 'expertise', 'along', 'simplicity', 'business', 'structure', 'enable', 'ground', 'running', 'actively', 'working', 'supplier', 'strategy', 'create', 'value', 'party', 'transition', 'supplier', 'represent', 'combine', 'generic', 'spend', 'expect', 'receive', 'first', 'fix', 'quarterly', 'payment', 'cardinal', 'fourth', 'quarter', 'forward', 'future', 'contribution'] 159 159 ['comment', 'surround', 'nexium', 'recently', 'receive', 'approval', 'generic', 'receive', 'question', 'might', 'impact', 'result', 'still', 'question', 'regard', 'launch', 'generic', 'nexium', 'include', 'potential', 'legal', 'maneuver', 'timing', 'launch', 'number', 'manufacturer', 'could', 'potentially', 'launch', 'clarity', 'answer', 'question', 'provide', 'specific', 'financial', 'review'] 160 160 ['denton', 'health', 'corporation', 'thank', 'larry', 'morning', 'everyone', 'morning', 'provide', 'detail', 'review', 'fourth', 'quarter', 'financial', 'result', 'briefly', 'touch', 'guidance', 'remains', 'unchanged', 'outline', 'december'] 161 161 162 162 163 163 164 164 ['repurchase', 'approximately', 'million', 'share', 'billion', 'average', '77.91', 'share', 'fourth', 'quarter', 'alone', 'repurchase', 'million', 'share', 'billion', 'dividend', 'share', 'repurchase', 'return', 'approximately', 'billion', 'shareholder'] 165 165 ['looking', 'forward', 'billion', 'authorization', 'repurchase', 'share', 'continue', 'expect', 'repurchase', 'billion', 'expectation', 'return', 'billion', 'shareholder', 'combination', 'dividend', 'share', 'repurchase', 'generate', 'billion', 'fourth', 'quarter'] 166 166 ['increase', 'billion', 'approximately', 'billion', 'increase', 'generation', 'drive', 'primarily', 'improvement', 'collection', 'payables', 'management', 'partially', 'offset', 'growth', 'inventory', 'current', 'assets', 'increase', 'investment', 'capital', 'associate', 'technology', 'corporate', 'effort'] 167 167 168 168 169 169 ['capital', 'expenditure', 'billion', 'include', 'billion', 'gross', 'capex', 'offset', 'million', 'lease', 'proceeds', 'income', 'statement', 'adjust', 'earnings', 'share', 'continue', 'operations', 'share', 'guidance', 'dilute', 'share', 'strong', 'result', 'across', 'operate', 'segment', 'retail', 'posting', 'result', 'expectation'] 170 170 171 171 172 172 ['retail', 'business', 'revenue', 'increase', 'quarter', 'billion', 'drive', 'primarily', 'strong', 'pharmacy', 'store', 'sales', 'growth', 'despite', 'transition', 'specialty', 'revenue', 'segment', 'specialty', 'connect', 'retail', 'exceed', 'guidance', 'higher', 'volume', 'pharmacy'] 173 173 174 174 ['gross', 'margin', 'retail', 'segment', 'approximately', 'basis', 'point', 'improvement', 'drive', 'basis', 'point', 'increase', 'retail', 'benefit', 'front', 'store', 'margin', 'tobacco', 'increase', 'store', 'brand', 'penetration', 'first', 'quarterly', 'payment', 'receive', 'cardinal', 'source', 'venture'] 175 175 ['partially', 'offset', 'driver', 'continue', 'pressure', 'reimbursement', 'rates', 'gross', 'profit', 'dollar', 'increase', 'quarter', 'total', 'operate', 'expense', 'percent', 'revenue', 'notably', 'improve'] 176 176 177 177 178 178 ['within', 'corporate', 'segment', 'expense', 'approximately', 'million', 'million', 'within', 'expectation', 'operate', 'margin', 'total', 'enterprise', 'decline', 'approximately', 'basis', 'point', 'quarter', 'operate', 'margin', 'decline', 'approximately', 'basis', 'point', 'operate', 'margin', 'retail', 'improve', 'approximately', 'basis', 'point'] 179 179 ['quarter', 'exceed', 'estimate', 'operate', 'profit', 'growth', 'retail', 'segment', 'retail', 'operate', 'profit', 'increase', 'solid', 'exceed', 'expectation', 'approximately', 'basis', 'point', 'operate', 'profit', 'increase', 'middle', 'guidance', 'range'] 180 180 ['going', 'consolidate', 'income', 'statement', 'interest', 'expense', 'quarter', 'decrease', 'approximately', 'million', 'million', 'primarily', 'lower', 'average', 'interest', 'rates', 'additionally', 'effective', 'weight', 'average', 'share', 'count', 'billion', 'share', 'slightly', 'higher', 'anticipate'] 181 181 182 182 183 183 ['recall', 'expect', 'tobacco', 'negative', 'impact', 'total', 'store', 'sales', 'approximately', 'basis', 'point', 'expect', 'negative', 'impact', 'approximately', 'basis', 'point', 'front', 'store', 'comp', 'impact', 'quarter', 'better', 'expect', 'month', 'since', 'become', 'tobacco', 'maintain', 'initial', 'guidance', 'impact', 'comp'] 184 184 ['expect', 'growth', 'revenue', '12.25', 'expect', 'retail', 'operate', 'profit', 'increase', 'operate', 'profit', 'increase', '10.75'] 185 185 ['first', 'quarter', 'guidance', 'remains', 'unchanged', 'talk', 'december', 'recall', 'highlight', 'several', 'timing', 'factor', 'analyst', 'affect', 'cadence', 'profit', 'delivery', 'throughout', 'expect', 'strong', 'cadence', 'profit', 'growth', 'expect', 'significantly', 'weight'] 186 186 187 187 ['revenue', 'segment', 'still', 'expect', '15.75', 'operate', 'profit', 'growth', 'expect', 'additionally', 'guidance', 'remains', 'range', 'billion', 'billion', 'remind', 'maintain', 'range', 'despite', 'forward', 'receivables'] 188 188 ['closing', 'reinforce', 'everyone', 'important', 'thought', 'first', 'continue', 'please', 'company', 'significant', 'generation', 'capability', 'believe', 'capability', 'continue', 'important', 'driving', 'shareholder', 'value', 'longer'] 189 189 190 190 191 191 ['question', 'answer'] 192 192 193 193 194 194 195 195 ['denton', 'think', 'increase', 'spending', 'really', 'relate', 'readiness', 'effort', 'spend', 'incremental', 'money', 'talk', 'incremental', 'money', 'going', 'spend', 'actually', 'client', 'welcome', 'season'] 196 196 197 197 198 198 199 199 ['operator', 'question', 'come', 'heinbockel', 'guggenheim', 'security', 'please', 'proceed', 'question'] 200 200 201 201 ['larry', 'merlo', 'larry', 'start', 'latter', 'question', 'think', 'extremely', 'position', 'reason', 'touch', 'earlier', 'talk', 'greater', 'detail', 'analyst'] 202 202 203 203 ['roberts', 'president', 'health', 'corporation', 'think', 'composition', 'going', 'similar', 'health', 'plan', 'seeing', 'large', 'employer', 'seeing', 'smaller', 'employer', 'later', 'expect', 'amount', 'state', 'government', 'opportunity'] 204 204 ['heinbockel', 'thing', 'think', 'capital', 'allocation', 'buyback', 'relate', 'share', 'price', 'valuation', 'discussion', 'effect', 'might', 'think', 'dividend', 'consider', 'special', 'dividend', 'really', 'buying', 'billion', 'billion', 'really', 'right', 'thing'] 205 205 206 206 207 207 208 208 209 209 210 210 ['larry', 'merlo', 'meredith', 'larry', 'start', 'anything', 'program', 'couple', 'years', 'always', 'look', 'become', 'efficient', 'operator', 'retail', 'focus', 'continue', 'forward'] 211 211 212 212 213 213 214 214 ['addition', 'achieve', 'lowest', 'solution', 'evaluate', 'variety', 'factor', 'include', 'current', 'future', 'project', 'distribution', 'population', 'across', 'several', 'genotype', 'average', 'duration', 'therapy', 'various', 'agent', 'factor', 'contribute', 'medication', 'adherence', 'along', 'ability', 'control', 'costs', 'utilization', 'management', 'program', 'things', 'talk', 'analyst', 'formulary', 'management', 'program', 'since', 'start', 'save', 'client', 'billion'] 215 215 216 216 217 217 218 218 219 219 ['percher', 'helpful', 'thank'] 220 220 ['operator', 'question', 'come', 'david', 'larsen', 'leerink', 'partner', 'please', 'proceed', 'question'] 221 221 222 222 ['denton', 'really', 'perspective', 'slightly', 'beneficial', 'perspective', 'retail', 'think', 'specialty', 'prescription', 'largely', 'brand', 'prescription', 'brand', 'prescription', 'carry', 'lower', 'gross', 'margin', 'generic', 'prescription', 'would', 'would', 'serve', 'retail', 'gross', 'margin', 'transfer', 'script', 'retail'] 223 223 ['david', 'larsen'] 224 224 ['denton', 'would', 'immaterial', 'though', 'totality', 'totality'] 225 225 ['david', 'larsen', 'gross', 'margin', 'expansion', 'retail', 'hearing', 'generic', 'inflation', 'competitor', 'obviously', 'talking', 'pressure', 'specialty', 'connect', 'impact', 'performing'] 226 226 227 227 228 228 229 229 230 230 231 231 232 232 233 233 ['larry', 'merlo', 'charles', 'mention', 'prepare', 'remark', '55-basis', 'point', 'increase', 'pharmacy', 'market', 'share', 'fourth', 'quarter', 'acknowledge', 'uptick', 'season', 'begin', 'business', 'later', 'week', 'quarter'] 234 234 ['charles', 'rhyee', 'great', 'anything', 'though', 'medicare', 'versus', 'commercial', 'color', 'provide', 'thanks'] 235 235 ['denton', 'think', 'anything', 'materially', 'different', 'quarters', 'perspective'] 236 236 237 237 ['operator', 'question', 'come', 'ricky', 'goldwasser', 'morgan', 'stanley', 'please', 'proceed', 'question'] 238 238 ['ricky', 'goldwasser', 'analyst', 'morgan', 'stanley', 'biosimilars', 'seem', 'focus', 'recent', 'week', 'market', 'sooner', 'previously', 'expect', 'think', 'potential', 'contribution', 'biosimilar', 'coming', 'retail', 'perspective', 'maybe', 'order', 'think', 'falls', 'compare', 'contribution', 'specialty', 'drug', 'rebate', 'versus', 'generic', 'marketplace', 'today'] 239 239 ['roberts', 'ricky', 'still', 'early', 'whole', 'arena', 'today', 'would', 'think', 'biosimilars', 'brand', 'competition', 'majority', 'value', 'rebate', 'obviously', 'value', 'pass', 'along', 'client', 'extent', 'interchangeable', 'function', 'generic', 'specialty', 'world', 'think', 'would', 'generic', 'think', 'early', 'play'] 240 240 ['ricky', 'goldwasser', 'follow', 'specialty', 'obviously', 'raise', 'interest', 'point', 'contribution', 'seeing', 'manage', 'specialty', 'formulary', 'medical', 'represent', 'opportunity'] 241 241 ['think', 'customer', 'buying', 'specialty', 'think', 'novologix', 'offering', 'think', 'percent', 'client', 'specialty', 'today', 'manage', 'medical', 'think', 'progress'] 242 242 ['roberts', 'question', 'would', 'specialty', 'medical', 'activity', 'concentrate', 'health', 'client', 'seeing', 'interest', 'space', 'obviously', 'begin', 'manage', 'believe', 'increase', 'dispense', 'opportunity', 'drug', 'dispense', 'think', 'coram', 'platform', 'enabler', 'penetrate', 'dispense', 'space', 'greater', 'extent', 'today'] 243 243 ['larry', 'merlo', 'ricky', 'think', 'point', 'value', 'proposition', 'center', 'around', 'ability', 'manage', 'specialty', 'patient', 'simply', 'administration', 'particular', 'recognize', 'various', 'assets', 'mention', 'coram', 'infusion', 'capability', 'along', 'exist', 'novologix', 'demonstrate', 'client', 'savings', 'opportunity', 'simply', 'migrate', 'patient', 'lower', 'quality', 'service'] 244 244 245 245 ['operator', 'question', 'come', 'scott', 'mushkin', 'wolfe', 'research', 'please', 'proceed', 'question'] 246 246 247 247 ['larry', 'merlo', 'shovel', 'earlier', 'scott'] 248 248 249 249 250 250 251 251 252 252 ['scott', 'mushkin', 'appreciate', 'follow', 'thinking', 'seem', 'asset', 'productivity', 'important', 'though', 'margin', 'pressure', 'outflow', 'money', 'assets', 'could', 'continue', 'increase', 'agree'] 253 253 254 254 ['scott', 'mushkin', 'right', 'thanks', 'appreciate', 'answer'] 255 255 256 256 ['george', 'analyst', 'deutsche', 'question', 'going', 'clairvoyance', 'things', 'future', 'analyst', 'december', 'intrigue', 'guidance', 'basis', 'point', 'despite', 'gyration', 'market'] 257 257 258 258 259 259 ['larry', 'merlo', 'george', 'larry', 'start', 'appreciate', 'comment', 'would', 'planning', 'outlook', 'guidance', 'range', 'imply', 'range', 'assumption', 'think', 'would', 'simple', 'outlook', 'within', 'guidance', 'range', 'comprehend', 'market', 'could', 'talk', 'morning', 'comfortable', 'today', 'outlook', 'remains', 'intact'] 260 260 261 261 262 262 ['george', 'maybe', 'could', 'quick', 'follow', 'would', 'market', 'evolve', 'december', 'early', 'january', 'anything', 'different', 'playbook', 'different', 'playbook', 'thought', 'statin', 'class', 'think', 'drug', 'going', 'forward', 'question', 'guess', 'get', 'question', 'space', 'regular', 'playbook', 'perspective', 'anything', 'different', 'unfold'] 263 263 ['denton', 'think', 'different'] 264 264 ['larry', 'merlo', 'george', 'think', 'start', 'think', 'demonstrate', 'first', 'effective', 'savings', 'opportunity', 'client', 'execute', 'degree', 'service', 'member', 'certainly', 'whole', 'process', 'start', 'ensure', 'appropriate', 'clinical', 'outcome', 'think', 'continue', 'opportunity', 'going', 'forward'] 265 265 ['roberts', 'george', 'thing', 'would', 'different', 'specialty', 'realm', 'complexity', 'around', 'manage', 'example', 'harvoni', 'genotype', 'formulary', 'patient', 'genotype', 'option', 'genotype'] 266 266 ['think', 'combination', 'formulary', 'utilization', 'management', 'program', 'little', 'complexity', 'agree', 'larry', 'similar', 'capability', 'playing', 'space'] 267 267 ['george', 'thanks', 'appreciate', 'color'] 268 268 ['operator', 'question', 'come', 'jpmorgan', 'please', 'proceed', 'question'] 269 269 ['analyst', 'jpmorgan', 'wonder', 'maybe', 'could', 'design', 'talk', 'client', 'annual', 'survey', 'december', 'people', 'talk', 'minute', 'clinic', 'talk', 'maintenance', 'choice', 'obviously', 'talk', 'specialty', 'today', 'clearly', 'things', 'talk', 'client', 'could', 'things', 'change', '1/1/15', 'talk', 'spending', 'dollar', 'around', 'implementation', 'change', 'design', 'perspective'] 270 270 271 271 272 272 ['great', 'follow', 'question', 'around', 'generic', 'source', 'talk', 'payment', 'cardinal', 'incremental', 'savings', 'addition', 'payment', 'cardinal'] 273 273 ['denton', 'early', 'stage', 'effort', 'indicate', 'analyst', 'several', 'different', 'drive', 'economics', 'lowering', 'good', 'improvement', 'base', 'program'] 274 274 275 275 ['denton', 'quantify', 'unfortunately', 'going', 'quantify', 'laughter', 'thank'] 276 276 277 277 278 278 ['frank', 'morgan', 'analyst', 'capital', 'market', 'curious', 'guidance', 'december', 'analyst', 'contemplate', 'point', 'regard', 'discount', 'relate'] 279 279 280 280 ['frank', 'morgan', 'think', 'discussion', 'today', 'specialty', 'different', 'strategy', 'piece', 'miss', 'strategically', 'specialty', 'terms', 'drug', 'market', 'thanks'] 281 281 282 282 283 283 ['roberts', 'frank', 'space', 'today', 'oncology', 'space', 'administer', 'physician', 'office'] 284 284 285 285 ['frank', 'morgan', 'thanks'] 286 286 ['operator', 'question', 'come', 'alvin', 'concepcion', 'please', 'proceed', 'question'] 287 287 ['alvin', 'concepcion', 'analyst', 'citigroup', 'congrats', 'great', 'couple', 'quick', 'follow', 'question', 'would', 'characterize', 'savings', 'talk', 'versus', 'would', 'expect', 'point', 'follow', 'generic', 'inflation', 'seeing', 'outlook'] 288 288 ['denton', 'maybe', 'generic', 'inflation', 'first', 'limited', 'pocket', 'inflation', 'within', 'generic', 'universe', 'totality', 'generic', 'market', 'still', 'maintain', 'deflationary', 'nature', 'believe', 'continue', 'short'] 289 289 ['think', 'relate', 'think', 'terrific', 'standing', 'operation', 'share', 'manufacturer', 'continue', 'please', 'progress', 'think', 'tracking', 'consistent', 'plan', 'point'] 290 290 ['larry', 'merlo', 'alvin', 'think', 'reiterate', 'three', 'value', 'create', 'obviously', 'fix', 'payment', 'schedule', 'start', 'second', 'additional', 'milestone', 'create', 'allow', 'additional', 'payment', 'third', 'allude', 'earlier', 'question', 'terms', 'opportunity', 'create', 'additional', 'reduction', 'good', 'create', 'efficient', 'supply', 'chain'] 291 291 292 292 ['operator', 'question', 'come', 'steven', 'valiquette', 'please', 'proceed', 'question'] 293 293 294 294 295 295 ['steven', 'valiquette', 'separately', 'quickly', 'million', 'additional', 'life', 'mention', 'early', 'medicare', 'retiree', 'business', 'talk', 'analyst', 'public', 'exchange', 'particular', 'member', 'losses', 'separate', 'bucket', 'somewhere'] 296 296 297 297 ['steven', 'valiquette', 'thanks'] 298 298 ['operator', 'question', 'come', 'bosshard', 'cleveland', 'research', 'please', 'proceed', 'question'] 299 299 300 300 ['larry', 'merlo', 'would', 'probably', 'fourth', 'fifth', 'inning', 'terms', 'opportunity'] 301 301 302 302 303 303 304 304 305 305 306 306 307 307 308 308 309 309 ['helena', 'foulkes', 'president', 'retail', 'health', 'corporation', 'think', 'opportunity', 'given', 'going', 'thing', 'talk', 'morning', 'successful', 'launch', 'health', 'brand', 'definitely', 'resonate', 'consumer', 'seeing', '1,100-basis', 'point', 'increase', 'awareness', 'health', 'consumer', 'really', 'seeing', 'company', 'leader', 'healthcare', 'exactly', 'hope', 'using', 'momentum', 'focus', 'health', 'beauty', 'talk', 'analyst', 'keeping', 'running', 'business', 'hope', 'outcome'] 310 310 311 311 ['operator', 'question', 'come', 'ransom', 'raymond', 'james', 'please', 'proceed', 'question'] 312 312 ['ransom', 'analyst', 'raymond', 'james', 'associate', 'couple', 'quick', 'first', 'assume', 'nexium', 'exclusive', 'multi', 'source', 'david', 'reason', 'assume', 'world', 'blow', 'right', 'exclusivity'] 313 313 ['denton', 'specifically', 'expectation', 'always', 'advantage', 'point', 'manufacturer', 'market', 'generic', 'occur', 'assume', 'would'] 314 314 315 315 316 316 ['ransom'] 317 317 318 318 ['operator', 'question', 'come', 'edward', 'kelly', 'credit', 'suisse', 'please', 'proceed', 'question'] 319 319 ['edward', 'kelly', 'analyst', 'credit', 'suisse', 'larry', 'mention', 'take', 'discipline', 'approach', 'prefer', 'network', 'hope', 'maybe', 'could', 'little', 'color', 'angle', 'given', 'marketplace', 'competitive', 'important', 'material', 'presence', 'business'] 320 320 321 321 ['first', 'question', 'competitive', 'environment', 'recognize', 'participation', 'prefer', 'network', 'come', 'associate', 'margin', 'compression', 'think', 'retail', 'organization', 'terrific', 'terms', 'building', 'economic', 'model', 'evaluate', 'margin', 'compression', 'forecast', 'share', 'shift', 'times', 'economics', 'sense', 'proceed', 'times', 'economics', 'sense', 'recognize', 'plan', 'equal', 'terms', 'design', 'whether', 'makeup', 'terms', 'balance', 'chooser', 'income', 'subsidy'] 322 322 ['think', 'unique', 'opportunity', 'recognize', 'announcement', 'coming', 'focus', 'terms', 'move', 'outcome', 'management', 'participate', 'today', 'terms', 'supporting', 'health', 'client', 'star', 'rating', 'affect', 'star', 'rating', 'engage', 'touch', 'patient', 'think', 'tremendous', 'opportunity', 'across', 'business', 'patient', 'health', 'client', 'terms', 'achieve', 'goal'] 323 323 ['edward', 'kelly', 'thank'] 324 324 325 325 326 326 ['muken', 'analyst', 'evercore', 'congrats', 'curious', 'building', 'little', 'helena', 'going', 'tobacco', 'things', 'tobacco', 'decision', 'rebranding', 'given', 'enterprise', 'perspective', 'maybe', 'looking', 'originally', 'anything', 'unsuspecting', 'something', 'challenge', 'offset', 'headwind', 'try', 'assume', 'develop', 'either', 'positively', 'negatively'] 327 327 328 328 329 329 330 330 331 331 332 332 333 333 ['muken', 'great', 'thanks', 'larry', 'congrats'] 334 334 ['larry', 'merlo', 'listen', 'minute', 'thank', 'everybody', 'morning', 'ongoing', 'interest', 'health', 'follow', 'question', 'reach', 'nancy', 'thanks'] 335 335 ['operator', 'lady', 'gentleman', 'conclude', 'conference', 'today', 'thank', 'participation', 'please', 'disconnect'] 336 336 337 337 338 338 339 340 340 341 342 342 ['language', 'english'] 343 344 344 ['transcript', '021015a5614690.790'] 345 346 346 347 348 348 349 349 350 351 351 352 353 353 ['return'] 354 355 355 356 357 358 358 359 360 360 361 362 362 363 364 364 ['length', '35487', 'words'] 365 366 366 367 367 368 368 369 369 370 370 ['health', 'corporation'] 371 371 372 372 373 373 ['lotvin'] 374 374 ['health', 'corporation', 'specialty', 'pharmacy'] 375 375 ['helena', 'foulkes'] 376 376 ['health', 'corporation', 'president', 'pharmacy'] 377 377 378 378 379 379 380 380 ['jones'] 381 381 382 382 383 383 384 384 ['charles', 'rhyee'] 385 385 ['cowen', 'company', 'analyst'] 386 386 ['alvin', 'concepcion'] 387 387 ['citigroup', 'analyst'] 388 388 ['hynes'] 389 389 390 390 391 391 ['deutsche', 'analyst'] 392 392 393 393 394 394 395 395 396 396 397 397 398 398 ['muken'] 399 399 ['group', 'analyst'] 400 400 401 401 ['cantor', 'fitzgerald', 'analyst'] 402 402 403 403 ['guggenheim', 'security', 'analyst'] 404 404 ['priya', 'gupta'] 405 405 ['barclays', 'capital', 'analyst'] 406 406 ['garen', 'sarafian'] 407 407 ['citigroup', 'analyst'] 408 408 ['sopcak'] 409 409 ['morgan', 'stanley', 'analyst'] 410 410 411 411 ['william', 'blair', 'company', 'analyst'] 412 412 ['percher'] 413 413 414 414 ['wiltamuth'] 415 415 ['jefferies', 'company', 'analyst'] 416 416 ['presentation'] 417 417 ['larry', 'merlo', 'president', 'health', 'corporation', 'morning', 'everyone', 'welcome', 'analyst', 'recognize', 'everyone', 'really', 'appreciate', 'taking', 'attend'] 418 418 ['think', 'everyone', 'know', 'healthcare', 'landscape', 'rapidly', 'evolve', 'meeting', 'provide', 'opportunity', 'share', 'significant', 'trend', 'issue', 'shape', 'marketplace', 'health', 'capitalize', 'trend', 'achieve', 'sustainable', 'growth'] 419 419 ['analyst', 'provide', 'unique', 'opportunity', 'showcase', 'several', 'member', 'senior', 'leadership', 'looking', 'forward', 'opportunity', 'share', 'thought', 'position', 'marketplace', 'effort', 'achieve', 'overall', 'enterprise', 'goal'] 420 420 421 421 ['since', 'speed', 'reader', 'right', 'since', 'analyst', 'thought', 'would', 'start', 'walking', 'highlight', 'accomplishment'] 422 422 ['first', 'happy', 'report', 'continue', 'exceed', 'financial', 'target', 'consistent', 'latest', 'guidance', 'expect', 'deliver', 'adjust', 'earnings', 'share', 'range', 'represent', 'growth', 'adjust', 'unusual', 'factor'] 423 423 ['addition', 'continue', 'expect', 'generate', 'substantial', 'range', 'billion', 'billion', 'strong', 'allow', 'return', 'investment', 'business', 'return', 'significant', 'value', 'shareholder', 'dividend', 'share', 'repurchase'] 424 424 ['wrapping', 'highly', 'successful', 'selling', 'season', 'billion', 'business', 'client', 'retention', 'model', 'continue', 'resonate', 'client', 'clear', 'winner', 'selling', 'season'] 425 425 426 426 427 427 428 428 429 429 ['usher', 'growth', 'company', 'really', 'underscore', 'purpose', 'helping', 'people', 'better', 'health', 'forefront', 'change', 'healthcare', 'landscape', 'health', 'unique', 'suite', 'capability', 'expertise', 'need', 'drive', 'innovation', 'shape', 'future', 'health'] 430 430 ['continue', 'deliver', 'breakthrough', 'product', 'services', 'whether', 'advise', 'patient', 'pharmacy', 'medication', 'introduce', 'unique', 'program', 'control', 'costs', 'client', 'caremark', 'innovate', 'healthcare', 'deliver', 'patient', 'complex', 'conditions', 'specialty', 'expand', 'access', 'quality', 'minuteclinic', 'think', 'today', 'excite', 'enterprise', 'become'] 431 431 ['theme', 'meeting', 'position', 'today', 'prepare', 'tomorrow', 'throughout', 'course', 'morning', 'health', 'position', 'thrive', 'change', 'healthcare', 'landscape', 'cover', 'ground', 'presentation', 'morning', 'thought', 'would', 'helpful', 'highlight', 'message', 'would', 'remember', 'today'] 432 432 433 433 434 434 435 435 ['finally', 'remain', 'focus', 'achieve', 'sustainable', 'growth', 'return', 'value', 'shareholder', 'enterprise', 'mindset'] 436 436 437 437 438 438 ['roberts', 'provide', 'update', 'integrate', 'offering', 'resonate', 'market', 'strategy', 'continue', 'life', 'growing', 'market'] 439 439 ['lotvin', 'provide', 'specialty', 'business', 'unique', 'specialty', 'assets', 'helping', 'client', 'manage', 'growing', 'specialty', 'spend'] 440 440 441 441 442 442 ['denton', 'health', 'corporation', 'morning', 'everyone', 'thank', 'larry', 'interest', 'guidance', 'minutes'] 443 443 444 444 ['agenda', 'morning', 'first', 'going', 'touch', 'progress', 'deliver', 'financial', 'target', 'provide', 'specific', 'details', 'guidance', 'lastly', 'revisit', 'steady', 'state', 'growth', 'target', 'framing', 'strong', 'growth', 'outlook', 'business', 'beyond', 'addition', 'highlight', 'technical', 'difficulty', 'overall', 'enterprise', 'growth', 'assets', 'maximize', 'value', 'stakeholder'] 445 445 446 446 447 447 ['couple', 'week', 'technical', 'difficulty', 'target', 'deliver', 'solid', 'financial', 'result', 'business', 'continue', 'significant', 'strategy', 'increase', 'share', 'dispense', 'drug', 'productive', 'growth', 'operate', 'profit', 'result', 'consistence', 'prior', 'guidance', 'expect', 'deliver', 'adjust', 'earnings', 'share', 'initial', 'guidance', 'range', 'despite', 'absorb', 'headwind', 'decision', 'tobacco', 'category'] 448 448 449 449 450 450 ['include', 'approximately', 'million', 'relate', 'timing', 'certain', 'receipts', 'delay', 'adjust', 'growth', 'would', 'still', 'solid'] 451 451 452 452 453 453 454 454 ['already', 'begin', 'benefit', 'lower', 'expect', 'impact', 'course', 'continue', 'effectively', 'invest', 'promotional', 'strategy', 'using', 'extracare', 'program', 'drive', 'bigger', 'profitable', 'basket', 'customer', 'continue', 'expansion', 'profitable', 'store', 'brand', 'product'] 455 455 ['exclude', 'impact', 'decision', 'tobacco', 'front', 'store', 'business', 'continue', 'contribute', 'growth', 'despite', 'traffic', 'nearly', 'retailer', 'experience', 'today', 'bottom', 'line', 'increase', 'generate', 'significant', 'amount'] 456 456 ['combine', 'improvement', 'balance', 'sheet', 'expect', 'increase', 'nearly', 'billion', 'versus', 'strong', 'balance', 'sheet', 'management', 'provide', 'flexibility', 'efficient', 'allocation', 'capital', 'focus', 'maintain', 'credit', 'rating', 'allow', 'effectively', 'finance', 'working', 'capital', 'need', 'company'] 457 457 458 458 ['given', 'september', 'expect', 'interest', 'relate', 'accretion', 'incremental', 'consistent', 'maintain', 'credit', 'rating', 'continue', 'target', 'adjust', 'ebitda', 'ratio', 'approximately', 'times', 'extent', 'continue', 'drive', 'ebitda', 'higher', 'issue', 'maintain', 'ratio'] 459 459 ['analyst', 'given', 'expectation', 'performance', 'within', 'steady', 'state', 'target', 'estimate', 'level', 'might', 'slightly', 'lower', 'level', 'result', 'expect', 'increase', 'total', 'billion', 'however', 'chart', 'demonstrate', 'expect', 'times', 'target', 'anticipate', 'happening', 'level', 'increase'] 460 460 ['maintain', 'relationship', 'going', 'forward', 'give', 'capacity', 'previously', 'model', 'recall', 'show', 'target', 'enable', 'generate', 'substantial', 'amount', 'horizon', 'approximately', 'billion', 'could', 'generate', 'earnings', 'target', 'establish', 'couple', 'strong', 'working', 'capital', 'management'] 461 461 ['given', 'reasonable', 'assumption', 'would', 'invest', 'operations', 'business', 'would', 'billion', 'could', 'available', 'enhance', 'shareholder', 'value', 'additional', 'billion', 'available', 'simply', 'maintain', 'times', 'adjust', 'ebitda', 'target', 'expect', 'incremental', 'additional', 'billion', 'available', 'total', 'billion', 'incremental'] 462 462 ['give', 'total', 'approximately', 'billion', 'would', 'available', 'enhance', 'return', 'given', 'billion', 'could', 'approximately', 'billion', 'available', 'annually', 'average', 'horizon', 'focus', 'deploy', 'substantial', 'available', 'achieve', 'high', 'possible', 'return', 'shareholder'] 463 463 ['dividend', 'payout', 'ratio', 'target', 'remains', 'approximately', 'imply', 'compound', 'annual', 'growth', 'dividend', 'nearly', 'additional', 'liquidity', 'invest', 'effort', 'acquisition', 'supplement', 'exist', 'asset'] 464 464 ['absent', 'attractive', 'value', 'enhance', 'internal', 'project', 'share', 'repurchase', 'approximately', 'billion', 'billion', 'expect', 'available', 'annually', 'average', 'strategy', 'perform', 'execution', 'target', 'nearly', 'billion', 'available', 'enhance', 'return'] 465 465 466 466 467 467 468 468 ['compound', 'annual', 'growth', 'additionally', 'return', 'billion', 'shareholder', 'share', 'repurchase', 'include', 'least', 'billion', 'three', 'years'] 469 469 470 470 ['please', 'announce', 'board', 'approve', 'billion', 'share', 'repurchase', 'program', 'reflect', 'board', 'ongoing', 'commitment', 'return', 'value', 'shareholder', 'give', 'ability', 'continue', 'successful', 'program', 'billion', 'prior', 'authorization', 'make', 'available', 'nearly', 'billion', 'share', 'repurchase'] 471 471 ['beyond', 'funding', 'dividend', 'increase', 'expect', 'complete', 'billion', 'share', 'repurchase', 'throughout', 'modeling', 'purpose', 'assume', 'billion', 'somewhat', 'evenly', 'spread', 'throughout'] 472 472 ['dividend', 'share', 'repurchase', 'allocate', 'approximately', 'billion', 'toward', 'enhance', 'total', 'return', 'shareholder', 'alone', 'think', 'demonstrate', 'deliver', 'target', 'spend', 'morning', 'focus', 'growth', 'start', 'guidance'] 473 473 ['morning', 'provide', 'guidance', 'first', 'quarter', 'growth', 'comparison', 'versus', 'exclude', 'impact', 'early', 'extinguishment', 'approximately', 'share'] 474 474 ['expect', 'consolidate', 'revenue', 'growth', 'adjust', 'earnings', 'share', 'range', 'share', 'reflect', 'solid', 'growth', '15.75', 'expect', 'range', 'share'] 475 475 ['expect', 'generate', 'substantial', 'amount', 'expect', 'operations', 'range', 'billion', 'billion'] 476 476 477 477 ['retail', 'segment', 'expect', 'operate', 'profit', 'increase', 'reflect', 'another', 'solid', 'growth', 'across', 'business', 'despite', 'headwind', 'create', 'decision', 'tobacco', 'decision', 'alone', 'expect', 'dilute', 'retail', 'operate', 'profit', 'growth', 'approximately', 'basis', 'point', 'expect', 'revenue', 'growth', 'store', 'sales', 'growth', 'expect', 'somewhat', 'range'] 478 478 479 479 ['putting', 'tobacco', 'aside', 'given', 'consumer', 'environment', 'moment', 'expect', 'healthy', 'growth', 'throughout', 'expect', 'retail', 'gross', 'margin', 'gain', 'expect', 'generic', 'growth', 'store', 'brand', 'tobacco', 'largely', 'offset', 'continue', 'pharmacy', 'reimbursement', 'pressure', 'however', 'expect', 'modest', 'improvement', 'expense', 'leverage', 'result', 'retail', 'operate', 'margin', 'expect', 'expand', 'basis', 'point'] 480 480 ['shifting', 'segment', 'expect', 'strong', 'growth', 'operate', 'profit', 'expect', 'increase', '10.75', 'given', 'exceptional', 'selling', 'season', 'strong', 'growth', 'specialty', 'expect', 'revenue', 'growth', '12.25', 'total', 'adjust', 'claim', 'billion', 'billion', 'gross', 'margin', 'expect', 'modestly', 'decline'] 481 481 482 482 483 483 484 484 485 485 ['change', 'expect', 'healthcare', 'reform', 'positive', 'business', 'participate', 'coverage', 'expansion', 'medicaid', 'public', 'exchange'] 486 486 487 487 488 488 ['third', 'introduction', 'generic', 'continue', 'improve', 'profitability', 'break', 'generic', 'although', 'significantly', 'weight'] 489 489 ['fourth', 'incremental', 'benefit', 'coram', 'business', 'first', 'health', 'lastly', 'expect', 'dilution', 'decision', 'tobacco', 'category', 'continue', 'third', 'quarter'] 490 490 491 491 492 492 493 493 ['generic', 'enter', 'marketplace', 'driving', 'economics', 'limited', 'supply', 'break', 'profitability', 'high', 'break', 'period', 'period', 'occur', 'three', 'supplier'] 494 494 495 495 496 496 497 497 ['first', 'impact', 'quickly', 'review', 'three', 'arrangement', 'provide', 'value'] 498 498 499 499 500 500 501 501 502 502 503 503 504 504 ['estimate', 'incremental', 'dilutive', 'impact', 'remember', 'impact', 'load', 'expect', 'impact', 'front', 'load', 'dilution', 'fully', 'wrap', 'fourth', 'quarter'] 505 505 506 506 ['modeling', 'cadence', 'quarterly', 'profits', 'several', 'timing', 'factor', 'first', 'difference', 'timing', 'break', 'generic', 'versus', 'timing', 'adversely', 'affect', 'first', 'margin', 'perspective'] 507 507 508 508 ['second', 'impact', 'decision', 'tobacco', 'category', 'first', 'dilutive', 'effect', 'really', 'september', 'first', 'negatively', 'affect', 'looking', 'growth', 'rates', 'anniversary', 'expect', 'return', 'normal', 'growth', 'unaffected', 'tobacco'] 509 509 ['third', 'investing', 'incrementally', 'welcome', 'season', 'ensure', 'successful', 'migration', 'customer', 'success', 'selling', 'season', 'expect', 'tough', 'comparison'] 510 510 ['fourth', 'tough', 'comparison', 'compare', 'unusual', 'occur', 'recall', 'margin', 'benefit', 'finalization', 'california', 'medicaid', 'reimbursement', 'rates'] 511 511 ['result', 'reconciliation', 'final', 'rates', 'historical', 'estimate', 'retail', 'gross', 'margin', 'benefit', 'million', 'benefit', 'million', 'comparing', 'unusual', 'event'] 512 512 513 513 514 514 515 515 516 516 ['expect', 'operate', 'profit', 'lower', 'growth', 'timing', 'break', 'generic', 'investment', 'welcome', 'season', 'factor', 'influence', 'profit', 'growth', 'cadence', 'revenue', 'expect', '15.75'] 517 517 518 518 ['value', 'creation', 'enhance', 'still', 'significant', 'opportunity', 'drive', 'value', 'payer', 'partner', 'example', 'value', 'alone', 'create', 'cover', 'illustrate', 'value', 'building', 'block', 'health', 'offer', 'value', 'building', 'block', 'services', 'member', 'might', 'utilize', 'point', 'coverage'] 519 519 520 520 ['traditional', 'today', 'world', 'manage', 'claim', 'offering', 'order', 'dispense', 'specialty', 'services', 'traditional', 'extend', 'create', 'value', 'driving', 'higher', 'profits', 'offering', 'better', 'control', 'costs', 'using', 'traditional', 'tool', 'however', 'health', 'touch', 'point', 'payer', 'patient', 'offering', 'maintenance', 'choice', 'specialty', 'connect', 'pharmacy', 'advisor', 'minuteclinic', 'infusion', 'services', 'health', 'relate', 'product', 'front', 'store'] 521 521 522 522 523 523 524 524 ['course', 'years', 'target', 'growth', 'operate', 'profit', 'growth', 'preliminary', 'adjust', 'earnings', 'share', 'earnings', 'share', 'layer', 'impact', 'share', 'repurchase', 'given', 'likely', 'possibility', 'remains', 'educate', 'guest', 'future', 'operate', 'performance'] 525 525 526 526 ['reiterate', 'level', 'assumption', 'inherent', 'target', 'appear', 'appendix', 'presentation', 'handy', 'summary', 'capital', 'allocation', 'priority', 'deployment', 'guide', 'discipline', 'adjust', 'decision'] 527 527 528 528 ['commit', 'either', 'funding', 'type', 'project', 'return', 'shareholder', 'create', 'value', 'think', 'track', 'record', 'continue', 'demonstrate', 'ability'] 529 529 ['summary', 'company', 'position', 'today', 'establish', 'strong', 'track', 'record', 'deliver', 'promise', 'gain', 'share', 'increase', 'dispense', 'volume', 'across', 'enterprise', 'health', 'offer', 'value', 'cover', 'competitor', 'healthcare', 'driving', 'business', 'decision', 'enterprise', 'mindset'] 530 530 531 531 ['thank', 'going', 'larry', 'merlo', 'going', 'question'] 532 532 533 533 534 534 535 535 ['larry', 'merlo', 'talking', 'probably', '2-plus', 'years', 'talking', 'pricing', 'remains', 'competitive', 'marketplace', 'rational', 'change', 'think', 'ticket', 'right', 'price', 'right', 'service', 'allow', 'begin', 'things', 'highlight', 'terms', 'health', 'provide'] 536 536 537 537 ['denton', 'question', 'would', 'couple', 'things', 'around'] 538 538 539 539 ['think', 'maybe', 'first', 'second', 'inning', 'formulary', 'management', 'perspective', 'specialty', 'think', 'later', 'today', 'enhance', 'opportunity', 'space', 'drive', 'costs', 'lower', 'client', 'enhance', 'performance'] 540 540 ['inaudible', 'things', 'medicare', 'medicaid', 'specialty'] 541 541 ['denton', 'along', 'continue', 'reimbursement', 'pressure'] 542 542 543 543 ['larry', 'merlo', 'charles', 'great', 'question', 'little'] 544 544 545 545 546 546 ['denton', 'going', 'quantify', 'would', 'great', 'standing', 'organization'] 547 547 548 548 549 549 ['larry', 'merlo', 'would', 'think', 'generic', 'purchasing', 'really', 'scale', 'knowledge', 'expertise', 'successful', 'operations', 'cardinal', 'individual', 'responsible', 'lift', 'entity', 'terrific'] 550 550 ['hynes', 'analyst', 'mizuho', 'security', 'hynes', 'mizuho', 'security', 'ebitda', 'target', 'comfort', 'level', 'would', 'increase', 'acquisition', 'along', 'regard', 'preference', 'healthcare', 'retail', 'domestic', 'versus', 'international'] 551 551 552 552 ['commit', 'relate', 'acquisition', 'totality', 'going', 'today', 'health', 'try', 'enhance', 'asset', 'drive', 'value', 'healthcare', 'segment', 'opportunity', 'either', 'increase', 'expertise', 'increase', 'reach', 'within', 'healthcare', 'space'] 553 553 554 554 ['could', 'maybe', 'readdress', 'topic', 'nothing', 'seem', 'change', 'structurally', 'generic', 'market', 'anything', 'consolidation', 'supply', 'chain', 'maybe', 'company', 'outlook', 'generic', 'pricing', 'maybe', 'reimbursement'] 555 555 ['larry', 'merlo', 'george', 'start', 'maybe', 'think', 'talking', 'couple', 'earnings', 'call', 'anything', 'surprise', 'isolate', 'price', 'increase', 'certain', 'whether', 'drive', 'shortage', 'whatever', 'really', 'different', 'years', 'overall', 'deflationary', 'nature', 'generic', 'industry', 'remains', 'intact', 'change'] 556 556 557 557 558 558 ['denton', 'maybe', 'start', 'guidance', 'obviously', 'assume', 'certain', 'things', 'favorable', 'certain', 'things', 'negative', 'within', 'payment', 'think', 'would', 'within'] 559 559 560 560 561 561 ['really', 'shift', 'economics', 'business', 'really', 'enhance', 'provider', 'relationship', 'provider', 'relationship', 'drive', 'color', 'gross', 'profit', 'economics', 'additional', 'share', 'shift', 'really', 'lever', 'outperformance', 'perspective', 'opinion'] 562 562 563 563 564 564 ['wonder', 'could', 'understand', 'different', 'maybe', 'contract', 'structure', 'extent', 'could', 'protect', 'issue', 'business', 'general', 'better', 'understanding', 'terms', 'outperformance', 'relative', 'peer', 'issue', 'bringing'] 565 565 ['larry', 'merlo', 'start', 'think', 'important', 'start', 'seeing', 'reimbursement', 'pressure', 'marketplace', 'retail'] 566 566 ['going', 'continue'] 567 567 ['reflect', 'guidance', 'provide'] 568 568 ['anything', 'expect'] 569 569 570 570 ['think', 'throughout', 'morning', 'tool', 'discipline', 'enter', 'contract', 'retail', 'perspective', 'tool', 'exist', 'going', 'specific', 'contract', 'structure', 'think', 'quite', 'frankly', 'little', 'secret', 'sauce', 'think', 'knowledge', 'expertise', 'organization', 'allow', 'execute', 'strategy', 'thoughtful', 'value', 'enhance'] 571 571 ['meredith', 'adler', 'analyst', 'barclays', 'capital', 'meredith', 'adler', 'barclays', 'wonder', 'whether', 'international', 'thinking', 'maybe', 'couple', 'years', 'opportunity', 'necessarily', 'retail', 'aspect', 'business'] 572 572 573 573 574 574 575 575 ['meredith', 'adler', 'guidance'] 576 576 ['denton'] 577 577 ['muken', 'analyst', 'group', 'muken', 'evercore', 'change', 'peer', 'month', 'another', 'night', 'competitor', 'think', 'positioning'] 578 578 ['unique', 'strategy', 'obviously', 'resonate'] 579 579 580 580 ['influence', 'communications', 'customer', 'potential', 'customer', 'success', 'stability', 'versus', 'instability', 'elsewhere', 'influence', 'capital', 'allocation', 'process', 'clearly', 'confidence', 'strategy', 'buying', 'share'] 581 581 ['better', 'quite', 'influence', 'try', 'whole', 'picture', 'together', 'given', 'instability', 'elsewhere', 'stability'] 582 582 583 583 ['confident', 'strategy', 'management', 'align', 'laser', 'focus', 'executing', 'whether', 'things', 'workforce', 'engagement', 'client', 'stakeholder'] 584 584 585 585 586 586 587 587 ['analyst', 'cantor', 'fitzgerald', 'cantor', 'fitzgerald', 'mention', 'generic', 'nexium', 'expect', 'neutral', 'earnings', 'given', 'guidance', 'load', 'earn', 'sensitivity', 'around', 'generic', 'pipeline', 'overall', 'example', 'generic', 'launch', 'similar', 'billion', 'billion', 'comment', 'flowthrough', 'earnings', 'relative', 'guidance'] 588 588 ['denton', 'maybe', 'specifically', 'generality', 'obviously', 'generic', 'perspective', 'generic', 'limited', 'supply', 'category', 'behave', 'brand', 'profits', 'enhance', 'break', 'period'] 589 589 590 590 591 591 ['years', 'retail', 'margin', 'margin', 'higher', 'within', 'context', 'front', 'margin', 'higher', 'circular', 'personalization', 'maybe', 'individualize', 'pricing', 'opportunity'] 592 592 ['larry', 'merlo', 'helena', 'point', 'terms', 'front', 'store', 'opportunity', 'margin', 'expansion', 'answer', 'overall'] 593 593 594 594 ['caremark', 'member', 'retail', 'organization', 'think', 'outstanding', 'working', 'retail', 'provider', 'think', 'point', 'pharmacy', 'behalf', 'respective', 'client', 'area', 'manage', 'whether', 'adhere', 'formulary', 'things', 'patient', 'adherent', 'medication'] 595 595 596 596 597 597 598 598 ['pushing', 'upgrade', 'certainly', 'downgrade', 'perspective', 'really', 'definition', 'around', 'acquisition'] 599 599 ['would', 'try', 'think', 'acquisition', 'really', 'supplement', 'exist', 'asset', 'sight', 'synergy', 'sight', 'additional', 'capability', 'would', 'really', 'empower', 'business', 'successful', 'marketplace', 'context', 'manage', 'balance', 'sheet', 'discipline', 'around', 'commitment', 'commitment', 'specifically'] 600 600 601 601 602 602 ['guidance', 'table', 'target', 'would', 'strategic', 'review', 'business', 'achieve', 'target', 'going', 'start', 'walking', 'change', 'foresee', 'healthcare', 'marketplace', 'demonstrate', 'right', 'move', 'capitalize', 'trend', 'result', 'share'] 603 603 ['discus', 'prepare', 'today', 'focus', 'prepare', 'tomorrow', 'evolve', 'priority', 'market', 'several', 'years', 'positioning', 'change', 'need', 'payer', 'provider', 'customer', 'continue', 'enterprise', 'share', 'finally', 'summarize', 'enterprise', 'growth', 'strategy', 'expect', 'capture', 'continue', 'benefit', 'unique', 'competitive', 'advantage', 'drive', 'value', 'stakeholder'] 604 604 ['review', 'significant', 'move', 'level', 'result', 'demonstrate', 'model', 'winning', 'marketplace', 'start', 'meeting', 'acknowledge', 'change', 'healthcare', 'environment', 'undergo', 'several', 'years', 'minute', 'situation', 'sponsor', 'looking', 'additional', 'savings', 'opportunity'] 605 605 ['provider', 'looking', 'better', 'adherence', 'prescribe', 'medication', 'patient', 'looking', 'better', 'access', 'choice', 'deliver', 'value', 'combine', 'entity', 'offer', 'patient', 'convenience', 'pharmacy', 'retailer', 'interaction', 'trust', 'pharmacist', 'along', 'savings', 'model'] 606 606 607 607 608 608 609 609 ['introduce', 'innovative', 'integrate', 'offering', 'specialty', 'connect', 'give', 'patient', 'choice', 'convenience', 'picking', 'specialty', 'medication', '7,800', 'store', 'combine', 'help', 'become', 'large', 'specialty', 'pharmacy', 'country'] 610 610 611 611 612 612 ['opportunity', 'acquire', 'incremental', 'life', 'several', 'provider', 'years', 'leading', 'provider', 'growing', 'space', 'generic', 'launch', 'continue', 'slowing', 'little', 'reimbursement', 'pressure', 'ongoing', 'pharmacy', 'margin', 'talk', 'going', 'continue', 'squeeze', 'combat', 'scale', 'critical', 'negotiate', 'lowest', 'possible', 'acquisition', 'costs', 'manufacturer'] 613 613 614 614 ['minuteclinic', 'another', 'innovation', 'helping', 'address', 'access', 'issue', 'create', 'influx', 'newly', 'insured', 'along', 'shortage', 'primary', 'physician', 'continue', 'expand', 'footprint', 'enhance', 'service', 'offering', 'establish', 'affiliation', 'nearly', 'health', 'system', 'provide', 'connectivity', 'provider', 'electronic', 'medical', 'record', 'allow', 'seamlessly', 'share', 'information', 'improve', 'patient'] 615 615 616 616 617 617 ['additionally', 'large', 'retail', 'clinic', 'provider', 'offer', 'reduce', 'minuteclinics', 'provide', 'quality', 'effective', 'minuteclinic', 'million', 'patient', 'since', 'inception'] 618 618 ['finally', 'clinical', 'expertise', 'enable', 'deliver', 'superior', 'outcome', 'lower', 'costs', 'patient', 'client', 'multiple', 'touch', 'point', 'patient', 'provider', 'sponsor', 'unique', 'specific', 'need', 'allow', 'bring', 'optimal', 'solution', 'market', 'standalone', 'peer', 'simply', 'match'] 619 619 ['result', 'prescription', 'market', 'growing', 'healthy', 'gain', 'disproportionate', 'share', 'growth', 'prescription', 'dispense', 'increase', 'million', 'adjust', 'script'] 620 620 621 621 ['think', 'testament', 'succeed', 'gain', 'growing', 'share', 'growing', 'market', 'share', 'gain', 'drive', 'combination', 'organic', 'growth', 'ability', 'drive', 'greater', 'share', 'claim', 'volume', 'enterprise', 'channels'] 622 622 623 623 ['successful', 'growing', 'enterprise', 'share', 'claim', 'looking', 'growth', 'retail', 'specialty', 'channels', 'caremark', 'manage', 'dispense', 'claim', 'total', 'million'] 624 624 625 625 ['incremental', 'million', 'script', 'retail', 'specialty', 'assets', 'slide', 'highlight', 'ability', 'capture', 'growing', 'share', 'growing'] 626 626 627 627 ['shift', 'gear', 'future', 'prepare', 'change', 'start', 'walking', 'healthcare', 'market', 'evolve', 'health', 'evolution'] 628 628 629 629 ['second', 'payer', 'shifting', 'health', 'plan', 'growing', 'importance', 'sponsor', 'continually', 'seeking', 'innovative', 'solution', 'specialty', 'growth', 'manage', 'pharmacy', 'spend'] 630 630 ['third', 'consumer', 'accountability', 'taking', 'active', 'health', 'decision', 'making', 'finally', 'provider', 'form', 'strategic', 'alliance', 'share', 'upside', 'provide', 'healthier', 'outcome', 'greater', 'efficiency'] 631 631 ['begin', 'address', 'impact', 'health', 'reform', 'market', 'growing', 'sometimes', 'churn', 'forward', 'expect', 'reform', 'demographic', 'change', 'increase', 'number', 'life', 'gain', 'insurance', 'coverage', 'provide', 'secular', 'tailwind', 'industry'] 632 632 633 633 ['continue', 'growth', 'medicare', 'medicaid', 'million', 'life', 'gain', 'insurance', 'coverage', 'public', 'exchange', 'first', 'still', 'plenty', 'growth', 'although', 'utilization', 'trend', 'population', 'still', 'stabilize', 'beginning', 'become', 'clear', 'patient', 'utilize', 'higher', 'percentage', 'generic', 'specialty', 'higher', 'commercial', 'population'] 634 634 ['things', 'consider', 'growth', 'overall', 'insured', 'life', 'churn', 'market', 'expect', 'health', 'gainer', 'still', 'early', 'silver', 'tsunami', 'drive', 'script', 'growth', 'probably', 'decade'] 635 635 ['senior', 'higher', 'prevalence', 'chronic', 'conditions', 'utilize', 'times', 'prescription', 'younger', 'population', 'senior', 'medicare', 'compete', 'life', 'number'] 636 636 ['first', 'silverscript', 'necessary', 'scale', 'aggressively', 'capture', 'life', 'market', 'introduce', 'silverscript', 'choice', 'combine', 'dollar', 'deductible', 'affordable', 'premium', 'product', 'receive', 'poise', 'incremental', 'life'] 637 637 638 638 ['state', 'seeking', 'savings', 'opportunity', 'fueling', 'growth', 'manage', 'medicaid', 'traditional', 'service', 'model', 'participate', 'manage', 'medicaid', 'health', 'client', 'industry', 'leader', 'market', 'share', 'leading', 'position', 'serving', 'manage', 'medicare', 'market', 'enable', 'drive', 'incremental', 'script', 'retail', 'channel', 'participate', 'restrictive', 'network'] 639 639 ['today', 'retail', 'medicaid', 'represent', 'script', 'dispense', 'expect', 'growth', 'medicaid', 'present', 'great', 'opportunity', 'continue', 'enterprise', 'share'] 640 640 641 641 ['public', 'exchange', 'participate', 'carve', 'basis', 'health', 'client', 'health', 'offer', 'integrate', 'medical', 'pharmacy', 'benefit', 'provide', 'services', 'private', 'exchange', 'participate', 'carve', 'basis', 'health', 'client', 'carve', 'basis', 'standalone', 'offer', 'prescription', 'benefit', 'directly'] 642 642 643 643 ['point', 'probably', 'pick', 'theme', 'growing', 'importance', 'health', 'plan', 'playing', 'market', 'tremendous', 'opportunity', 'enterprise', 'share', 'continue', 'serve', 'health', 'plan', 'client', 'strategic', 'technical', 'difficulty', 'prefer', 'network', 'unique', 'services', 'product', 'maintenance', 'choice', 'pharmacy', 'advisor', 'robust', 'customer', 'member', 'service'] 644 644 ['example', 'health', 'partner', 'client', 'technical', 'difficulty', 'exchange', 'given', 'strong', 'experience', 'position', 'health', 'plan', 'drive', 'share', 'enterprise', 'channels', 'whether'] 645 645 646 646 ['position', 'manage', 'trend', 'broad', 'specialty', 'capability', 'become', 'large', 'specialty', 'pharmacy', 'country', 'expect', 'generate', 'billion', 'enterprise', 'specialty', 'revenue', 'expect', 'billion', 'billion', 'generate', 'roughly', 'billion', 'dispense', 'manage'] 647 647 ['dispense', 'volume', 'alone', 'share', 'addressable', 'specialty', 'market', 'defining', 'addressable', 'market'] 648 648 ['historically', 'view', 'portion', 'specialty', 'fall', 'pharmacy', 'benefit', 'addressable', 'today', 'expand', 'capability', 'health', 'addressable', 'market', 'significantly', 'larger', 'include', 'specialty', 'spend', 'fall', 'medical', 'benefit', 'minus', 'infuse', 'oncology', 'addressable', 'market'] 649 649 650 650 651 651 ['specialty', 'utilization', 'increase', 'treatment', 'complex', 'conditions', 'market', 'elevated', 'price', 'point', 'sponsor', 'actually', 'specialty', 'costs', 'growing', 'nearly', 'total', 'pharmacy', 'spend', 'trend', 'play', 'several', 'years', 'sponsor', 'clearly', 'looking', 'innovative', 'solution', 'curve'] 652 652 ['believe', 'position', 'years', 'experience', 'specialty', 'along', 'capability', 'manage', 'spend', 'pharmacy', 'medical', 'benefit', 'patient', 'lower', 'site', 'infusion', 'services', 'coram', 'cutting', 'medical', 'claim', 'editing', 'technology', 'novologix'] 653 653 654 654 655 655 656 656 657 657 658 658 ['large', 'movement', 'towards', 'prefer', 'pharmacy', 'network', 'space', 'three', 'quarters', 'beneficiary', 'prefer', 'pharmacy', 'arrangement', 'mention', 'pharmacy', 'prefer', 'provider', 'regional', 'national', 'plan'] 659 659 ['important', 'although', 'success', 'space', 'continue', 'discipline', 'approach', 'opportunity', 'retail', 'economic', 'model', 'ensure', 'margin', 'compression', 'share', 'analysis', 'provide', 'right', 'economic', 'result'] 660 660 661 661 ['finish', 'walking', 'need', 'sponsor', 'spend', 'little', 'consumer', 'playing', 'active', 'healthcare', 'decision', 'making', 'talk', 'call', 'retailization', 'healthcare', 'expect', 'trend', 'continue', 'employer', 'employee', 'consumer', 'direct', 'health', 'plan'] 662 662 663 663 664 664 ['expand', 'digital', 'offering', 'better', 'engage', 'customer', 'improve', 'experience', 'consumer', 'comfortable', 'digital', 'tool', 'increasingly', 'leverage', 'generate', 'convenience', 'savings'] 665 665 ['company', 'shift', 'consumer', 'direct', 'plan', 'higher', 'deductible', 'important', 'steps', 'avoid', 'unintended', 'consequence', 'health', 'experience', 'understand', 'consumer', 'behavior', 'educate', 'along', 'expertise', 'experience', 'implement', 'effective', 'design', 'drive', 'desirable', 'outcome'] 666 666 667 667 ['trend', 'improve', 'adherence', 'chronic', 'disease', 'occur', 'ultimately', 'reduce', 'overall', 'healthcare', 'costs'] 668 668 ['shift', 'patient', 'lower', 'price', 'therapy', 'reducing', 'trend', 'lowering', 'costs', 'power', 'design', 'critical', 'driving', 'optimal', 'outcome', 'retailization', 'healthcare', 'continue'] 669 669 ['partner', 'provider', 'drive', 'better', 'effective', 'outcome', 'provider', 'value', 'physician', 'increasingly', 'collaborate', 'healthcare', 'provider', 'share', 'goal', 'improve', 'patient', 'outcome', 'lowering', 'overall', 'medical', 'costs'] 670 670 ['years', 'number', 'arrangement', 'increase', 'pretty', 'dramatically', 'million', 'people', 'accountable', 'organization', 'arrangement', 'typically', 'allow', 'healthcare', 'provider', 'enter', 'base', 'contract', 'incentivized', 'outcome', 'oppose', 'base', 'structure'] 671 671 672 672 673 673 ['another', 'unique', 'health', 'asset', 'health', 'engagement', 'engine', 'recall', 'years', 'talk', 'consumer', 'engagement', 'engine', 'engine', 'enabler', 'behind', 'innovation', 'bring', 'market', 'pharmacy', 'advisor'] 674 674 675 675 ['using', 'technology', 'connect', 'provider', 'insurer', 'mistake', 'health', 'engagement', 'engine', 'continue', 'enabler', 'develop', 'additional', 'innovative', 'solution', 'future', 'challenge'] 676 676 677 677 ['multiple', 'touch', 'point', 'whether', 'specialty', 'retail', 'minuteclinic', 'multitude', 'clinical', 'program', 'means', 'value', 'health', 'greater', 'would', 'peer', 'continue', 'drive', 'operational', 'efficiency', 'excellence', 'execution', 'superior', 'customer', 'service'] 678 678 ['significant', 'scale', 'market', 'allow', 'continue', 'provider'] 679 679 680 680 681 681 ['description', 'found', 'appendix', 'first', 'partner', 'health', 'plan', 'talk', 'earlier', 'growing', 'importance', 'offer', 'large', 'opportunity', 'life', 'share'] 682 682 683 683 684 684 685 685 686 686 ['fourth', 'locking', 'adherence', 'awful', 'continue', 'search', 'drive', 'adherence', 'create', 'value', 'patient', 'client', 'company', 'along', 'transform', 'primary', 'minuteclinics', 'continue', 'primary', 'provider', 'improve', 'health', 'outcome', 'patient'] 687 687 688 688 689 689 ['assure', 'excite', 'future', 'hold', 'health'] 690 690 ['roberts', 'president', 'caremark', 'health', 'corporation', 'thanks', 'larry', 'morning', 'everyone', 'happy', 'morning', 'importantly', 'position', 'continue', 'success', 'several', 'years'] 691 691 ['going', 'start', 'sharing', 'performance', 'highlight', 'behind', 'highlight', 'include', 'manage', 'pharmacy', 'trend', 'client', 'member', 'differentiate', 'program', 'helping', 'retain', 'business'] 692 692 693 693 694 694 ['story', 'continue', 'starting', 'billion', 'business', 'winning', 'client', 'across', 'segment', 'competitive', 'environment'] 695 695 696 696 697 697 ['sales', 'really', 'terrific', 'success', 'reflection', 'entire', 'company', 'level', 'service', 'execution', 'competitive', 'pricing', 'integrate', 'model', 'allow', 'deliver', 'differentiate', 'product', 'services'] 698 698 699 699 700 700 701 701 ['finally', 'client', 'choose', 'another', 'vendor', 'consider', 'competitive', 'environment', 'value', 'client', 'place', 'service', 'happy', 'result', 'process', 'onboarding', 'client', 'member', 'large', 'welcome', 'season'] 702 702 ['include', 'implement', 'billion', 'business', 'spoke', 'transition', 'aetna', 'member', 'platform', 'continue', 'aetna', 'migration', 'worth', 'putting', 'supporting', '1,500', 'exist', 'client', 'ensure', 'compliance', 'maximum', 'pocket', 'requirement', 'affordable', 'along', 'implement', 'consumer', 'drive', 'health', 'plan', 'employer', 'continue', 'migrate', 'benefit', 'design', 'ensure', 'success', 'appropriate', 'investment', 'people', 'planning', 'technology', 'successful', 'welcome', 'season'] 703 703 704 704 705 705 ['first', 'competitive', 'price', 'deliver', 'service', 'client', 'member', 'clearly', 'point', 'area', 'differentiate', 'services', 'capability'] 706 706 707 707 708 708 ['move', 'aetna', 'continue', 'expand', 'partnership', 'recall', 'commercial', 'business', 'move', 'platform'] 709 709 ['january', 'aetna', 'medicare', 'business', 'immediately', 'begin', 'working', 'implement', 'coventry', 'medicare', 'business', 'january', 'following'] 710 710 711 711 ['aetna', 'platform', 'customer', 'differentiate', 'program', 'maintenance', 'choice', 'pharmacy', 'advisor', 'seeing', 'differentiate', 'program', 'continue', 'expand', 'within', 'aetna', 'business', 'month', 'completion', 'commercial', 'business', 'migration'] 712 712 713 713 714 714 715 715 716 716 717 717 718 718 ['client', 'adopt', 'strategy', 'lower', 'eliminate', 'minuteclinic', 'services', 'member', 'opportunity', 'client', 'provide', 'benefit', 'member', 'something', 'today', 'environment'] 719 719 720 720 721 721 722 722 ['meaningfully', 'enterprise', 'share', 'client', 'adopt', 'program', 'clearly', 'benefit', 'member', 'client', 'health'] 723 723 724 724 ['believe', 'change', 'occur', 'retailization', 'health', 'health', 'plan', 'willing', 'adopt', 'program', 'reduce', 'costs', 'competitive', 'marketplace', 'continue', 'focus', 'particular', 'emphasis', 'driving', 'adoption', 'unique', 'differentiate', 'program', 'health', 'plan'] 725 725 ['minutes', 'going', 'trend', 'occur', 'pharmacy', 'significant', 'impact', 'client', 'spend', 'consequently', 'trend', 'influence', 'management', 'program', 'adopt'] 726 726 727 727 ['point', 'generic', 'launch', 'blockbuster', 'include', 'lipitor', 'plavix', 'billion', 'patent', 'generic', 'version', 'launch', 'marketplace'] 728 728 ['generic', 'launch', 'several', 'years', 'expect', 'generic', 'pipeline', 'somewhere', 'billion', 'range', 'although', 'still', 'significant', 'clearly', 'deliver', 'savings', 'client', 'expect', 'years'] 729 729 730 730 731 731 ['launch', 'class', 'cholesterol', 'lowering', 'specialty', 'medication', 'call', 'pcsk9', 'inhibitor', 'drug', 'effective', 'could', 'strong', 'utilization', 'expect', 'annual', '10,000', 'patient', 'expensive', 'approximately', 'annual', 'treatment', 'generic', 'statin', 'available', 'today'] 732 732 733 733 734 734 ['comprehensive', 'suite', 'solution', 'address', 'spend', 'across', 'pharmacy', 'benefit', 'medical', 'benefit', 'specialty', 'specialty', 'solution', 'range', 'formulary', 'network', 'option', 'address', 'choice', 'complex', 'infuse', 'drug'] 735 735 736 736 737 737 ['approach', 'deliver', 'savings', 'client', 'member', 'improve', 'rebate', 'formulary', 'brand', 'increase', 'penetration', 'saving', 'generic', 'exclude', 'drug', 'manage', 'formulary', 'traditional', 'competitor', 'average', 'client', 'save', 'member', 'save', 'almost', 'transition', 'prescription'] 738 738 ['rigorous', 'approach', 'formulary', 'management', 'expect', 'result', 'incremental', 'savings', 'billion', 'majority', 'value', 'pass', 'along', 'client', 'others', 'follow', 'strategy', 'continue', 'innovate', 'recently', 'announce', 'development', 'launch', 'aggressive', 'formulary', 'call', 'advance', 'formulary', 'include', 'formula', 'option', 'assist', 'client', 'expenditure', 'specialty'] 739 739 740 740 741 741 742 742 ['offer', 'client', 'range', 'network', 'option', 'generate', 'savings', 'mention', 'earlier', 'version', 'maintenance', 'choice', 'receive', 'client'] 743 743 ['business', 'third', 'adopt', 'version', 'narrow', 'network', 'demonstrate', 'narrow', 'network', 'deliver', 'savings', 'client', 'still', 'provide', 'excellent', 'access', 'member'] 744 744 ['summarize', 'expect', 'return', 'double', 'digit', 'pharmacy', 'trend', 'health', 'plan', 'employer', 'client', 'looking', 'innovative', 'comprehensive', 'trend', 'solution'] 745 745 ['solution', 'address', 'costs', 'solution', 'drive', 'share', 'channels', 'client', 'member', 'health'] 746 746 ['provide', 'seats', 'insight', 'report', 'publish', 'october', 'publish', 'health', 'research', 'institute', 'describe', 'adherence', 'challenge', 'action', 'client', 'adherence', 'easy', 'helping', 'lower', 'overall', 'costs'] 747 747 ['position', 'growth', 'evolve', 'healthcare', 'environment', 'happening', 'healthcare', 'great', 'change', 'center', 'around', 'consumer'] 748 748 749 749 ['percentage', 'newly', 'eligible', 'healthcare', 'receive', 'receive', 'coverage', 'medicaid', 'expert', 'project', 'approximate', 'increase', 'life', 'years'] 750 750 ['major', 'growth', 'medicare', 'aging', 'population', '10,000', 'people', 'turning', 'every', 'country', 'growth', 'medicare', 'exchange', 'employer', 'choose', 'migrate', 'retiree', 'exchange', 'already', 'business', 'mention', 'earlier'] 751 751 752 752 ['thing', 'clear', 'consumer', 'choice', 'health', 'coverage', 'increase', 'accountability', 'actual', 'costs', 'leaving', 'somewhat', 'confuse', 'choice', 'information', 'concern', 'pocket', 'costs', 'always', 'support', 'health'] 753 753 754 754 755 755 ['around', 'slide', 'overview', 'hear', 'center', 'retail', 'pharmacist', 'helping', 'member', 'chronic', 'conditions', 'diabetes', 'cardiovascular', 'disease', 'manage', 'conditions', 'stay', 'adherent', 'medication', 'counseling', 'result', 'significant', 'adherence', 'improvement', 'percentage', 'point', 'pharmacy'] 756 756 ['minuteclinic', 'nurse', 'helping', 'patient', 'manage', 'chronic', 'condition', 'addition', 'provide', 'wellness', 'program', 'effective', 'primary', 'services', 'research', 'show', 'patient', 'minuteclinic', 'fewer', 'emergency', 'visit', 'fewer', 'hospital', 'admission', 'overall', 'health', 'costs', 'lower'] 757 757 ['specialty', 'patient', 'clinician', 'specialty', 'include', 'disease', 'management', 'nurse', 'coram', 'nurse', 'support', 'patient', 'infuse', 'medication', 'additional', 'clinical', 'expertise', 'really', 'add', 'materially', 'clinical', 'available', 'patient', 'provider', 'promote', 'health', 'member'] 758 758 ['continue', 'expand', 'digital', 'support', 'member', 'member', 'reminder', 'order', 'refill'] 759 759 760 760 ['interest', 'offering', 'benefit', 'opportunity', 'specialist', 'modeling', 'capability', 'identify', 'patient', 'getting', 'track', 'complex', 'regimen', 'multiple', 'prescription'] 761 761 762 762 763 763 764 764 765 765 ['move', 'medicaid', 'caremark', 'substantial', 'market', 'medicaid', 'population', 'challenge'] 766 766 767 767 768 768 769 769 770 770 ['earlier', 'effectively', 'reaching', 'consumer', 'market', 'expertise', 'retail', 'assets', 'include', 'minuteclinic'] 771 771 772 772 ['something', 'think', 'critical', 'marketplace', 'ability', 'support', 'provider', 'reimbursement', 'model', 'emerge', 'provider', 'sharing', 'delivery', 'model', 'ability', 'impact', 'patient', 'behavior', 'valuable', 'asset'] 773 773 774 774 ['develop', 'analytical', 'ass', 'patient', 'number', 'prescription', 'diagnosis', 'adherence', 'provide', 'comprehensive', 'medication', 'review', 'patient', 'identify', 'vulnerable', 'provide', 'recommendation', 'assist', 'simplify', 'medication', 'regimen', 'provide', 'multi', 'packaging', 'specialty', 'team', 'include', 'disease', 'management', 'nurse', 'functioning', 'extension', 'clinical', 'primary', 'medical', 'patient', 'complex', 'conditions'] 775 775 776 776 777 777 778 778 779 779 780 780 ['addition', 'course', 'scale', 'ensure', 'competitive', 'pricing', 'client', 'focus', 'innovation', 'continue', 'expand', 'unique', 'integrate', 'capability', 'differentiate', 'innovation', 'target', 'health', 'plan', 'achieve', 'goal'] 781 781 ['finally', 'think', 'successful', 'selling', 'season', 'rates', 'retention', 'testament', 'market', 'recognition', 'unique', 'value', 'bring', 'evolve', 'environment', 'healthcare', 'market', 'continue', 'evolve', 'rapidly', 'integrate', 'assets', 'position', 'allow', 'continue', 'client', 'partner', 'bring', 'solution', 'consumer', 'orient', 'healthcare', 'market'] 782 782 ['thank', 'move', 'schedule', 'break', 'please', 'seats', '10:30', 'lotvin', 'review', 'specialty', 'capability', 'thank'] 783 783 784 784 785 785 ['stage', 'morning', 'discussion', 'specialty', 'pharmacy', 'market', 'evolve', 'sector', 'distinct', 'need', 'purchasing', 'driver'] 786 786 787 787 ['start', 'underlie', 'specialty', 'market', 'projection', 'addressable', 'specialty', 'market', 'billion', 'billion', 'define', 'specialty', 'except', 'infuse', 'oncology'] 788 788 789 789 790 790 ['years', 'specialty', 'drug', 'market', 'period', 'supplemental', 'approval', 'indication', 'exist', 'product'] 791 791 ['impact', 'aging', 'utilization', 'patient', 'consume', 'times', 'specialty', 'prescription', 'times', 'patient', 'factor', 'combine', 'create', 'pattern', 'rising', 'utilization'] 792 792 ['black', 'show', 'represent', 'prescription', 'million', 'member', 'month', 'trend', 'likely', 'accelerate', 'emergence', 'specialty', 'medication', 'reserve', 'treat', 'disease', 'common', 'chronic', 'conditions', 'cholesterol', 'asthma'] 793 793 ['driver', 'spend', 'trend', 'price', 'generally', 'people', 'focus', 'price', 'inflation', 'individual', 'rise', 'price', 'inflation', 'clearly', 'tick', 'years', 'important', 'contributor', 'increase', 'costs'] 794 794 ['often', 'discuss', 'launch', 'price', 'drug', 'experience', 'order', 'magnitude', 'increase', 'price', 'launch', 'decade'] 795 795 ['mitigate', 'factor', 'important', 'comprehensive', 'approach', 'management', 'however', 'specialty', 'spend', 'story', 'complex', 'patient'] 796 796 797 797 798 798 ['rapid', 'evolution', 'specialty', 'market', 'create', 'challenge', 'opportunity', 'everyone', 'patient', 'physician', 'enjoy', 'broad', 'choice', 'therapy', 'array', 'unmet', 'medical', 'need', 'higher', 'costs', 'significantly', 'complexity'] 799 799 800 800 801 801 802 802 ['start', 'almost', 'billion', 'project', 'nearly', 'billion', 'compound', 'annual', 'growth', 'strategic', 'acquisition', 'product', 'accordant', 'novologix', 'coram', 'specialty', 'connect', 'catalyze', 'accelerate', 'growth'] 803 803 804 804 805 805 ['earlier', 'larry', 'show', 'project', 'change', 'life', 'customer', 'type', 'list', 'break', 'large', 'customer', 'type', 'subgroup', 'either', 'patient', 'direct', 'payer', 'direct', 'consolidate', 'estimate', 'population', 'subgroup', 'become', 'clear', 'patient', 'choice', 'sector', 'medicare', 'service', 'medicaid', 'smaller', 'fast', 'growing', 'market', 'strategic', 'target'] 806 806 ['finally', 'common', 'theme', 'today', 'growing', 'enterprise', 'share', 'overall', 'specialty', 'caremark', 'business', 'dispense', 'enterprise', 'channels'] 807 807 808 808 809 809 810 810 ['improve', 'patient', 'experience', 'comprise', 'broad', 'range', 'activity', 'within', 'pharmacy', 'center', 'optimize', 'interaction', 'make', 'specialty', 'process', 'going', 'focus', 'particular', 'area', 'differentiation', 'base'] 811 811 ['first', 'logistics', 'actually', 'getting', 'start', 'specialty', 'therapy', 'getting', 'larry', 'touch', 'specialty', 'connect', 'approach', 'improve', 'aspect', 'specialty', 'pharmacy', 'second', 'leverage', 'accordant', 'disease', 'management', 'group', 'embed', 'specially', 'train', 'nurse', 'process', 'manage', 'every', 'aspect', 'patient', 'medication'] 812 812 ['little', 'explain', 'specialty', 'connect', 'matter', 'imagine', 'getting', 'diagnosis', 'specialty', 'condition', 'receive', 'prescription', 'specialty', 'would'] 813 813 ['people', 'reaction', 'prescription', 'local', 'pharmacy', 'however', 'specialty', 'prescription', 'regular', 'local', 'pharmacy', 'uncommon', 'leave', 'unsatisfied', 'stock', 'pharmacist', 'either', 'confirm', 'coverage', 'assist', 'coverage', 'simply', 'uncomfortable', 'therapy'] 814 814 ['specialty', 'connect', 'fundamentally', 'change', 'paradigm', 'create', 'seamless', 'access', '7,800', 'pharmacy', 'location', 'prescribe', 'health', 'pharmacy'] 815 815 ['prescription', 'come', 'patient', 'message', 'disease', 'specific', 'expert', 'generally', 'within', 'hours', 'pharmacy', 'specialty', 'customer', 'utilize', 'service', 'matter', 'ultimately', 'claim'] 816 816 ['prescription', 'system', 'approach', 'delivery', 'differently', 'utilize', 'clinician', 'pharmacist', 'nurse', 'specialist', 'specific', 'disease', 'state', 'generalist'] 817 817 ['process', 'start', 'pharmacy', 'coordinator', 'administrative', 'requirement', 'demographic', 'order', 'entry', 'move', 'pharmacist', 'manage', 'medication', 'specific', 'discussion', 'include', 'effect', 'management', 'injection', 'training', 'option', 'delivery', 'caremark', 'client', 'complete', 'visibility', 'prescription', 'nurse', 'embed', 'integral', 'process'] 818 818 819 819 820 820 ['turning', 'logistics', 'specialty', 'connect', 'process', 'actually', 'acquiring', 'specialty', 'medication', 'currently', 'challenge', 'worry', 'physical', 'integrity', 'temperature', 'stability', 'expensive', 'product'] 821 821 822 822 823 823 824 824 825 825 ['second', 'growth', 'strategy', 'gain', 'share', 'payer', 'direct', 'market', 'client', 'prospect', 'clear', 'specialty', 'pharmacy', 'trend', 'number', 'concern'] 826 826 ['invest', 'several', 'enhance', 'capability', 'payer', 'better', 'control', 'growing', 'costs', 'specialty', 'strategy', 'provide', 'broad', 'array', 'program', 'payer', 'choose', 'among', 'individual', 'need'] 827 827 ['patient', 'experience', 'disease', 'series', 'individual', 'dispense', 'event', 'claim', 'rather', 'generally', 'predictable', 'progression', 'recognize', 'optimally', 'manage', 'spend', 'critical', 'remember', 'address', 'individual', 'prescription', 'manage', 'condition', 'treat'] 828 828 829 829 830 830 ['rheumatoid', 'arthritis', 'characterize', 'unpredictable', 'patient', 'response', 'therapy', 'rates', 'patient', 'switching', 'patient', 'progress', 'series', 'medication', 'course', 'disease', 'rather', 'evaluate', 'individual', 'request', 'develop', 'effective', 'clinically', 'rational', 'sequence', 'therapy'] 831 831 832 832 833 833 834 834 835 835 ['appendix', 'example', 'variability', 'generally', 'specialty', 'medical', 'claim', 'example', 'cover', 'inflammatory', 'bowel', 'disease', 'show', 'capability', 'drive', 'substantial', 'reduction', 'single', 'disease', 'state', 'capability', 'base', 'novologix', 'platform', 'generate', 'total', 'savings', 'apply', 'drug', 'conditions', 'medical', 'benefit', 'incremental', 'numerous', 'really', 'incremental', 'opportunity', 'savings', 'condition', 'level', 'approach', 'management', 'rather', 'focusing', 'individual', 'claim', 'prescription'] 836 836 ['deep', 'management', 'opportunity', 'uniquely', 'available', 'enterprise', 'transformation', 'ambulatory', 'infusion', 'market', 'historically', 'ambulatory', 'infusion', 'relatively', 'small', 'infusion', 'industry', 'majority', 'infusion', 'agent', 'safely', 'outside', 'hospital', 'setting'] 837 837 838 838 839 839 ['competitive', 'biologics', 'future', 'opportunity', 'today', 'three', 'category', 'product', 'growth', 'hormone', 'eight'] 840 840 841 841 842 842 ['fortunately', 'effective', 'tool', 'manage', 'agent', 'create', 'savings', 'payer', 'irrespective', 'mechanism', 'approval', 'manage', 'choice', 'specialty', 'exclusion', 'formulary', 'exclusion', 'prevent', 'manufacturer', 'subversion', 'formulary', 'strategy', 'cards'] 843 843 ['show', 'exclusion', 'formulary', 'specialty', 'prefer', 'utilization', 'versus', 'share', 'think', 'traditional', 'tiered', 'formulary', 'mention', 'market', 'first', 'formulary', 'exclusion', 'specialty', 'exclude', 'product', 'continue', 'market', 'specialty', 'exclusion', 'category', 'clear', 'opportunity', 'expansion', 'future'] 844 844 845 845 ['morning', 'clear', 'understanding', 'unique', 'capability', 'position', 'continue', 'strong', 'record', 'growth', 'specialty', 'market', 'continue', 'evolve', 'right', 'move', 'buying', 'building', 'capability', 'reinvent', 'specialty', 'experience', 'patient', 'advance', 'ability', 'manage', 'trend', 'payer', 'growing', 'addressable', 'market'] 846 846 ['bring', 'unique', 'program', 'market', 'build', 'specialty', 'connect', 'embed', 'accordant', 'process', 'market', 'leading', 'firm', 'purchase', 'coram', 'infusion', 'services', 'future', 'continue', 'create', 'capability', 'client', 'control', 'costs', 'expand', 'addressable', 'market', 'infuse', 'oncology', 'space'] 847 847 ['finally', 'develop', 'broad', 'platform', 'continue', 'share', 'addressable', 'market', 'focus', 'fast', 'growing', 'portion', 'specialty', 'thank', 'helena', 'foulkes', 'president', 'pharmacy'] 848 848 ['helena', 'foulkes', 'president', 'pharmacy', 'health', 'corporation', 'morning', 'everyone', 'great', 'annual', 'analyst', 'ready', 'start', 'second', 'president', 'pharmacy', 'convince', 'fantastic', 'business', 'great', 'future', 'great', 'people', 'great', 'brand', 'consumer', 'trust'] 849 849 ['today', 'please', 'update', 'building', 'track', 'record', 'innovation', 'reinvent', 'retail', 'pharmacy', 'drive', 'growth', 'health', 'share', 'today'] 850 850 851 851 852 852 ['start', 'discuss', 'performance', 'business', 'pharmacy', 'retail', 'business', 'continue', 'strong', 'performance', 'history', 'market', 'share', 'gain', 'front', 'store', 'pharmacy'] 853 853 ['market', 'grow', 'front', 'store', 'share', 'despite', 'consumer', 'continue', 'exhibit', 'conscious', 'shopping', 'behavior', 'years', 'front', 'store', 'grow', 'times', 'multi', 'outlet', 'fast', 'industry', 'whole'] 854 854 ['continue', 'prescription', 'market', 'every', 'prescription', 'unite', 'state', 'fill', 'pharmacy', 'gain', 'basis', 'point', 'share', 'years', 'drive', 'unique', 'business', 'model', 'program', 'place', 'provide', 'excellent', 'service', 'value', 'customer', 'speak', 'detail', 'shortly'] 855 855 856 856 ['growth', 'drive', 'caremark', 'growth', 'drive', 'share', 'gain', 'payer'] 857 857 858 858 859 859 860 860 861 861 862 862 863 863 864 864 ['store', 'brand', 'increase', 'exclusive', 'offering', 'bottom', 'every', 'brand', 'product'] 865 865 ['target', 'recently', 'raise', 'belief', 'strength', 'store', 'brand', 'store', 'brand', 'penetration', 'increase', 'basis', 'point', 'basis', 'point', 'relate', 'tobacco'] 866 866 867 867 ['successfully', 'launch', 'brand', 'drive', 'credibility', 'penetration', 'example', 'makeup', 'academy', 'cosmetic', 'radiance', 'vitamin', 'abound', 'healthy', 'believe', 'brand', 'differentiator', 'continue', 'invest', 'store', 'brand', 'business'] 868 868 869 869 870 870 ['three', 'factor', 'health', 'beauty', 'growth', 'store', 'brand', 'penetration', 'personalize', 'promotion', 'front', 'store', 'strategy', 'speak'] 871 871 ['decision', 'selling', 'tobacco', 'product', 'company', 'going', 'stand', 'health', 'enterprise', 'brand', 'reflect', 'growing', 'evolve', 'healthcare', 'landscape'] 872 872 ['believe', 'health', 'everything', 'television', 'advertising', 'show', 'customer', 'better', 'health'] 873 873 874 874 875 875 876 876 ['significant', 'investment', 'retail', 'adherence', 'program', 'proposition', 'helping', 'patient', 'right', 'medication', 'generate', 'significant', 'benefit', 'patient', 'business'] 877 877 878 878 ['successful', 'deeply', 'integrating', 'program', 'caremark', 'drive', 'significant', 'growth', 'business', 'mindful', 'successfully', 'serve', 'pharmacy', 'business', 'leveraging', 'assets', 'capability', 'serve', 'patient', 'regardless', 'payer', 'might'] 879 879 880 880 881 881 ['maintain', 'strong', 'performance', 'continually', 'enhance', 'patient', 'program', 'three', 'area', 'mention', 'specifically'] 882 882 ['first', 'using', 'analytics', 'identify', 'deliver', 'appropriate', 'clinical', 'program', 'example', 'expand', 'window', 'patient', 'call', 'reach', 'senior', 'patient', 'likely', 'available'] 883 883 ['patient', 'evening', 'test', 'found', 'different', 'windows', 'work', 'better', 'different', 'group', 'customer'] 884 884 885 885 886 886 887 887 ['proactively', 'counseling', 'thousand', 'patient', 'nicotine', 'replacement', 'therapy', 'weekly', 'unit'] 888 888 ['story', 'suzanne', 'try', 'quit', 'different', 'occasions', 'relapse', 'afterwards', 'work', 'pharmacy', 'complete', 'personal', 'confirm', 'ready'] 889 889 890 890 ['recently', 'suzanne', 'truly', 'touch', 'pharmacist', 'reach', 'initial', 'counseling', 'check', 'progress', 'toward', 'quit', 'story', 'confirm', 'critical', 'support', 'pharmacist', 'patient'] 891 891 892 892 ['healthcare', 'reform', 'create', 'strong', 'incentive', 'collaboration', 'community', 'pharmacy', 'health', 'system', 'bedside', 'medication', 'delivery', 'program', 'great', 'example', 'create', 'tight', 'coordination', 'pharmacist', 'hospital', 'provider', 'ensure', 'patient', 'proper', 'outpatient', 'medication', 'leaving', 'hospital', 'remove', 'barrier', 'pocket', 'expense', 'formulary', 'coverage', 'prior', 'authorization', 'prevent', 'patient', 'getting', 'medication', 'fill', 'discharge'] 893 893 ['continue', 'provide', 'pharmacy', 'patient', 'return', 'reaching', 'patient', 'answer', 'follow', 'question', 'ensure', 'taking', 'discharge', 'medication', 'leverage', 'patient', 'program', 'patient', 'remain', 'adherent', 'provide', 'access', 'local', 'pharmacist', 'support', 'medication', 'concern', 'question'] 894 894 895 895 896 896 ['demonstrate', 'unique', 'ability', 'support', 'health', 'plan', 'member', 'acquisition', 'outreach', 'influence', 'event', 'capability', 'assets', 'range', 'project', 'health', 'store', 'event', 'serve', 'uninsured', 'underinsured', 'individual', 'store', 'kiosk', 'consumer', 'information', 'health', 'plan'] 897 897 898 898 899 899 ['health', 'client', 'number', 'leverage', 'retail', 'minuteclinic', 'services', 'specific', 'strategic', 'need', 'return', 'relationship', 'position', 'anchor', 'limited', 'prefer', 'network'] 900 900 ['continue', 'diligent', 'approach', 'marketplace', 'ensure', 'relationship', 'represent', 'winning', 'proposition', 'patient', 'partner', 'health', 'create', 'unmatched', 'service', 'clinical', 'solution', 'leverage', 'enterprise', 'assets', 'organization', 'choose', 'entrust'] 901 901 902 902 ['field', 'team', 'prepare', 'store', 'team', 'heighten', 'awareness', 'carefirst', 'transition', 'everyone', 'align', 'deliver', 'positive', 'experience', 'carefirst', 'customer', 'first', 'benefit', 'collaborate', 'carefirst', 'determine', 'enterprise', 'retail', 'capability', 'could', 'complement', 'industry', 'leading', 'patient', 'center', 'medical', 'model'] 903 903 ['speak', 'solution', 'benefit', 'provider', 'product', 'multidose', 'packaging', 'benefit', 'patient'] 904 904 ['integrate', 'capability', 'helping', 'health', 'industry', 'offering', 'quality', 'pharmacy', 'position', 'drive', 'class', 'adherence', 'result', 'patient', 'innovate', 'health', 'partner', 'deliver', 'differentiate', 'offering', 'customer', 'member'] 905 905 ['discussion', 'driving', 'growth', 'front', 'store', 'change', 'making', 'future', 'mention', 'earlier', 'still', 'tough', 'retail', 'environment', 'consumer', 'sentiment', 'continue', 'recession', 'hover', 'historic', 'index'] 906 906 907 907 908 908 ['looking', 'ahead', 'significant', 'health', 'beauty', 'opportunity', 'channel', 'market', 'poise', 'world', 'convenience', 'sphere', 'quick', 'food', 'general', 'merchandise', 'destination', 'sphere', 'health', 'beauty', 'product', 'people', 'associate', 'drugstore', 'three', 'years', 'health', 'beauty', 'grow', 'fast', 'general', 'merchandise', 'edible', 'profitable', 'category', 'project', 'fast', 'three', 'years'] 909 909 910 910 ['growth', 'opportunity', 'redefine', 'convenience', 'customer', 'leveraging', 'nationwide', 'footprint', 'digital', 'assets', 'identify', 'strategic', 'theme', 'believe', 'drive', 'growth', 'position', 'leading', 'health', 'beauty', 'destination', 'better', 'health', 'elevate', 'beauty', 'customer', 'drive', 'personalization', 'mycvs', 'store', 'digital', 'making', 'investment', 'theme', 'reality', 'detail'] 911 911 912 912 ['always', 'learn', 'customer', 'stop', 'selling', 'tobacco', 'ask', 'customer', 'first', 'thing', 'healthy', 'listening', 'react'] 913 913 914 914 915 915 916 916 917 917 ['activity', 'beauty', 'upgrade', 'cosmetic', 'store', 'serve', 'unit', 'entry', 'beauty', 'bring', 'customer', 'drive', 'aisle', 'upgrade', 'store', 'step', 'facial', 'dedicate', 'endcap', 'space', 'beauty', 'elevation', 'store', 'highlight', 'beauty', 'expertise', 'value'] 918 918 ['store', 'going', 'effect', 'total', 'revamp', 'drive', 'tight', 'enterprise', 'integration', 'beauty', 'clinical', 'solution', 'services'] 919 919 920 920 ['tightening', 'minuteclinic', 'example', 'partnership', 'minuteclinic', 'offer', 'eyelash', 'lengthening', 'consultation', 'service', 'latisse', 'expect', 'strengthen', 'expand', 'going', 'forward'] 921 921 ['provide', 'quick', 'update', 'extracare', 'nearly', 'sales', 'loyalty', 'program', 'today', 'meaning', 'years', 'customer', 'working'] 922 922 ['loyalty', 'expert', 'scientist', 'active', 'member', 'total', 'cards', 'issue', 'powerful', 'longitudinal', 'years', 'history', 'million', 'customer', 'extracare', 'years', 'things', 'competitor'] 923 923 ['already', 'leveraging', 'deliver', 'personalize', 'offer', 'million', 'active', 'extracare', 'member', 'million', 'personalize', 'email', 'million', 'personalize', 'piece', 'annually', 'million', 'personalize', 'coupon', 'redeem', 'customer', 'relevance', 'rates', 'almost', 'twice', 'industry', 'average', 'click', 'rates', 'times', 'industry', 'average'] 924 924 ['accord', 'current', 'estimate', 'newspaper', 'circulation', 'decline', 'years', 'create', 'strong', 'headwind', 'competitor', 'circular', 'drive', 'trip', 'opportunity', 'leading', 'loyalty', 'program', 'customer', 'personalize', 'times', 'today'] 925 925 ['great', 'solution', 'customer', 'offer', 'without', 'noise', 'times', 'return'] 926 926 ['summarize', 'focus', 'driving', 'profitable', 'growth', 'combining', 'power', 'extracare', 'invest', 'customer', 'value', 'upside', 'along', 'pulling', 'unprofitable', 'circular', 'spend', 'investing', 'margin', 'business', 'driving', 'resource', 'profitable'] 927 927 928 928 ['given', 'investing', 'learn', 'serve', 'recently', 'acquire', 'navarro', 'discount', 'pharmacy', 'leading', 'miami', 'chain', 'knowledge', 'experience', 'serving', 'hispanic', 'market', 'gain', 'insight', 'navarro', 'merchandise', 'product', 'differently', 'every', 'category', 'leveraging', 'expertise', 'learn', 'services', 'product', 'value', 'atmosphere', 'resonate', 'hispanic', 'cluster', 'given', 'hispanic', 'population', 'account', 'total', 'population', 'growth', 'unite', 'state', 'intend', 'navarro', 'expertise', 'exist', 'hispanic', 'store', 'across', 'chain', 'relevant', 'customer', 'serving', 'every'] 929 929 ['would', 'presentation', 'update', 'foundation', 'building', 'tomorrow', 'investment', 'retail', 'store', 'digital', 'store', 'state', 'district', 'columbia', 'puerto', 'continue', 'footprint', 'expand', 'market', 'better', 'serve', 'customer'] 930 930 ['second', 'continue', 'growth', 'enterprise', 'digital', 'offering', 'continue', 'expand', 'traditional', 'sales', 'industry', 'leading', 'tool', 'experience', 'health', 'customer', 'enjoyable', 'whether'] 931 931 932 932 ['track', 'continue', 'trend', 'add', 'approximately', 'square', 'footage', 'annually', 'expand', 'market', 'first', 'washington', 'state', 'opening', 'increase', 'presence', 'newly', 'enter', 'state'] 933 933 ['investing', 'improve', 'digital', 'offering', 'enterprise', 'people', 'adopt', 'stick', 'healthy', 'habit', 'friendly', 'digital', 'tool', 'services', 'shopping', 'option', 'easy', 'people', 'healthy', 'money'] 934 934 ['introduce', 'typical', 'customer', 'family', 'experience', 'result', 'connect', 'health', 'tool', 'building', 'video', 'playing'] 935 935 936 936 ['digital', 'strategy', 'include', 'three', 'integrate', 'experience', 'enable', 'digital', 'first', 'integrate', 'pharmacy', 'deliver', 'channel', 'agnostic', 'experience', 'customer', 'manage', 'order', 'prescription', 'anywhere', 'deliver', 'whether', 'store', 'whatever', 'combination', 'works'] 937 937 ['second', 'integrate', 'tool', 'entry', 'point', 'connect', 'people', 'health', 'whether', 'scheduling', 'minuteclinic', 'appointment', 'getting', 'alert', 'health', 'reminder', 'appointment', 'update', 'phone'] 938 938 939 939 ['progress', 'investment', 'digital', 'strength', 'pharmacy', 'launch', 'rate', 'million', 'download', 'across', 'android', '4.5-plus', 'rating'] 940 940 941 941 ['integrate', 'health', 'tool', 'strategy', 'launch', 'redesign', 'website', 'specialize', 'adherence', 'reminder', 'already', 'million', 'adherence', 'message', 'across', 'business'] 942 942 ['launch', 'service', 'people', 'browse', 'store', 'check', 'minuteclinic', 'alert', 'service', 'recommend', 'rating', 'customer'] 943 943 ['front', 'store', 'personalize', 'traffic', 'increase', 'times', 'launch', 'myweeklyad', 'redesign', 'site', 'launch', 'offer', 'people', 'redeem', 'offer', 'phone', 'without', 'coupon', 'launch', 'shopping', 'tool', 'inventory', 'checker', 'people', 'favorite', 'product', 'stock'] 944 944 ['summarize', 'right', 'move', 'growing', 'national', 'footprint', 'laying', 'solid', 'foundation', 'pharmacy', 'extracare', 'loyalty', 'program', 'industry', 'standard', 'excellence'] 945 945 ['class', 'clinical', 'program', 'customer', 'integrate', 'solution', 'deliver', 'better', 'outcome', 'uniquely', 'position', 'partner', 'health', 'plan', 'evolve', 'dynamic', 'marketplace'] 946 946 ['using', 'digital', 'enhance', 'customer', 'interaction', 'rethink', 'health', 'beauty', 'leading', 'store', 'brand', 'innovation', 'personalization', 'driving', 'front', 'store', 'growth', 'continue', 'invest', 'maintain', 'competitive', 'pharmacy'] 947 947 ['thank', 'attention', 'brennan', 'chief', 'medical', 'officer'] 948 948 949 949 ['punctuate', 'discussion', 'insight', 'glean', 'health', 'research', 'institute', 'summary', 'today'] 950 950 ['illustrate', 'carefully', 'define', 'problem', 'try', 'solve', 'big', 'defect', 'healthcare', 'system', 'patient', 'uncoordinated', 'disintegrate', 'doctor', 'hospital', 'insurer', 'siloed', 'really', 'inadequate', 'communication', 'share', 'interest'] 951 951 952 952 ['frankly', 'pharmacy', 'another', 'perhaps', 'siloed', 'healthcare', 'change'] 953 953 ['healthcare', 'reform', 'intend', 'reconnect', 'system', 'government', 'payer', 'encourage', 'development', 'accountable', 'organization', 'primary', 'medical', 'home', 'integrate', 'doctor', 'hospital', 'provider', 'population', 'health', 'provider', 'insurer', 'really', 'extent', 'appreciation', 'patient', 'consumer', 'something', 'come', 'naturally'] 954 954 955 955 956 956 ['health', 'connect', 'system', 'start', 'assets', 'address', 'depth', 'today', 'minuteclinic'] 957 957 958 958 959 959 960 960 961 961 ['head', '1,500', 'clinic', 'going', 'provide', 'basis', 'national', 'practice', 'complementary', 'primary'] 962 962 963 963 964 964 965 965 966 966 967 967 968 968 ['deepening', 'telehealth', 'services', 'include', 'worksite', 'visit', 'physician', 'consultation', 'already', 'thousand', 'telehealth', 'visit', 'first', 'leader', 'satisfaction', 'telehealth', 'remains', 'extraordinarily'] 969 969 970 970 971 971 ['epiccare', 'complete', 'information', 'medical', 'history', 'medical', 'utilization', 'infusion', 'history', 'discharge', 'summary', 'integrate', 'delivery', 'system', 'working', 'enable', 'develop', 'detail', 'plan'] 972 972 ['minuteclinic', 'introduce', 'effectuate', 'connectivity', 'integration', 'healthcare', 'system', 'illustrate', 'detail', 'theme', 'helena', 'talk', 'going', 'pharmacy', 'foundation'] 973 973 ['basis', 'population', 'management', 'medication', 'produce', 'better', 'outcome', 'patient', 'lower', 'costs', 'substantially', 'quantify', 'effect', 'illustrate', 'three', 'common', 'conditions', 'hyperlipidemia', 'diabetes', 'hypertension'] 974 974 975 975 ['people', 'taking', 'medication', 'doctor', 'prescribe', 'adherence', 'problem', 'estimate', 'billion', 'problem', 'nationally'] 976 976 977 977 978 978 979 979 ['start', 'pharmacy', 'advisor', 'gathering', 'patient', 'diabetes', 'caremark', 'warehouse', 'analyze', 'algorithm', 'derive', 'evidence', 'base', 'medicine', 'developing', 'message', 'adherence', 'filling', 'deliver', 'center', 'directly', 'pharmacist', 'pharmacy', 'pharmacy', 'advisor', 'program', 'produce', 'industry', 'leading', 'improvement', 'adherence'] 980 980 981 981 ['pharmacy', 'advisor', 'support', 'comprehensive', 'medication', 'review', 'improve', 'adherence', 'prevent', 'costly', 'readmission', 'intervention', 'increasingly', 'support', 'sophisticate', 'predictive', 'analytics'] 982 982 ['success', 'pharmacy', 'advisor', 'consider', 'profile', 'issue', 'amongst', 'health', 'client', 'improvement', 'rating', 'medicare', 'advantage', 'slide', 'show', 'experience', 'health', 'plan', 'improvement', 'specific', 'measure', 'rating', 'base'] 983 983 ['clinical', 'operational', 'capability', 'boost', 'measure', 'move', 'star', 'health', 'member', 'month', 'bonus', 'payment', '100,000', 'member'] 984 984 ['means', 'million', 'million', 'better', 'patient', 'revenue', 'health', 'customer'] 985 985 986 986 987 987 ['patient', 'confuse', 'medication', 'better', 'packaging', 'multiple', 'dose', 'packet', 'simplify', 'adherence'] 988 988 989 989 990 990 991 991 ['today', 'health', 'engagement', 'engine', 'extract', 'assets', 'improve', 'include', 'claim', 'million', 'caremark', 'member', 'million', 'medical', 'record', 'minuteclinic', 'million', 'user', 'million', 'patient', 'visit', 'retail', 'pharmacy', 'building', 'connection', 'information', 'claim', 'health', 'plan', 'include', 'customer', 'taking', 'target', 'information', 'integrate', 'delivery', 'system', 'collaborator'] 992 992 993 993 994 994 ['result', 'connect', 'integrate', 'healthcare', 'system', 'produce', 'better', 'outcome', 'patient', 'center', 'better', 'health', 'system', 'simple', 'terms'] 995 995 996 996 997 997 998 998 ['perhaps', 'importantly', 'doctor', 'problem', 'adherence', 'physician', 'message', 'contribute', 'better', 'habit', 'better', 'outcome'] 999 999 1000 1000 1001 1001 ['review', 'solve', 'number', 'issue', 'medication', 'input', 'medication', 'review', 'might', 'indicate', 'candidate', 'multidose', 'packaging'] 1002 1002 ['pilot', 'carefirst', 'develop', 'schedule', 'medicine', 'start', 'prepackaged', 'three', 'plastic', 'pouch', 'morning', 'night', 'greatly', 'improve', 'adherence', 'regimen', 'medication'] 1003 1003 ['create', 'series', 'message', 'reiterate', 'pharmacist', 'inquire', 'specific', 'medication', 'finally', 'refill', 'medicine', 'mail', 'pick', 'local'] 1004 1004 1005 1005 1006 1006 1007 1007 ['reason', 'believe', 'payer', 'pressure', 'result', 'larry', 'note', 'nearly', 'million', 'people', 'serve', 'provider', 'approach', 'patient', 'terms', 'test', 'procedure', 'patient', 'healthy', 'provider', 'first', 'tool', 'would', 'promote', 'health', 'lower', 'better', 'pharmacy'] 1008 1008 1009 1009 1010 1010 ['slide', 'show', 'optimal', 'adherence', 'entire', 'group', '100,000', 'patient', 'close', 'reduce', 'costs', 'nearly', 'million', 'going', 'optimal', 'adherence', 'think', 'least', 'tremendous', 'savings', 'provider'] 1011 1011 ['light', 'insight', 'process', 'modify', 'pharmacy', 'advisor', 'program', 'available', 'provide', 'organization', 'risk', 'taking', 'capitation', 'level', 'taking', 'identify', 'doctor', 'associate', 'integrate', 'system', 'analyze', 'prescription', 'write', 'using', 'health', 'engagement', 'engine', 'client', 'allow', 'pharmacy', 'advisor', 'suite', 'services', 'patient', 'message', 'directly'] 1012 1012 1013 1013 1014 1014 1015 1015 1016 1016 ['patient', 'need', 'infusion', 'coram', 'available', 'provide', 'integrate', 'services', 'lower', 'message', 'minuteclinic', 'emphasize', 'adherent'] 1017 1017 1018 1018 1019 1019 ['readmission', 'prevention', 'program', 'developing', 'integrate', 'system', 'intend', 'pivot', 'provider', 'spectrum', 'service', 'payment', 'global', 'capitation'] 1020 1020 ['addition', 'pharmacy', 'advisor', 'hospital', 'transition', 'program', 'discuss', 'previous', 'slide', 'offer', 'services', 'effective', 'specialty', 'medication', 'course', 'services', 'help', 'support', 'really', 'taking', 'population', 'health', 'management'] 1021 1021 ['solution', 'prove', 'winner', 'marketplace', 'formal', 'affiliation', 'major', 'integrate', 'health', 'system', 'discussion', 'anticipate', 'eventually', 'partner', 'every', 'major', 'metropolitan', 'fitting', 'program', 'need'] 1022 1022 1023 1023 1024 1024 ['avoid', 'medicare', 'penalty', 'readmission', 'rates', 'apply', 'hospital', 'across', 'country', 'worth', 'million', 'million', 'avoid', 'penalty', 'pharmacy', 'program', 'improve', 'adherence', 'million', 'million', 'expense', 'capitated', 'payment'] 1025 1025 1026 1026 1027 1027 1028 1028 1029 1029 ['reintroduce', 'larry', 'provide', 'summary', 'comment'] 1030 1030 ['larry', 'merlo', 'minute', 'thank', 'everyone', 'presentation', 'think', 'strong', 'sense', 'quality', 'management', 'thinking', 'deliver', 'innovation', 'enterprise', 'mindset'] 1031 1031 1032 1032 ['third', 'continue', 'ahead', 'remain', 'focus', 'innovative', 'move', 'differentiate', 'health'] 1033 1033 1034 1034 ['going', 'presenter', 'stage', 'anxious', 'answer', 'question', 'already'] 1035 1035 ['rule', 'folks', 'please', 'state', 'affiliation'] 1036 1036 ['question', 'webcast', 'robin', 'think', 'first'] 1037 1037 1038 1038 ['wonder', 'seeing', 'recently', 'percent', 'weighting', 'metrics', 'differentiate', 'addition', 'price', 'service', 'maybe', 'could', 'elaborate', 'trend', 'seeing', 'couple', 'years', 'follow'] 1039 1039 ['larry', 'merlo', 'start', 'talk', 'earlier', 'break', 'talking', 'diverse', 'group', 'client', 'unique', 'goal', 'priority'] 1040 1040 1041 1041 ['roberts', 'think', 'generally', 'state', 'government', 'contract', 'rigid', 'scoring', 'criterion', 'within', 'government', 'contract', 'variability', 'around', 'weighting', 'price', 'versus', 'weighting', 'service', 'capability'] 1042 1042 ['generally', 'employer', 'health', 'market', 'pretty', 'rigid', 'financial', 'evaluation', 'create', 'understand', 'different', 'player', 'coming', 'financially', 'opportunity', 'capability', 'generally', 'finalist', 'meeting'] 1043 1043 1044 1044 ['garen', 'sarafian', 'follow', 'tool', 'client', 'control', 'costs', 'differentiate', 'taking', 'little', 'final', 'could', 'elaborate', 'seeing', 'thinking', 'couple', 'years'] 1045 1045 1046 1046 1047 1047 ['charles', 'rhyee', 'thanks', 'charles', 'rhyee', 'cowen', 'question', 'minuteclinic', 'looking', 'slide', 'looking', 'around', 'revenue', 'growth', 'look'] 1048 1048 1049 1049 1050 1050 ['think', 'think', 'retail', 'asset', 'asset', 'minuteclinic', 'always', 'going', 'distant', 'third', 'terms', 'revenue', 'generation', 'play', 'important', 'think', 'hear', 'throughout', 'morning', 'terms', 'integrate', 'value', 'bring', 'play', 'differentiate', 'product', 'services', 'deliver'] 1051 1051 1052 1052 1053 1053 ['charles', 'rhyee', 'finding', 'benefit', 'important', 'pharmacy', 'right', 'important'] 1054 1054 ['denton', 'think', 'think', 'finalist', 'meeting', 'almost', 'times', 'minuteclinic', 'topic', 'substantial', 'conversation', 'payer', 'convenient', 'effective', 'manage', 'member', 'patient', 'minuteclinic', 'overall', 'healthcare', 'reduce', 'probably', 'neighborhood'] 1055 1055 1056 1056 ['jpmorgan', 'larry', 'asking', 'years', 'around', 'think', 'capitation', 'total', 'listening', 'today', 'global', 'capitation', 'maybe', 'timeline', 'think', 'overall', 'business', 'model', 'towards'] 1057 1057 1058 1058 ['larry', 'merlo', 'start', 'think', 'think', 'uncertainty', 'market', 'question', 'today', 'question', 'answer', 'issue', 'would', 'around', 'beyond', 'boundary', 'control', 'certainly', 'impact', 'business'] 1059 1059 1060 1060 1061 1061 1062 1062 ['think', 'product', 'drive', 'innovation', 'solution', 'people', 'looking', 'think', 'expert', 'terms', 'think', 'prediction', 'terms', 'trend', 'going'] 1063 1063 1064 1064 ['major', 'metropolitan', 'area', 'talking', 'provider', 'insurer', 'place', 'move', 'along', 'pretty', 'quickly', 'place', 'clear', 'government', 'backing', 'continue', 'drive', 'payment', 'model', 'involve', 'share'] 1065 1065 1066 1066 ['denton', 'think', 'important', 'solution', 'bringing', 'marketplace', 'today', 'dependent', 'rapid', 'actually', 'evolve', 'market', 'evolve', 'share', 'perspective', 'solution', 'putting', 'marketplace', 'relevant', 'irregardless', 'rapid', 'evolution', 'occur'] 1067 1067 1068 1068 ['leading', 'industry', 'actually', 'unfold', 'different', 'going', 'manage', 'customer', 'today', 'feeling', 'position', 'going', 'leader', 'around', 'helping', 'whatever', 'looking', 'forward', 'correct'] 1069 1069 1070 1070 ['brennan', 'mean'] 1071 1071 ['jones', 'jones', 'goldman', 'sachs', 'couple', 'formulary', 'management', 'mention', 'slide', 'incremental', 'savings', 'expectation', 'billion', 'curious', 'runway', 'think', 'really', 'formulary', 'management', 'obviously', 'beyond'] 1072 1072 ['guess', 'specific', 'formulary', 'management', 'focus', 'obviously', 'mention', 'acknowledge', 'category', 'obviously', 'little', 'competitive', 'think', 'people', 'aware'] 1073 1073 ['curious', 'approach', 'comfortable', 'sharing', 'point', 'reimburse', 'option', 'assume', 'surprise', 'package', 'insert'] 1074 1074 1075 1075 1076 1076 1077 1077 1078 1078 1079 1079 ['could', 'likely', 'covering', 'product', 'product', 'remains'] 1080 1080 1081 1081 1082 1082 ['therapy', 'week', 'change', 'dynamic', 'think', 'benefit', 'payer'] 1083 1083 1084 1084 1085 1085 ['roberts', 'already', 'running', 'typically', 'larger', 'health', 'plan', 'first'] 1086 1086 ['would', 'similar', 'selling', 'season', 'employer', 'begin', 'several', 'month', 'would', 'think', 'selling', 'season', 'similar'] 1087 1087 1088 1088 1089 1089 1090 1090 1091 1091 1092 1092 ['recognize', 'goodness', 'halfway', 'recognize', 'accomplish', 'focus', 'terms', 'opportunity', 'ahead', 'proud', 'management', 'leadership', 'provide', 'organization', 'satisfy', 'accomplish'] 1093 1093 ['think', 'question', 'come', 'often', 'happen', 'another', 'pharmacy', 'retailer', 'another', 'together', 'think', 'answer', 'start'] 1094 1094 ['group', 'anyone', 'recognize', 'start', 'peach', 'cream', 'right', 'think', 'heavy', 'lift', 'need', 'cultural', 'point', 'talk', 'health', 'engagement', 'engine', 'building', 'pipe', 'connectivity', 'would', 'serve', 'enabler', 'bring', 'differentiate', 'product', 'market'] 1095 1095 ['think', 'place', 'today', 'sights', 'forward', 'terms', 'opportunity', 'still', 'front'] 1096 1096 ['miller', 'analyst', 'william', 'blair', 'company', 'miller', 'william', 'blair', 'regard', 'share', 'tremendous', 'success', 'think', 'doubling', 'years'] 1097 1097 ['elaborate', 'potent', 'lever', 'point', 'migrate', 'client', 'maintenance', 'choice', 'going', 'deep', 'innovation'] 1098 1098 ['think', 'want', 'pharmacy', 'without', 'tobacco', 'offset', 'employer', 'sponsor', 'life', 'penetration', 'decline', 'significant', 'headwind'] 1099 1099 1100 1100 1101 1101 1102 1102 ['larry', 'merlo', 'start', 'several', 'member', 'obviously', 'think', 'opportunity', 'slide', 'show', 'opportunity', 'health', 'space'] 1103 1103 ['maintenance', 'choice', 'still', 'early', 'product', 'ramp', 'adoption', 'think', 'trend', 'facing', 'health', 'plan', 'going', 'forward', 'historically', 'innovation', 'employer', 'segment', 'think', 'opportunity', 'change', 'share', 'growth', 'health', 'space'] 1104 1104 1105 1105 1106 1106 1107 1107 1108 1108 1109 1109 1110 1110 ['larry', 'merlo', 'helena', 'second', 'question', 'infusion', 'texas'] 1111 1111 ['helena', 'foulkes', 'definitely', 'evolve', 'towards', 'health', 'beauty', 'offering', 'today', 'overdeveloped', 'business', 'front', 'store', 'share', 'really', 'think', 'marketplace', 'going', 'margin'] 1112 1112 1113 1113 ['lotvin', 'think', 'answer', 'first', 'question', 'right', 'infusion', 'pilot', 'happening', 'using', 'coram', 'infusion', 'nurse', 'minuteclinic', 'specifically', 'speed', 'market', 'approach'] 1114 1114 ['think', 'continue', 'understand', 'response', 'payer', 'patient', 'model', 'opportunity', 'create', 'incremental', 'space', 'additional', 'space', 'different', 'store', 'minuteclinic', 'easily'] 1115 1115 1116 1116 1117 1117 ['larry', 'merlo', 'start', 'helena', 'think', 'something', 'working', 'understand', 'terms', 'envelope', 'think', 'hear', 'great', 'example', 'today', 'thinking', 'extend', 'pharmacy', 'experience', 'front', 'store'] 1118 1118 ['whether', 'delivery', 'talk', 'terms', 'patient', 'infusion', 'think', 'early', 'stage', 'potentially', 'could'] 1119 1119 ['helena', 'foulkes', 'building', 'really', 'spectrum', 'emerge', 'category', 'today', 'overdelivers', 'great', 'brand', 'health', 'probiotic', 'business', 'great', 'example', 'category', 'exist', 'couple', 'years', 'great', 'business'] 1120 1120 1121 1121 1122 1122 ['percher', 'analyst', 'barclays', 'capital', 'thank', 'percher', 'barclays', 'question', 'potential', 'channel', 'conflict', 'line', 'right', 'customer', 'economics', 'think', 'management', 'versus', 'program', 'expansion', 'think', 'expand', 'formulary', 'management', 'could', 'total', 'number', 'dollar', 'fulfil', 'little', 'contentious', 'relationship', 'manufacturer', 'think', 'customer', 'line', 'economics'] 1123 1123 1124 1124 1125 1125 ['lotvin', 'think', 'think', 'approach', 'customer', 'question', 'customer', 'customer', 'specialty', 'prescription', 'today', 'might', 'getting', 'demonstrate', 'better', 'ability', 'manage', 'spend', 'dispense', 'client'] 1126 1126 ['dynamic', 'works', 'taking', 'share', 'taking', 'share', 'vendor', 'provide', 'better', 'management', 'solution', 'client'] 1127 1127 ['unidentified', 'audience', 'member', 'month', 'innings', 'specialty', 'formulary', 'think', 'opportunity', 'line', 'relative', 'innings', 'generic', 'close'] 1128 1128 1129 1129 ['client', 'savings', 'perspective', 'ability', 'impact', 'spend', 'specialty', 'critical', 'advance', 'control', 'formulary', 'mention', 'product', 'reduction', 'trend', 'early', 'parts', '2000s', 'generic', 'first', 'start', 'seeing', 'multi', 'percent', 'reduction', 'trend', 'would', 'client', 'perspective', 'certainly', 'comparable'] 1130 1130 ['roberts', 'would', 'three', 'years', 'client', 'touch', 'specialty', 'patient', 'anything', 'around', 'formulary', 'happening', 'specialty', 'client', 'saying', 'better', 'manage'] 1131 1131 ['would', 'whole', 'dynamic', 'specialty', 'change', 'think', 'opportunity', 'formulary', 'going', 'happen', 'biosimilars', 'growth', 'specialty', 'think', 'continue', 'opportunity', 'forward'] 1132 1132 1133 1133 ['question'] 1134 1134 1135 1135 1136 1136 ['meredith', 'adler', 'want', 'specifically', 'things', 'control', 'lower', 'think', 'seem', 'happen', 'already', 'happening'] 1137 1137 1138 1138 ['establish', 'approach', 'program', 'allow', 'client', 'share', 'portion', 'acquisition', 'savings', 'opportunity', 'general', 'specialty', 'opportunity', 'access', 'savings', 'client'] 1139 1139 1140 1140 ['brennan', 'already', 'testing', 'minuteclinic', 'point', 'devices', 'waive', 'provide', 'really', 'relatively', 'range', 'laboratory', 'test', 'continue', 'explore', 'variety', 'different', 'expand', 'laboratory', 'testing', 'great', 'technology', 'consistently', 'evaluate'] 1141 1141 ['larry', 'merlo', 'question', 'right'] 1142 1142 ['wiltamuth', 'analyst', 'jefferies', 'company', 'wiltamuth', 'jefferies', 'helena', 'fresh', 'initiative', 'healthier', 'option', 'going', 'require', 'temperature', 'control', 'supply', 'chain', 'going', 'outsource', 'others', 'think', 'store'] 1143 1143 1144 1144 ['healthy', 'sometimes', 'people', 'conclusion', 'terms', 'really', 'health', 'spectrum', 'would', 'things', 'would', 'expect', 'whole', 'food', 'snack', 'yogurt', 'things', 'relatively', 'manage', 'supply', 'chain', 'perspective'] 1145 1145 1146 1146 1147 1147 ['thomson', 'financial', 'reserves', 'right', 'change', 'document', 'content', 'information', 'without', 'obligation', 'notify', 'person', 'change'] 1148 1148 ['conference', 'call', 'event', 'transcript', 'base', 'company', 'projection', 'forward', 'looking', 'statement', 'regard', 'variety', 'item', 'forward', 'looking', 'statement', 'base', 'current', 'expectation', 'involve', 'risk', 'uncertainty', 'actual', 'result', 'differ', 'materially', 'state', 'forward', 'looking', 'statement', 'base', 'number', 'important', 'factor', 'risk', 'specifically', 'identify', 'company', 'recent', 'filing', 'although', 'company', 'indicate', 'believe', 'assumption', 'underlie', 'forward', 'looking', 'statement', 'reasonable', 'assumption', 'could', 'prove', 'inaccurate', 'incorrect', 'therefore', 'assurance', 'result', 'contemplate', 'forward', 'looking', 'statement', 'realize'] 1149 1149 ['information', 'contain', 'event', 'transcript', 'textual', 'representation', 'applicable', 'company', 'conference', 'effort', 'provide', 'accurate', 'transcription', 'material', 'error', 'omission', 'inaccuracy', 'reporting', 'substance', 'conference', 'call', 'thomson', 'financial', 'applicable', 'company', 'applicable', 'company', 'assume', 'responsibility', 'investment', 'decision', 'base', 'information', 'provide', 'event', 'transcript', 'user', 'advise', 'review', 'applicable', 'company', 'conference', 'applicable', 'company', 'filing', 'making', 'investment', 'decision'] 1150 1151 1151 1152 1153 1153 1154 1155 1155 ['transcript', '121614a5456313.713'] 1156 1157 1157 1158 1159 1159 1160 1160 1161 1162 1162 ['copyright'] 1163 1164 1164 1165 1166 1166 1167 1168 1169 1169 1170 1171 1171 1172 1173 1173 ['health', 'earnings', 'final'] 1174 1175 1175 1176 1177 1177 ['corporate', 'participant'] 1178 1178 ['nancy', 'christal'] 1179 1179 1180 1180 1181 1181 ['health', 'corporation', 'president'] 1182 1182 1183 1183 1184 1184 1185 1185 1186 1186 ['roberts'] 1187 1187 1188 1188 ['conference', 'participant'] 1189 1189 1190 1190 1191 1191 ['george'] 1192 1192 ['deutsche', 'analyst'] 1193 1193 ['scott', 'mushkin'] 1194 1194 ['wolfe', 'research', 'analyst'] 1195 1195 1196 1196 ['leerink', 'partner', 'analyst'] 1197 1197 [] 1198 1198 1199 1199 ['robert', 'jones'] 1200 1200 1201 1201 1202 1202 ['barclays', 'capital', 'analyst'] 1203 1203 ['wiltamuth'] 1204 1204 ['jefferies', 'company', 'analyst'] 1205 1205 1206 1206 ['analyst'] 1207 1207 1208 1208 ['cowen', 'company', 'analyst'] 1209 1209 1210 1210 1211 1211 1212 1212 ['raymond', 'james', 'associate', 'analyst'] 1213 1213 ['presentation'] 1214 1214 1215 1215 1216 1216 ['reminder', 'conference', 'record', 'tuesday', 'november'] 1217 1217 1218 1218 1219 1219 ['morning', 'larry', 'merlo', 'president', 'provide', 'business', 'update', 'denton', 'executive', 'president', 'review', 'third', 'quarter', 'result', 'guidance', 'fourth', 'quarter', 'roberts', 'president', 'helena', 'foulkes', 'president', 'retail', 'business', 'today', 'participate', 'session', 'following', 'prepare', 'remark', 'please', 'limit', 'question', 'quick', 'follow', 'provide', 'caller', 'chance', 'question'] 1220 1220 1221 1221 1222 1222 ['post', 'slide', 'presentation', 'website', 'footnote', 'adjustment', 'slide', 'summarize', 'information', 'today', 'additional', 'fact', 'figure', 'regard', 'operate', 'performance', 'guidance', 'additionally', 'quarterly', 'report', 'file', 'close', 'business', 'today', 'available', 'website'] 1223 1223 ['please', 'today', 'presentation', 'forward', 'looking', 'statement', 'within', 'meaning', 'federal', 'security', 'nature', 'forward', 'looking', 'statement', 'involve', 'risk', 'uncertainty', 'actual', 'result', 'differ', 'materially', 'contemplate', 'forward', 'looking', 'statement', 'number', 'reason', 'describe', 'filing', 'include', 'factor', 'section', 'cautionary', 'statement', 'disclosure', 'filing'] 1224 1224 1225 1225 ['always', 'today', 'simulcast', 'website', 'archive', 'following'] 1226 1226 1227 1227 ['larry', 'merlo', 'president', 'health', 'corporation', 'thanks', 'nancy'] 1228 1228 1229 1229 1230 1230 1231 1231 1232 1232 ['given', 'strong', 'performance', 'narrowing', 'adjust', 'guidance', 'range', 'range', 'exclude', 'quarter', 'associate', 'early', 'extinguishment', 'provide', 'details', 'behind', 'financial', 'result', 'guidance', 'review'] 1233 1233 ['business', 'update', 'start', 'selling', 'season', 'please', 'report', 'continue', 'growth', 'trajectory', 'gross', 'currently', 'stand', 'billion', 'billion', 'update', 'business', 'standing', 'billion', 'million', 'previous', 'report', 'point', 'exclude', 'impact', 'silverscript'] 1234 1234 1235 1235 1236 1236 1237 1237 ['specialty', 'revenue', 'drive', 'business', 'sovaldi', 'along', 'addition', 'coram', 'infusion', 'business', 'numerous', 'client', 'sign', 'service', 'management', 'product', 'enable', 'acquisition', 'coram', 'earlier', 'continue', 'client', 'interest', 'adoption', 'medical', 'pharmacy', 'management', 'offering', 'enable', 'acquisition', 'novologix', 'remain', 'optimistic', 'continue', 'specialty', 'pharmacy', 'share', 'strategy', 'capitalize', 'exist', 'opportunity', 'analyst'] 1238 1238 ['turning', 'retail', 'touch', 'briefly', 'product', 'silverscript', 'expect', 'currently', 'million', 'life', 'individual', 'expect', 'amount', 'monthly', 'chooser', 'enrollment', 'assignment', 'expect', 'offset', 'normal', 'monthly', 'attrition', 'update', 'numbers', 'early', 'result', 'enrollment', 'along', 'income', 'subsidy', 'signees', 'continue', 'significant', 'opportunity', 'individual', 'business', 'please', 'product', 'positioning', 'market'] 1239 1239 ['move', 'retail', 'business', 'produce', 'solid', 'result', 'first', 'pharmacy', 'continue', 'strong', 'trend', 'second', 'quarter', 'gain', 'pharmacy', 'share', 'pharmacy', 'market', 'share', 'increase', 'basis', 'point', '30-day', 'equivalent', 'basis', 'pharmacy', 'store', 'sales', 'increase', 'versus', 'quarter', 'pharmacy', 'store', 'script', 'increase', '30-day', 'equivalent', 'basis'] 1240 1240 1241 1241 ['regard', 'health', 'reform', 'since', 'update', 'continue', 'modest', 'positive', 'benefit', 'script', 'transform', 'reform', 'largely', 'expansion', 'medicaid', 'overall', 'pharmacy', 'margin', 'increase', 'quarter', 'expectation'] 1242 1242 ['talk', 'impact', 'generic', 'inflation', 'pharmacy', 'reimbursement', 'pressure', 'given', 'market', 'commentary', 'reiterate', 'comment', 'today', 'reflect', 'third', 'quarter', 'result'] 1243 1243 ['recall', 'guidance', 'december', 'expect', 'continue', 'pressure', 'pharmacy', 'reimbursement', 'market', 'generally', 'consistent', 'anticipate', 'generic', 'inflation', 'good', 'inflation', 'exist', 'select', 'generic', 'item', 'deflationary', 'nature', 'generic', 'market', 'remains', 'intact', 'within', 'expectation'] 1244 1244 ['discussion', 'market', 'medicare', 'design', 'impact', 'retail', 'pharmacy', 'network', 'touch', 'first', 'remind', 'annual', 'process', 'prefer', 'plan', 'base', 'life'] 1245 1245 1246 1246 1247 1247 1248 1248 ['years', 'talking', 'utilize', 'extra', 'differentiate', 'balance', 'sales', 'margin', 'growth', 'continue', 'trajectory', 'plan', 'month'] 1249 1249 ['store', 'brand', 'sales', 'notable', 'gain', 'store', 'brand', 'represent', 'front', 'store', 'sales', 'basis', 'point', 'gain', 'across', 'health', 'beauty', 'general', 'merchandise', 'edible'] 1250 1250 1251 1251 ['turning', 'store', 'growth', 'september', 'complete', 'acquisition', 'navarro', 'large', 'hispanic', 'own', 'store', 'chain', 'addition', 'acquiring', 'navarro', 'store', 'open', 'pharmacy', 'relocate', 'close', 'result', 'store', 'quarter', 'track', 'achieve', 'square', 'footage', 'growth'] 1252 1252 1253 1253 1254 1254 1255 1255 ['manufacturer', 'continue', 'transition', 'legacy', 'purchasing', 'program', 'cardinal', 'purchasing', 'platform', 'extremely', 'please', 'progress', 'forward', 'future', 'contribution'] 1256 1256 1257 1257 ['denton', 'health', 'corporation', 'thank', 'larry', 'morning', 'everyone'] 1258 1258 1259 1259 ['third', 'quarter', 'million', 'dividend', 'shareholder', 'already', 'surpass', 'dividend', 'payout', 'level', 'making', 'continue', 'progress', 'toward', 'achieve', 'payout', 'target', 'additionally', 'repurchase', 'million', 'share', 'approximately', 'million', 'average', 'price', '78.51', 'share', 'repurchase', 'million', 'share', 'billion', 'still', 'expect', 'complete', 'least', 'billion', 'share', 'repurchase'] 1260 1260 1261 1261 ['larry', 'generate', 'billion', 'third', 'quarter', 'bringing', 'total', 'first', 'month', 'approximately', 'billion', 'driver', 'continue', 'healthy', 'growth', 'earnings', 'couple', 'continue', 'improvement', 'retail', 'cycle', 'fuel', 'mainly', 'performance', 'payables', 'expect', 'generate', 'billion', 'billion', 'prior', 'guidance', 'billion', 'billion', 'drive', 'large', 'benefit', 'associate', 'early', 'extinguishment'] 1262 1262 1263 1263 ['turning', 'income', 'statement', 'adjust', 'earnings', 'share', 'continue', 'operations', 'share', 'guidance', 'range', 'anticipate', 'guidance', 'include', 'negative', 'impact', 'earnings', 'share', 'decision', 'tobacco', 'category', 'larry', 'earnings', 'reflect', 'strong', 'growth', 'across', 'operate', 'segment', 'dilute', 'share'] 1264 1264 ['september', 'retire', 'replacing', 'lower', 'interest', 'rates', 'buy', 'billion', 'average', 'replace', '10-year', 'note', 'total', 'billion', 'average', 'replacing', 'portion', 'lower', 'rates', 'likely', 'benefit', 'reduction', 'interest', 'expense', 'incremental', 'improvement', 'annual', 'interest', 'expense', 'using', 'today', 'share', 'count'] 1265 1265 ['million', 'third', 'quarter', 'associate', 'retirement', 'outstanding', 'note', 'approximately', 'share', 'nancy', 'extinguishment', 'associate', 'costs', 'include', 'prior', 'guidance'] 1266 1266 ['quickly', 'underlie', 'result', 'consolidate', 'basis', 'revenue', 'third', 'quarter', 'increase', 'approximately', 'billion', 'billion', 'revenue', 'increase', 'billion', 'strong', 'performance', 'drive', 'business', 'specialty', 'pharmacy', 'growth', 'brand', 'inflation', 'product'] 1267 1267 1268 1268 ['note', 'quarter', 'implementation', 'specialty', 'connect', 'transfer', 'revenue', 'retail', 'pharmacy', 'segment', 'segment', 'dispense', 'nearly', 'specialty', 'prescription', 'fill', 'health', 'given', 'specialty', 'drug', 'transition', 'larger', 'impact', 'sales', 'dollar', 'script', 'volume', 'expect', 'impact', 'sales', 'dollar', 'third', 'quarter', 'approximately', 'million', 'expect', 'similar', 'impact', 'fourth', 'quarter'] 1269 1269 ['expect', 'shift', 'enhance', 'growth', 'approximately', 'basis', 'point', 'dampening', 'revenue', 'growth', 'retail', 'larry', 'basis', 'point', 'negative', 'impact', 'retail', 'pharmacy', 'comp', 'insignificant', 'impact', 'retail', 'script', 'volume', 'overall', 'revenue', 'retail', 'business', 'increase', 'quarter', 'billion'] 1270 1270 ['sales', 'retail', 'segment', 'better', 'expect', 'drive', 'primarily', 'product', 'volume', 'delay', 'generic', 'launch', 'launch', 'mention', 'compare', 'third', 'quarter', 'retail', 'partially', 'offset', 'positive', 'factor', 'increase', 'approximately', 'basis', 'point', 'retail', 'revenue', 'growth', 'dampen', 'tobacco', 'category', 'fully', 'complete', 'beginning', 'september'] 1271 1271 1272 1272 1273 1273 1274 1274 ['gross', 'margin', 'retail', 'segment', 'basis', 'point', 'gross', 'profit', 'dollar', 'increase', 'margin', 'improvement', 'largely', 'drive', 'increase', 'pharmacy', 'margin', 'benefit', 'increase', 'better', 'purchasing', 'economics', 'partially', 'offset', 'continue', 'reimbursement', 'pressure'] 1275 1275 1276 1276 ['total', 'operate', 'expense', 'percent', 'revenue', 'improve', 'approximately', 'basis', 'point', 'total', 'dollar', 'segment', 'expense', 'improvement', 'approximately', 'basis', 'point', 'retail', 'segment', 'percent', 'sales', 'increase', 'approximately', 'basis', 'point', 'expense', 'growth', 'expense', 'primarily', 'reflect', 'higher', 'legal', 'operate', 'costs'] 1277 1277 ['within', 'corporate', 'segment', 'expense', 'million', 'million', 'increase', 'primarily', 'relate', 'strategic', 'initiative', 'investment', 'add', 'operate', 'margin', 'total', 'enterprise', 'decline', 'approximately', 'basis', 'point'] 1278 1278 ['operate', 'margin', 'decline', 'approximately', 'basis', 'point', 'operate', 'margin', 'retail', 'improve', 'basis', 'point', 'quarter', 'operate', 'profit', 'strong', 'growing', 'higher', 'expect', 'retail', 'operate', 'profit', 'increase', 'healthy', 'expectation', 'going', 'consolidate', 'income', 'statement', 'interest', 'expense', 'quarter', 'increase', 'approximately', 'million', 'million'] 1279 1279 ['issue', 'fourth', 'quarter', 'primary', 'driver', 'increase', 'although', 'benefit', 'extinguishment', 'quarter', 'weight', 'average', 'share', 'count', 'billion', 'share', 'finally', 'effective'] 1280 1280 1281 1281 1282 1282 ['dilute', 'continue', 'operations', 'expect', 'range', 'share', 'effect', 'narrow', 'adjust', 'earnings', 'share', 'guidance', 'range', 'taking', 'bottom', 'thereby', 'increase', 'midpoint', '0.015', 'revise', 'guidance', 'reflect', 'solid', 'performance', 'first', 'month', 'confidence', 'outlook', 'expect', 'guidance', 'assume', 'share', 'repurchase', 'total', 'least', 'billion', 'benefit', 'transaction'] 1283 1283 ['fourth', 'quarter', 'expect', 'adjust', 'earnings', 'share', 'range', 'dilute', 'continue', 'operations', 'expect', 'range', 'share', 'fourth', 'quarter', 'guidance', 'include', 'negative', 'impact', 'tobacco', 'approximately', 'share', 'consistent', 'initial', 'expectation', 'bringing', 'impact', 'approximately', 'share'] 1284 1284 1285 1285 ['first', 'timing', 'impact', 'break', 'generic', 'present', 'tough', 'comparison', 'versus', 'second', 'first', 'quarter', 'financial', 'effect', 'decision', 'tobacco', 'category', 'finally', 'success', 'selling', 'season', 'investing', 'incrementally', 'welcome', 'season', 'ensure', 'successful', 'migration', 'customer'] 1286 1286 ['details', 'fourth', 'quarter', 'guidance', 'within', 'retail', 'segment', 'expect', 'revenue', 'versus', 'fourth', 'quarter', 'adjust', 'script', 'comp', 'expect', 'increase', 'range', 'expect', 'total', 'store', 'sales', 'range', 'expect', 'front', 'store', 'store', 'sales', 'reflect', 'negative', 'impact', 'relate', 'tobacco', 'approximately', 'basis', 'point', 'fourth', 'quarter'] 1287 1287 1288 1288 ['note', 'tobacco', 'drove', 'small', 'portion', 'margin', 'expansion', 'third', 'quarter', 'impact', 'expect', 'quarters', 'impact', 'expect', 'retail', 'segment', 'operate', 'profit', 'increase', 'fourth', 'quarter'] 1289 1289 1290 1290 1291 1291 ['result', 'total', 'enterprise', 'quarter', 'expect', 'revenue', 'approximately', 'fourth', 'quarter', 'intercompany', 'elimination', 'project', 'equal', 'combine', 'segment', 'revenue', 'elimination', 'ratio', 'trend', 'higher', 'tobacco', 'obviously', 'affect', 'pharmacy', 'revenue'] 1292 1292 ['total', 'company', 'gross', 'profit', 'margin', 'expect', 'significantly', 'fourth', 'quarter', 'drive', 'largely', 'operate', 'expense', 'percent', 'revenue', 'expect', 'notably', 'improve', 'fourth', 'quarter', 'operate', 'expense', 'percent', 'revenue', 'modest', 'improvement', 'drive', 'growth', 'specialty', 'drug'] 1293 1293 ['retail', 'expense', 'leverage', 'moderately', 'decline', 'given', 'tobacco', 'relate', 'sales', 'small', 'amount', 'associate', 'reduction', 'expense', 'expect', 'operate', 'expense', 'corporate', 'segment', 'million', 'million', 'expect', 'operate', 'margin', 'total', 'company', 'quarter', 'basis', 'point', 'fourth', 'quarter'] 1294 1294 ['expect', 'interest', 'expense', 'million', 'million', 'approximately', 'fourth', 'quarter', 'anticipate', 'approximately', 'billion', 'weight', 'average', 'share', 'quarter', 'would', 'imply', 'approximately', 'billion', 'expect', 'generate', 'range', 'billion', 'billion'] 1295 1295 ['summary', 'solid', 'quality', 'quarter', 'strong', 'financial', 'performance', 'across', 'enterprise', 'importantly', 'outlook', 'remains', 'strong', 'continue', 'remain', 'focus', 'using', 'strong', 'provide', 'value', 'stakeholder', 'future'] 1296 1296 1297 1297 1298 1298 1299 1299 1300 1300 1301 1301 ['operator', 'operator', 'instructions'] 1302 1302 1303 1303 ['heinbockel', 'analyst', 'guggenheim', 'security', 'want', 'drill', 'little', 'retail', 'gross', 'margin', 'performance', 'color', 'front', 'versus', 'pharmacy', 'relative', 'basis', 'versus', 'either', 'pharmacy', 'decent', 'amount', 'tobacco', 'front', 'considerable', 'amount', 'thinking', 'impact', 'would', 'specialty', 'connect', 'transfer', 'pharmacy', 'margin'] 1304 1304 ['larry', 'merlo', 'morning', 'larry', 'first', 'think', 'ahead', 'describe', 'prepare', 'remark', 'think', 'talk', 'variable', 'impact', 'front', 'store', 'pharmacy', 'margin', 'growth', 'area', 'think', 'historically', 'break', 'qualitatively', 'directionally', 'talking', 'factor', 'impact'] 1305 1305 1306 1306 1307 1307 1308 1308 ['denton', 'general', 'specialty', 'drug', 'typically', 'brand', 'drug', 'almost', 'exclusively', 'brand', 'drug', 'carry', 'lower', 'gross', 'margin', 'would', 'slightly', 'positive', 'effect', 'retail', 'pharmacy', 'strip', 'drug', 'modest'] 1309 1309 ['heinbockel', 'lastly', 'regard', 'promotionally', 'learning', 'promotional', 'elasticity', 'seem', 'promote', 'little', 'seeing', 'traffic', 'promotional', 'elasticity', 'case', 'great', 'thought'] 1310 1310 ['helena', 'foulkes', 'president', 'retail', 'health', 'corporation', 'helena', 'think', 'spend', 'really', 'using', 'extra', 'promotional', 'effectiveness', 'understanding', 'promote', 'product', 'invite', 'store', 'essentially', 'using', 'balance', 'making', 'right', 'promotional', 'investment'] 1311 1311 ['operator', 'george', 'deutsche'] 1312 1312 1313 1313 1314 1314 ['roberts', 'president', 'health', 'corporation', 'george', 'would', 'think', 'ability', 'specialty', 'drug', 'medical', 'benefit', 'pharmacy', 'benefit', 'rheumatoid', 'arthritis', 'example', 'exist', 'capability', 'tool', 'utilization', 'program', 'effectively', 'manage', 'client', 'client', 'interest', 'something', 'continue', 'recommend'] 1315 1315 1316 1316 1317 1317 1318 1318 ['think', 'value', 'create', 'george', 'really', 'three', 'value', 'create', 'fix', 'payment', 'allude', 'prepare', 'remark', 'first', 'payment', 'flowing', 'fourth', 'quarter'] 1319 1319 1320 1320 1321 1321 1322 1322 1323 1323 1324 1324 ['scott', 'mushkin', 'perfect', 'strategic', 'question', 'maybe', 'analyst', 'seem', 'taking', 'retail', 'business', 'little', 'crossroads', 'specifically', 'talking', 'front', 'obviously', 'take', 'tobacco', 'category', 'photo', 'diminish', 'cards', 'add', 'clinic', 'means', 'pharmacy', 'people', 'coming', 'health', 'reason', 'change', 'healthcare', 'business', 'consumer', 'going', 'making', 'choice', 'overlay', 'assets', 'retail', 'wonder', 'think', 'business', 'going', 'retail', 'manage', 'dynamic'] 1325 1325 1326 1326 1327 1327 ['spending', 'talking', 'digital', 'thinking', 'connection', 'store', 'digital', 'really', 'enhance', 'experience', 'customer', 'around', 'digital', 'excite', 'going', 'particularly', 'focus', 'pharmacy', 'front', 'store', 'important'] 1328 1328 ['roberts', 'scott', 'client', 'perspective', 'retail', 'location', 'really', 'synergistic', 'goal', 'reach', 'consumer', 'influence', 'consumer', 'change', 'consumer', 'behavior', 'lower', 'overall', 'healthcare', 'costs', 'think', 'think', 'really', 'integrate', 'model', 'standalone', 'retail', 'pharmacy', 'bolt', 'pharmacy', 'integrate', 'channels'] 1329 1329 1330 1330 ['operator', 'david', 'larsen', 'leerink', 'partner'] 1331 1331 1332 1332 ['larry', 'merlo', 'great', 'question', 'think', 'mention', 'affiliation', 'think', 'number', 'pilot', 'underway', 'several', 'health', 'system', 'actually', 'transmitting', 'patient', 'forth', 'think', 'synergistic', 'opportunity', 'party', 'opportunity', 'referral', 'source'] 1333 1333 1334 1334 ['think', 'second', 'question', 'point', 'testing', 'clinic', 'today', 'evaluate', 'various', 'technology', 'exist', 'terms', 'playing', 'deep', 'bigger', 'excite', 'pilot', 'underway', 'texas', 'market', 'actually', 'performing', 'infusion', 'services', 'clinic', 'think', 'little', 'analyst', 'think', 'number', 'opportunity'] 1335 1335 1336 1336 ['operator', 'jpmorgan'] 1337 1337 1338 1338 1339 1339 ['beyond', 'think', 'awful', 'differentiator', 'cliche', 'client', 'client', 'different', 'priority', 'think', 'growing', 'services', 'product', 'need', 'diverse', 'client', 'whether', 'maintenance', 'choice', 'specialty', 'connect', 'pharmacy', 'advisor', 'talk', 'minuteclinic'] 1340 1340 1341 1341 1342 1342 ['roberts', 'front', 'perspective', 'client', 'obviously', 'please', 'result', 'selling', 'season', 'would', 'service', 'issue', 'experience', 'available', 'marketplace', 'clear', 'everything', 'larry', 'cover', 'value', 'proposition', 'think', 'success'] 1343 1343 1344 1344 ['think', 'things', 'around', 'design', 'think', 'going', 'interest', 'narrow', 'network', 'return', 'higher', 'trend', 'think', 'plan', 'going', 'looking', 'lower', 'think', 'think', 'narrow', 'network', 'really', 'disaggregate', 'different', 'segment', 'medicare', 'clearly', 'seeing', 'prefer', 'network', 'manage', 'medicaid', 'narrow', 'network'] 1345 1345 ['employer', 'great', 'adopter', 'maintenance', 'choice', 'seeing', 'movement', 'narrow', 'prefer', 'network', 'commercial', 'health', 'plan', 'really', 'would', 'slow', 'adopt', 'design', 'think', 'advent', 'growth', 'exchange', 'think', 'going', 'movement', 'business', 'bring', 'third', 'adopt', 'different', 'design', 'move', 'narrow', 'network', 'example'] 1346 1346 ['operator', 'robert', 'jones', 'goldman', 'sachs'] 1347 1347 ['robert', 'jones', 'analyst', 'goldman', 'sachs', 'follow', 'mention', 'billion', 'better', 'relative', 'update', 'little', 'winning', 'sense', 'around', 'profitability', 'winning', 'mention', 'shift', 'people', 'looking', 'narrow', 'network', 'curious', 'impact', 'profitability', 'pretty', 'successful', 'season'] 1348 1348 1349 1349 ['dynamic', 'terms', 'profitability', 'think', 'dynamic', 'materially', 'change', 'typically', 'contract', 'profitability', 'contract', 'improve', 'typically', 'point', 'first', 'contract'] 1350 1350 1351 1351 1352 1352 1353 1353 ['think', 'retail', 'effective', 'terms', 'evaluate', 'margin', 'anticipate', 'share', 'shift', 'result', 'plan', 'sense', 'participate', 'prefer', 'plan', 'sense'] 1354 1354 1355 1355 1356 1356 1357 1357 1358 1358 ['roberts', 'great', 'question', 'happy', 'specialty', 'connect', 'performing', 'seeing', 'level', 'patient', 'satisfaction', 'deploy', 'across', 'retail', 'store', 'specialty', 'pharmacy'] 1359 1359 ['start', 'client', 'component', 'client', 'value', 'capability', 'another', 'differentiate', 'service', 'offer', 'similar', 'maintenance', 'choice', 'successful', 'people', 'specialty', 'script', 'local', 'realize', 'employer', 'client', 'exclusive', 'benefit', 'member'] 1360 1360 1361 1361 1362 1362 ['percher', 'sound', 'value', 'commercial', 'quite', 'strong', 'feeling', 'market', 'something', 'capture', 'allow', 'capture', 'incremental', 'life', 'going', 'player', 'without', 'captive', 'life', 'growth', 'market', 'sound', 'think', 'table'] 1363 1363 1364 1364 1365 1365 ['wiltamuth', 'analyst', 'jefferies', 'company', 'specialty', 'story', 'growth', 'specialty', 'business', 'organic', 'growth', 'exclude', 'coram', 'acquisition', 'little', 'color', 'driver', 'behind', 'growth', 'large', 'number', 'relative', 'growth', 'expect', 'broad', 'marketplace'] 1366 1366 ['denton', 'exclude', 'coram', 'think', 'growth', 'specialty', 'quarter', 'coram', 'contribute', 'growth', 'overwhelm', 'driver', 'performance'] 1367 1367 1368 1368 ['wiltamuth', 'mostly', 'sovaldi'] 1369 1369 1370 1370 ['roberts', 'add', 'business', 'seeing', 'exist', 'client', 'primarily', 'health', 'plan', 'narrow', 'network', 'normally', 'several', 'prefer', 'pharmacy', 'seeing', 'interest', 'pushing', 'share', 'channels', 'growing', 'business', 'talk', 'happy', 'performance', 'specialty'] 1371 1371 ['wiltamuth', 'sense', 'awareness', 'marketplace', 'survey', 'earlier', 'employer', 'still', 'completely', 'tune', 'coming', 'specialty', 'spending'] 1372 1372 1373 1373 ['larry', 'merlo', 'think', 'change', 'month', 'think', 'reason', 'mention', 'hear', 'coming', 'seeing', 'impact', 'drug', 'sovaldi', 'anxious', 'curve'] 1374 1374 1375 1375 ['steven', 'valiquette', 'analyst', 'seeing', 'topic', 'exchange', 'thankfully', 'move', 'burner', 'disclosure', 'roughly', 'million', 'business', 'exchange', 'first', 'inaudible', 'seem', 'number', 'equate', 'total', 'annual', 'business', 'seem', 'pretty', 'manageable', 'context', 'predict', 'curious', 'think', 'roughly', 'attrition', 'reasonable', 'exchange', 'years', 'could', 'change', 'higher', 'lower', 'specific', 'reason', 'foresee', 'right', 'thanks'] 1376 1376 ['larry', 'merlo', 'steve', 'think', 'important', 'context', 'think', 'rhetoric', 'around', 'people', 'migrate', 'active', 'employee', 'migrate', 'exchange', 'rhetoric', 'around', 'quiet', 'tremendously', 'perhaps', 'small', 'employee', 'organization', 'hearing', 'large', 'size', 'company'] 1377 1377 ['think', 'allude', 'prepare', 'remark', 'think', 'inconsistent', 'talk', 'think', 'trend', 'emerge', 'employer', 'getting', 'retiree', 'business', 'think', 'seeing', 'earlier', 'comment', 'number', 'anything', 'migrate', 'beyond', 'point'] 1378 1378 ['roberts', 'steve', 'remember', 'opportunity', 'recapture', 'life', 'health', 'relationship', 'retiree', 'silverscript', 'product', 'competitive', 'think', 'people', 'exchange'] 1379 1379 1380 1380 1381 1381 ['operator', 'charles', 'rhyee', 'cowen', 'company'] 1382 1382 1383 1383 1384 1384 ['charles', 'rhyee', 'helpful', 'secondly', 'follow', 'prefer', 'network', 'medicare', 'seem', 'issue', 'contracting', 'overall', 'effective', 'pricing', 'seem', 'comment', 'issue', 'medicare', 'negotiate', 'prefer', 'network', 'chosen'] 1385 1385 1386 1386 1387 1387 1388 1388 1389 1389 ['charles', 'rhyee', 'great', 'thank'] 1390 1390 1391 1391 ['robert', 'willoughby', 'analyst', 'merrill', 'lynch', 'benefit', 'might', 'consider', 'nature', 'tobacco', 'inventory', 'reduction', 'secondarily', 'driving', 'higher', 'account', 'receivable', 'opportunity', 'bring'] 1392 1392 ['denton', 'couple', 'things', 'think', 'anything', 'necessarily', 'nature', 'material', 'nature', 'absent', 'normal', 'cadence', 'recovery', 'medicare', 'bake', 'anything', 'abnormal', 'delivery', 'perspective'] 1393 1393 ['think', 'receivables', 'payables', 'perspective', 'think', 'continue', 'payable', 'probably', 'still', 'opportunity', 'account', 'receivable', 'really', 'probably', 'constrain', 'little', 'relate', 'medicare', 'performance', 'requirement', 'around', 'probably', 'influence', 'specifically', 'fully', 'manage', 'effectively'] 1394 1394 ['robert', 'willoughby', 'retail'] 1395 1395 1396 1396 ['robert', 'willoughby', 'really', 'thank'] 1397 1397 1398 1398 ['ransom', 'analyst', 'raymond', 'james', 'associate', 'nervous', 'think', 'going', 'laughter'] 1399 1399 1400 1400 1401 1401 ['denton', 'think', 'probably', 'little', 'early', 'specialty', 'trend', 'specific', 'relate', 'would', 'working', 'client', 'outline', 'manage', 'specialty', 'trend', 'trend', 'teens', 'level', 'several', 'years', 'think', 'working', 'client', 'outline', 'series', 'steps', 'activity', 'implement', 'actually', 'manage', 'trend', 'reasonable', 'level', 'choose', 'explicit', 'client', 'working', 'diligently', 'understand', 'trade'] 1402 1402 1403 1403 1404 1404 1405 1405 ['roberts', 'pushback', 'change', 'expectation', 'shift', 'change', 'fully', 'contemplate', 'guidance', 'think', 'actual', 'launch', 'cycle', 'still', 'quite', 'frankly', 'uncertain', 'post', 'watchful', 'analyst', 'quite', 'frankly'] 1406 1406 1407 1407 1408 1408 1409 1409 1410 1410 ['information', 'contain', 'event', 'transcript', 'textual', 'representation', 'applicable', 'company', 'conference', 'effort', 'provide', 'accurate', 'transcription', 'material', 'error', 'omission', 'inaccuracy', 'reporting', 'substance', 'conference', 'call', 'thomson', 'financial', 'applicable', 'company', 'applicable', 'company', 'assume', 'responsibility', 'investment', 'decision', 'base', 'information', 'provide', 'event', 'transcript', 'user', 'advise', 'review', 'applicable', 'company', 'conference', 'applicable', 'company', 'filing', 'making', 'investment', 'decision'] 1411 1412 1412 1413 1414 1414 ['language', 'english'] 1415 1416 1416 ['transcript', '110414a5517596.796'] 1417 1418 1418 ['publication', 'transcript'] 1419 1420 1420 1421 1421 ['right', 'reserve'] 1422 1423 1423 1424 1425 1425 ['return'] 1426 1427 1427 ['focus', 'document'] 1428 1429 1430 1430 ['disclosure'] 1431 1432 1432 ['september', 'tuesday'] 1433 1434 1434 ['caremark', 'morgan', 'stanley', 'healthcare', 'conference', 'final'] 1435 1436 1436 ['length', 'words'] 1437 1438 1438 ['corporate', 'participant'] 1439 1439 1440 1440 ['health'] 1441 1441 1442 1442 1443 1443 1444 1444 1445 1445 1446 1446 1447 1447 ['ricky', 'goldwasser', 'analyst', 'morgan', 'stanley', 'morning', 'everybody', 'welcome', 'morgan', 'stanley', 'global', 'healthcare', 'conference', 'ricky', 'goldwasser', 'morgan', 'stanley', 'healthcare', 'services', 'analyst', 'pleasure', 'introduce', 'moderate', 'today', 'discussion', 'larry', 'merlo', 'health', 'boratto', 'senior', 'corporate', 'controller', 'health'] 1448 1448 1449 1449 1450 1450 ['think', 'company', 'today', 'healthcare', 'company', 'assets', 'posse', 'think', 'health', 'think', 'retail', 'pharmacy', 'continue', 'call', 'pharmacy', 'caremark', 'client', 'million', 'plan', 'member', 'growing', 'presence', 'clinic', 'business', 'brand', 'minute', 'clinic', 'today', 'clinic', 'across', 'state', 'district', 'columbia', 'growing', 'specialty', 'pharmacy', 'business', 'simply', 'call', 'specialty', 'continue', 'operate', 'management'] 1451 1451 ['ricky', 'question'] 1452 1452 1453 1453 1454 1454 ['larry', 'anticipate', 'shift', 'toward', 'healthcare', 'really', 'investment', 'thesis', 'seven', 'years', 'putting', 'together', 'diligently', 'piece', 'caremark', 'business', 'expand', 'government', 'relationship', 'think', 'government', 'large', 'customer', 'large', 'bring', 'minute', 'clinic', 'focus', 'inaudible', 'centric', 'really', 'connect', 'entire', 'healthcare', 'delivery', 'system', 'update', 'status', 'relationship', 'healthcare', 'delivery', 'system', 'thought', 'business', 'segment', 'really', 'together'] 1455 1455 ['larry', 'merlo', 'think', 'talk', 'terms', 'assets', 'operate', 'thought', 'bringing', 'assets', 'together', 'integrate', 'fashion', 'thought', 'bring', 'product', 'services', 'really', 'satisfy', 'three', 'goal', 'increase', 'access', 'improve', 'health', 'serve', 'reducing', 'overall', 'years', 'working', 'bring', 'differentiate', 'innovative', 'product', 'market'] 1456 1456 ['maintenance', 'choice', 'today', 'million', 'member', 'enrol', 'maintenance', 'choice', 'certainly', 'increase', 'access', 'make', 'pharmacy', 'dispense', 'agnostic', 'pharmacy', 'retail', 'caremark', 'capability', 'preserves', 'economics', 'pharmacy', 'business'] 1457 1457 ['pharmacy', 'advisor', 'program', 'focus', 'quality', 'study', 'medication', 'nonadherence', 'create', 'unnecessary', 'avoidable', 'costs', 'healthcare', 'delivery', 'system', 'upwards', 'billion', 'pharmacy', 'advisor', 'helping', 'close', 'keeping', 'people', 'adherent', 'medication'] 1458 1458 1459 1459 1460 1460 ['health', 'plan', 'provider', 'healthcare', 'system', 'continue', 'evolve', 'exchange', 'marketplace', 'move', 'health', 'plan', 'business', 'business', 'certainly', 'posse', 'expertise', 'understanding', 'consumer', 'behavior', 'important', 'think', 'minute', 'clinic', 'today', 'forge', 'alliance', 'leading', 'health', 'institution'] 1461 1461 ['think', 'going', 'opening', 'comment', 'example', 'change', 'confident', 'bigger', 'healthcare', 'system'] 1462 1462 ['ricky', 'goldwasser', 'tying', 'business', 'successful', 'selling', 'season', 'base', 'feedback', 'consultant', 'really', 'together', 'selling', 'message', 'resonate', 'sponsor', 'employer', 'conversation', 'thinking', 'future', 'pharmacy', 'benefit', 'within', 'context', 'broad', 'healthcare', 'agenda', 'negotiation', 'table', 'really', 'pricing', 'employer', 'starting', 'think', 'pharmacy', 'benefit', 'holistic', 'manner'] 1463 1463 ['larry', 'merlo', 'think', 'discussion', 'today', 'start', 'price', 'service', 'describe', 'ticket', 'elements', 'right', 'quickly', 'conversation', 'begin', 'morph', 'point', 'growing', 'concern', 'client', 'today', 'around', 'specialty', 'looking', 'associate', 'costs', 'specialty', 'today', 'specialty', 'represent', 'client', 'pharmacy', 'spend', 'portion', 'specialty', 'flowing', 'medical', 'benefit', 'project', 'specialty', 'growth', 'midteens', 'foreseeable', 'future', 'quickly', 'specialty', 'represent', 'pharmacy', 'spend', 'approach'] 1464 1464 ['today', 'awful', 'discussion', 'utilization', 'management', 'perspective', 'certainly', 'great', 'story', 'terms', 'capability', 'specialty', 'space'] 1465 1465 1466 1466 ['unidentified', 'audience', 'member', 'manage', 'generic', 'price', 'inaudible', 'peer', 'inaudible', 'quite', 'better', 'guess'] 1467 1467 1468 1468 ['going', 'everybody', 'analyst', 'december', 'provide', 'guidance', 'outlook', 'point', 'talk', 'going', 'continue', 'pharmacy', 'reimbursement', 'pressure', 'marketplace', 'things', 'talking', 'reflect', 'outlook', 'provide', 'anything', 'anticipate', 'december', 'provide', 'guidance'] 1469 1469 1470 1470 ['source', 'going', 'forward', 'believe', 'funds', 'match', 'scale', 'combine', 'knowledge', 'expertise', 'enable', 'continue', 'successful'] 1471 1471 ['unidentified', 'audience', 'member', 'getting', 'operate', 'margin', 'think', 'stable', 'think', 'gross', 'margin', 'opportunity', 'reduce', 'costs', 'pricing', 'issue', 'industry'] 1472 1472 1473 1473 ['unidentified', 'audience', 'member', 'medicare', 'business', 'silverscript', 'approaching', 'decision', 'whether', 'prefer', 'provider', 'plan', 'conversation', 'silverscript', 'competitive', 'dynamics', 'inaudible'] 1474 1474 1475 1475 1476 1476 ['unidentified', 'audience', 'member', 'specialty', 'compensate', 'dispense', 'move', 'product', 'system', 'wraparound', 'services', 'could', 'understand', 'distribution', 'versus', 'value', 'add', 'piece'] 1477 1477 ['larry', 'merlo', 'start', 'specialty', 'business', 'manage', 'particular', 'manage', 'patient', 'recognize', 'specialty', 'patient', 'dealing', 'complex', 'issue', 'times', 'multiple', 'medication'] 1478 1478 [] 1479 1479 1480 1480 1481 1481 ['capability', 'enable', 'offer', 'competitive', 'price', 'product', 'clinical', 'services', 'provide', 'evaluate', 'pricing', 'offer', 'client', 'include', 'costs', 'understanding', 'costs', 'operate', 'business', 'enable', 'acceptable', 'margin'] 1482 1482 1483 1483 1484 1484 ['ricky', 'goldwasser', 'larry', 'point', 'really', 'forefront', 'innovation', 'formulary', 'management', 'think', 'formulary', 'management', 'somewhat', 'different', 'historically', 'specialty', 'drug', 'entering', 'market', 'people', 'exclusion', 'rather', 'exclusion', 'going', 'tiering'] 1485 1485 1486 1486 ['boratto', 'ricky', 'three', 'years', 'client', 'tend', 'think', 'touch', 'specialty', 'patient', 'sick', 'average', 'patient', 'disruption', 'given', 'trend', 'expect', 'marketplace', 'traditional', 'new', 'idea', 'manage', 'costs', 'provide', 'excellent', 'patient'] 1487 1487 1488 1488 1489 1489 ['think', 'interest', 'unique', 'model', 'partner', 'health', 'plan', 'variety', 'whether', 'think', 'misnomer', 'talking', 'retail', 'assets', 'minute', 'clinic', 'assets', 'important', 'provide', 'education', 'information', 'host', 'marketing', 'event', 'insurer', 'leveraging', 'digital', 'property', 'partnership', 'emerge', 'minute', 'clinic', 'play', 'important', 'provide', 'initial', 'assessment', 'newly', 'enrol', 'patient', 'another', 'conduit', 'dialogue'] 1490 1490 ['obviously', 'services', 'begin', 'network', 'management', 'whether', 'restrict', 'prefer', 'network', 'ability', 'proprietary', 'product', 'whether', 'maintenance', 'choice', 'pharmacy', 'advisor', 'along', 'opportunity', 'program', 'call', 'health', 'insurer', 'terms', 'provide', 'unique', 'information', 'personalize', 'point', 'insurer', 'want', 'preventative', 'point', 'identify', 'patient', 'mammogram', 'message', 'patient', 'point', 'diabetic', 'test', 'message', 'patient', 'point'] 1491 1491 1492 1492 1493 1493 ['boratto', 'refer', 'entire', 'basket', 'whether', 'exclusive', 'period', 'break', 'period'] 1494 1494 1495 1495 ['ricky', 'goldwasser', 'slice', 'exclude', 'product', 'coming', 'market', 'think', 'mature', 'basket', 'think', 'inflationary', 'deflationary', 'environment', 'group'] 1496 1496 1497 1497 ['ricky', 'goldwasser', 'utilization', 'another', 'topical', 'issue', 'think', 'expectation', 'volume', 'start', 'picking', 'coverage', 'expansion', 'experience', 'marketplace', 'starting', 'pickup', 'volume', 'think', 'really', 'unique', 'position', 'really', 'volume', 'coming'] 1498 1498 1499 1499 ['seeing', 'benefit', 'business', 'medicaid', 'expansion', 'think', 'talk', 'december', 'impact', 'health', 'reform', 'continue', 'modest', 'benefit', 'largely', 'drive', 'medicaid', 'expansion'] 1500 1500 1501 1501 ['ricky', 'goldwasser', 'clarify', 'think', 'medicaid', 'population', 'think', 'refer', 'benefit', 'separate', 'benefit', 'volume', 'think', 'margin', 'profile', 'medicaid', 'business', 'margin', 'profile', 'compare', 'average', 'business'] 1502 1502 1503 1503 1504 1504 1505 1505 1506 1506 1507 1507 1508 1508 1509 1509 1510 1510 ['ricky', 'goldwasser', 'second', 'spill', 'little', 'orchestrate', 'three', 'catalyst', 'really', 'focus', 'investor', 'month'] 1511 1511 ['larry', 'merlo', 'think', 'think', 'growth', 'catalyst', 'business', 'think', 'today', 'growth', 'specialty', 'second', 'quarter', 'coram', 'acquisition', 'revenue', 'specialty', 'business', 'taking', 'share', 'marketplace', 'think', 'bringing', 'unique', 'product', 'marketplace', 'think', 'resonate', 'client', 'member'] 1512 1512 1513 1513 ['ricky', 'goldwasser', 'great', 'thank'] 1514 1514 ['larry', 'merlo', 'thank', 'ricky'] 1515 1515 ['thomson', 'financial', 'reserves', 'right', 'change', 'document', 'content', 'information', 'without', 'obligation', 'notify', 'person', 'change'] 1516 1516 ['conference', 'call', 'event', 'transcript', 'base', 'company', 'projection', 'forward', 'looking', 'statement', 'regard', 'variety', 'item', 'forward', 'looking', 'statement', 'base', 'current', 'expectation', 'involve', 'risk', 'uncertainty', 'actual', 'result', 'differ', 'materially', 'state', 'forward', 'looking', 'statement', 'base', 'number', 'important', 'factor', 'risk', 'specifically', 'identify', 'company', 'recent', 'filing', 'although', 'company', 'indicate', 'believe', 'assumption', 'underlie', 'forward', 'looking', 'statement', 'reasonable', 'assumption', 'could', 'prove', 'inaccurate', 'incorrect', 'therefore', 'assurance', 'result', 'contemplate', 'forward', 'looking', 'statement', 'realize'] 1517 1517 ['information', 'contain', 'event', 'transcript', 'textual', 'representation', 'applicable', 'company', 'conference', 'effort', 'provide', 'accurate', 'transcription', 'material', 'error', 'omission', 'inaccuracy', 'reporting', 'substance', 'conference', 'call', 'thomson', 'financial', 'applicable', 'company', 'applicable', 'company', 'assume', 'responsibility', 'investment', 'decision', 'base', 'information', 'provide', 'event', 'transcript', 'user', 'advise', 'review', 'applicable', 'company', 'conference', 'applicable', 'company', 'filing', 'making', 'investment', 'decision'] 1518 1519 1519 1520 1521 1521 1522 1523 1523 1524 1525 1525 ['publication', 'transcript'] 1526 1527 1527 ['copyright'] 1528 1528 1529 1530 1530 1531 1532 1532 ['return'] 1533 1534 1534 ['focus', 'document'] 1535 1536 1537 1537 1538 1539 1539 1540 1541 1541 ['caremark', 'earnings', 'final'] 1542 1543 1543 1544 1545 1545 1546 1546 ['nancy', 'christal'] 1547 1547 ['caremark', 'corporation'] 1548 1548 1549 1549 1550 1550 1551 1551 ['caremark', 'corporation'] 1552 1552 ['roberts'] 1553 1553 ['caremark', 'corporation', 'president'] 1554 1554 1555 1555 1556 1556 ['conference', 'participant'] 1557 1557 ['heinbockel'] 1558 1558 ['guggenheim', 'security', 'analyst'] 1559 1559 ['robert', 'jones'] 1560 1560 ['goldman', 'sachs', 'analyst'] 1561 1561 1562 1562 ['barclays', 'capital', 'analyst'] 1563 1563 ['percher'] 1564 1564 ['barclays', 'capital', 'analyst'] 1565 1565 1566 1566 1567 1567 ['scott', 'mushkin'] 1568 1568 1569 1569 1570 1570 1571 1571 ['david', 'larsen'] 1572 1572 1573 1573 ['george'] 1574 1574 ['deutsche', 'analyst'] 1575 1575 1576 1576 1577 1577 ['steven', 'valiquette'] 1578 1578 ['analyst'] 1579 1579 1580 1580 1581 1581 1582 1582 ['merrill', 'lynch', 'analyst'] 1583 1583 1584 1584 1585 1585 ['wiltamuth'] 1586 1586 ['jefferies', 'company', 'analyst'] 1587 1587 ['frank', 'morgan'] 1588 1588 ['capital', 'market', 'analyst'] 1589 1589 1590 1590 ['operator', 'lady', 'gentleman', 'thank', 'standing', 'welcome', 'earnings'] 1591 1591 1592 1592 1593 1593 1594 1594 ['morning', 'larry', 'merlo', 'president', 'provide', 'business', 'update', 'denton', 'executive', 'president', 'review', 'second', 'quarter', 'result', 'guidance', 'third', 'quarter', 'roberts', 'president', 'helena', 'foulkes', 'president', 'retail', 'business', 'today', 'participate', 'question', 'answer', 'session', 'following', 'prepare', 'remark'] 1595 1595 1596 1596 1597 1597 ['invitation', 'specific', 'details', 'august', 'please', 'tuesday', 'december', 'receive', 'invitation', 'would', 'attend', 'please', 'contact', 'earliest', 'convenience'] 1598 1598 ['please', 'post', 'slide', 'presentation', 'website', 'summarize', 'information', 'today', 'additional', 'fact', 'figure', 'regard', 'operate', 'performance', 'guidance', 'additionally', 'quarterly', 'report', 'file', 'close', 'business', 'today', 'available', 'website'] 1599 1599 1600 1600 1601 1601 ['larry', 'merlo'] 1602 1602 1603 1603 ['adjust', 'earnings', 'share', 'increase', 'share', 'guidance', 'range', 'retail', 'segment', 'exceed', 'revenue', 'expectation', 'deliver', 'strong', 'gross', 'margin', 'result', 'operate', 'profit', 'retail', 'business', 'technical', 'difficulty', 'exceed', 'expectation'] 1604 1604 ['additionally', 'generate', 'nearly', 'million', 'keeping', 'track', 'achieve', 'given', 'strong', 'performance', 'raising', 'narrowing', 'adjust', 'earnings', 'share', 'guidance', 'range', 'previous', 'range', 'provide', 'details', 'behind', 'financial', 'result', 'guidance', 'review'] 1605 1605 1606 1606 ['individual', 'newly', 'insured', 'oppose', 'previously', 'coverage', 'still', 'remains', 'unclear', 'various', 'source', 'quote', 'anywhere', 'individual', 'newly', 'insured', 'multiple', 'point', 'suggest', 'might', 'somewhere', 'regard', 'medicaid', 'available', 'indicate', 'million', 'individual', 'gain', 'coverage', 'million', 'earnings'] 1607 1607 ['number', 'newly', 'insured', 'remain', 'somewhat', 'mystery', 'confident', 'several', 'million', 'american', 'gain', 'coverage', 'recent', 'month', 'provide', 'positive', 'secular', 'trend', 'pharmacy', 'volume', 'growth', 'several', 'years'] 1608 1608 1609 1609 1610 1610 1611 1611 ['together', 'venture', 'running', 'refine', 'certain', 'aspect', 'agreement', 'structure', 'final', 'agreement', 'slightly', 'different', 'talk', 'previously', 'venture', 'works', 'financial', 'review', 'highlighting', 'three', 'venture', 'expect', 'deliver', 'value', 'remain', 'excite', 'forward', 'future', 'contribution'] 1612 1612 ['move', 'business', 'start', 'update', 'selling', 'season', 'note', 'marketplace', 'active', 'pricing', 'remains', 'competitive', 'rational', 'please', 'report', 'successful', 'selling', 'season'] 1613 1613 ['gross', 'currently', 'stand', 'billion', 'across', 'client', 'segment', 'stand', 'billion', 'number', 'include', 'business', 'acquisition', 'make', 'business', 'business', 'numbers', 'account', 'impact', 'individual', 'prescription', 'touch', 'little', 'later'] 1614 1614 1615 1615 ['client', 'selling', 'season', 'achieve', 'better', 'control', 'specialty', 'spend', 'among', 'client', 'specialty', 'represent', 'total', 'spend', 'pharmacy', 'benefit', 'projection', 'continue', 'teens', 'specialty', 'spend', 'include', 'medical', 'benefit', 'likely', 'total', 'spend', 'think', 'critical', 'bring', 'meaningful', 'solution', 'challenge'] 1616 1616 1617 1617 1618 1618 1619 1619 1620 1620 1621 1621 1622 1622 ['coram', 'organization', 'fully', 'integrate', 'specialty', 'group', 'capability', 'topic', 'discussion', 'current', 'selling', 'season', 'specialty', 'business', 'carve', 'standalone', 'basis', 'remain', 'optimistic', 'continue', 'specialty', 'pharmacy', 'share', 'develop', 'innovative', 'offering', 'capitalize', 'unique', 'ability', 'optimize', 'costs', 'quality', 'access'] 1623 1623 ['another', 'important', 'manage', 'trend', 'client', 'highly', 'proactive', 'approach', 'formulary', 'management', 'recall', 'introduce', 'marketplace', 'since', 'update', 'formulary', 'annual', 'basis', 'mission', 'manage', 'trend', 'client', 'provide', 'comprehensive', 'effective', 'clinically', 'appropriate', 'option', 'member'] 1624 1624 1625 1625 ['turning', 'retail', 'touch', 'briefly', 'silverscript', 'expect', 'currently', 'approximately', 'million', 'life', 'individual', 'first', 'normal', 'monthly', 'attrition', 'partially', 'offset', 'chooser', 'assignee', 'sanction', 'earlier', 'begin', 'enroll', 'chooser', 'february', 'receive', 'assignee'] 1626 1626 1627 1627 1628 1628 1629 1629 1630 1630 1631 1631 1632 1632 1633 1633 ['adjust', 'tobacco', 'impact', 'easter', 'shift', 'front', 'store', 'comp', 'roughly', 'quarter', 'sequentially', 'improve', 'front', 'store', 'traffic', 'decline', 'customer', 'continue', 'aggregate', 'trip', 'average', 'basket', 'continue', 'increase', 'reflect', 'strength', 'loyalty', 'program', 'personalization', 'enable', 'offer', 'consistent', 'prior', 'statement', 'making', 'responsible', 'investment', 'profitable', 'promotion', 'remain', 'commit', 'chase', 'empty', 'sales'] 1634 1634 ['driving', 'higher', 'margin', 'store', 'brand', 'sales', 'continue', 'another', 'focus', 'notable', 'growth', 'share', 'gain', 'share', 'brand', 'quarter', 'store', 'brand', 'percent', 'front', 'store', 'sales', 'increase', 'basis', 'point', 'significant', 'opportunity', 'continue', 'expand', 'share', 'store', 'brand', 'product', 'building', 'equity', 'health', 'beauty', 'seeking', 'opportunistic', 'growth', 'area'] 1635 1635 1636 1636 1637 1637 ['expect', 'maintain', 'current', 'product', 'learn', 'navarro', 'colleague', 'hispanic', 'marketing', 'merchandising', 'expect', 'lesson', 'transferable', 'certain', 'market'] 1638 1638 1639 1639 1640 1640 1641 1641 ['financial', 'review'] 1642 1642 1643 1643 ['second', 'quarter', 'continue', 'track', 'record', 'pay', 'quarterly', 'dividend', 'shareholder', 'payment', 'total', 'million', 'strong', 'earnings', 'outlook', 'remainder', 'expect', 'dividend', 'payout', 'ratio', 'surpass', 'point', 'making', 'continue', 'progress', 'toward', 'achieve', 'payout', 'target'] 1644 1644 1645 1645 1646 1646 ['turning', 'income', 'statement', 'adjust', 'earnings', 'share', 'continue', 'operations', 'share', 'versus', 'guidance', 'range', 'strong', 'performance', 'reflect', 'solid', 'growth', 'across', 'operate', 'segment', 'retail', 'segment', 'produce', 'result', 'expectation', 'enterprise', 'performance', 'drive', 'primarily', 'better', 'expect', 'result', 'dilute', 'share', 'quickly', 'result'] 1647 1647 ['consolidate', 'basis', 'revenue', 'second', 'quarter', 'increase', 'approximately', 'billion', 'billion', 'revenue', 'increase', 'approximately', 'billion', 'billion', 'strong', 'performance', 'drive', 'business', 'specialty', 'pharmacy', 'growth', 'inflation', 'product'] 1648 1648 1649 1649 1650 1650 ['point', 'second', 'quarter', 'result', 'begin', 'experience', 'shift', 'segment', 'highlight', 'analyst', 'focus', 'limited', 'channel', 'retail', 'competitor', 'channel', 'business', 'segment', 'agnostic', 'offering', 'enhance', 'performance', 'enterprise', 'sometimes', 'expense', 'individual', 'segment', 'reason', 'recall', 'suggest', 'focus', 'growth', 'enterprise', 'rather', 'individual', 'segment', 'gauge', 'success'] 1651 1651 ['implementation', 'specialty', 'connect', 'quarter', 'essentially', 'transfer', 'revenue', 'retail', 'pharmacy', 'segment', 'segment', 'dispense', 'nearly', 'specialty', 'prescription', 'fill', 'caremark', 'anticipate', 'transition', 'larger', 'impact', 'sales', 'dollar', 'script', 'given', 'specialty', 'drug', 'impact', 'sales', 'dollar', 'second', 'quarter', 'approximately', 'million', 'impact', 'larger', 'third', 'fourth', 'quarters'] 1652 1652 1653 1653 1654 1654 ['additionally', 'margin', 'benefit', 'finalization', 'california', 'medicaid', 'reimbursement', 'rates', 'reference', 'earnings', 'finalization', 'benefit', 'retail', 'gross', 'margin', 'million', 'quarter', 'gross', 'margin', 'million', 'impact', 'consistent', 'guidance', 'provide', 'earlier'] 1655 1655 1656 1656 1657 1657 ['pharmacy', 'margin', 'notably', 'improve', 'without', 'impact', 'finalization', 'front', 'store', 'margin', 'decline', 'anticipate', 'quarter', 'drive', 'mainly', 'tobacco', 'product', 'unexpected', 'bankruptcy', 'vendor'] 1658 1658 ['total', 'operate', 'expense', 'percent', 'revenue', 'improve', 'approximately', 'basis', 'point', 'total', 'dollar', 'segment', 'expense', 'improvement', 'approximately', 'basis', 'point', 'versus'] 1659 1659 1660 1660 ['add', 'operate', 'margin', 'total', 'enterprise', 'improve', 'approximately', 'basis', 'point', 'operate', 'margin', 'improve', 'approximately', 'basis', 'point', 'operate', 'margin', 'retail', 'improve', 'basis', 'point'] 1661 1661 1662 1662 ['going', 'consolidate', 'income', 'statement', 'interest', 'expense', 'quarter', 'increase', 'approximately', 'million', 'million', 'issue', 'fourth', 'quarter', 'primary', 'driver', 'increase', 'weight', 'average', 'share', 'count', 'billion', 'share', 'finally', 'effective'] 1663 1663 ['update', 'guidance', 'always', 'focus', 'highlight', 'additional', 'details', 'guidance', 'slide', 'presentation', 'post', 'website', 'earlier', 'morning'] 1664 1664 1665 1665 ['dilute', 'continue', 'operations', 'expect', 'range', 'guidance', 'second', 'quarter', 'increase', 'range', 'delta', 'reflect', 'move', 'piece', 'among', 'minor', 'shift', 'timing', 'associate', 'fix', 'payment', 'receive', 'cardinal', 'slightly', 'higher'] 1666 1666 1667 1667 ['first', 'previously', 'state', 'receive', 'fix', 'quarterly', 'payment', 'cardinal', 'recognize', 'greater', 'relative', 'purchasing', 'volume', 'caremark', 'today', 'final', 'agreement', 'receive', 'quarterly', 'payment', 'million', 'beginning', 'fourth', 'quarter', 'rather', 'quarterly', 'payment', 'million', 'would', 'begin', 'third', 'quarter', 'change', 'overall', 'value', 'fix', 'payment', 'simply', 'timing', 'shift', 'accurately', 'reflect', 'operational', 'associate', 'venture'] 1668 1668 1669 1669 ['finally', 'explain', 'previously', 'believe', 'incremental', 'value', 'current', 'generic', 'procurement', 'create', 'combination', 'purchasing', 'volume', 'fix', 'payment', 'begin', 'quarter', 'later', 'originally', 'plan', 'overall', 'value', 'fix', 'payment', 'remains', 'potential', 'incremental', 'value', 'result', 'venture', 'remains', 'continue', 'excite', 'venture', 'forward', 'future', 'contribution'] 1670 1670 1671 1671 ['additionally', 'taking', 'account', 'performance', 'second', 'quarter', 'narrowing', 'outlook', 'retail', 'raising', 'bottom', 'range', 'expect', 'growth', 'consistent', 'outlook', 'revising', 'guidance', 'total', 'store', 'sales', 'expect', 'growth'] 1672 1672 1673 1673 ['impact', 'could', 'basis', 'point', 'front', 'store', 'comp', 'given', 'expect', 'front', 'store', 'comp', 'could', 'negatively', 'impact', 'basis', 'point', 'basis', 'point', 'roughly', 'double', 'model', 'please'] 1674 1674 1675 1675 ['expect', 'approximately', 'narrowing', 'raising', 'guidance', 'range', 'operate', 'guidance', 'change', 'expect', 'billion', 'billion', 'operate', 'increase', 'million', 'guidance', 'remains', 'range', 'billion', 'billion', 'expect', 'capital', 'expenditure', 'slightly', 'higher', 'originally', 'plan'] 1676 1676 ['third', 'quarter', 'expect', 'adjust', 'earnings', 'share', 'range', 'share', 'reflect', 'growth', 'versus', 'remove', 'associate', 'legal', 'settlement', 'result', 'dilute', 'continue', 'operation', 'expect', 'range', 'third', 'quarter'] 1677 1677 1678 1678 ['expect', 'revenue', 'growth', '14.25', '15.25', 'drive', 'continue', 'strong', 'growth', 'specialty', 'inflation', 'expect', 'retail', 'operate', 'profit', 'growth', 'third', 'quarter', 'expect', 'operate', 'profit', 'growth', 'third', 'quarter'] 1679 1679 1680 1680 ['larry'] 1681 1681 1682 1682 ['could', 'happy', 'colleague', 'provide', 'service', 'client', 'people', 'better', 'health', 'deliver', 'strong', 'result', 'shareholder', 'think', 'talk', 'morning', 'prior', 'meeting', 'unmatched', 'enterprise', 'assets', 'enable', 'provide', 'innovative', 'integrate', 'solution', 'breakthrough', 'product'] 1683 1683 ['healthcare', 'environment', 'evolve', 'uniquely', 'position', 'address', 'quality', 'affordability', 'accessibility', 'challenge', 'healthcare', 'system', 'today', 'highly', 'focus', 'unique', 'opportunity', 'growth', 'continue', 'active', 'growing', 'shaping', 'future', 'healthcare'] 1684 1684 ['ahead', 'question', 'operator'] 1685 1685 1686 1686 1687 1687 1688 1688 ['heinbockel', 'analyst', 'guggenheim', 'security', 'larry', 'strategic', 'question', 'think', 'specialty', 'connect', 'starting', 'impact', 'dialogue', 'potential', 'customer', 'think', 'impact', 'ability', 'reduce', 'spend', 'become', 'changer', 'terms', 'market', 'share', 'account'] 1689 1689 ['larry', 'merlo', 'morning', 'start', 'think', 'probably'] 1690 1690 ['think', 'really', 'surround', 'sound', 'specialty', 'program', 'highlight', 'specialty', 'connect', 'morning', 'think', 'important', 'component', 'think', 'ability', 'manage', 'specialty', 'manage', 'specialty', 'patient', 'think', 'differentiator', 'marketplace'] 1691 1691 1692 1692 ['roberts', 'president', 'caremark', 'corporation', 'client', 'specialty', 'connect', 'really', 'opening', 'access', 'specialty', 'historically', 'order', 'access', 'member', 'retail', 'outlet', 'really', 'accessible', 'client', 'become', 'focus', 'really', 'excite', 'capability', 'think', 'maintenance', 'choice', 'successful', 'marketplace'] 1693 1693 1694 1694 1695 1695 ['roberts', 'adherence', 'compliance', 'thinking', 'adherent', 'medication'] 1696 1696 ['heinbockel'] 1697 1697 ['roberts', 'historically', 'retail', 'perform', 'traditional', 'specialty', 'pharmacy', 'perform', 'specialty', 'connect', 'achieve', 'level', 'adherence', 'specialty', 'connect', 'patient', 'specialty', 'pharmacy', 'connect', 'clinical', 'capability', 'specialty'] 1698 1698 1699 1699 ['heinbockel', 'thank'] 1700 1700 1701 1701 ['operator', 'robert', 'jones', 'goldman', 'sachs'] 1702 1702 ['robert', 'jones', 'analyst', 'goldman', 'sachs', 'thanks', 'question', 'larry', 'want', 'comment', 'prescription', 'utilization'] 1703 1703 ['touch', 'little', 'seeing', 'medicaid', 'expansion', 'script', 'growth', 'quarter', 'exceed', 'guidance'] 1704 1704 ['look', 'guide', 'quarter', 'little', 'acceleration', 'could', 'maybe', 'parse', 'little', 'seeing', 'broad', 'market', 'utilization'] 1705 1705 1706 1706 ['think', 'talk', 'transition', 'mention', 'earlier', 'believe', 'modest', 'benefit', 'coming', 'medicaid', 'think', 'certainly', 'ramp', 'beyond'] 1707 1707 1708 1708 ['guess', 'maybe', 'could', 'isolate', 'recent', 'change', 'savings', 'would', 'generate', 'guess', 'broadly', 'importantly', 'successful', 'shifting', 'client', 'restrictive', 'formulary'] 1709 1709 1710 1710 1711 1711 1712 1712 ['robert', 'jones', 'great', 'thanks', 'comment'] 1713 1713 1714 1714 1715 1715 ['talk', 'weakness', 'traffic', 'front', 'function', 'people', 'consolidate', 'trip', 'wonder', 'could', 'course', 'initiative', 'could', 'little', 'think', 'going', 'consumer', 'pulling', 'whether', 'change', 'competitive', 'environment', 'anybody', 'respond', 'traffic'] 1716 1716 ['larry', 'merlo', 'meredith', 'think', 'seeing', 'change', 'consumer', 'think', 'consumer', 'continue', 'cautious', 'purchaser', 'product'] 1717 1717 ['think', 'change', 'competitive', 'environment', 'still', 'awful', 'promotion', 'across', 'competitor', 'mention', 'earlier', 'continue', 'discipline', 'quite', 'frankly', 'sweet', 'often', 'times', 'science', 'terms', 'investment', 'spending', 'drive', 'traffic', 'driving', 'profitable', 'sales'] 1718 1718 ['helena', 'foulkes', 'president', 'retail', 'business', 'caremark', 'corporation', 'would', 'agree', 'meredith', 'think', 'fairly', 'consistent', 'talking', 'couple', 'call', 'consumer', 'still', 'cautious'] 1719 1719 ['really', 'focus', 'health', 'beauty', 'personal', 'continue', 'encourage', 'performance', 'category', 'clearly', 'decision', 'tobacco', 'drove', 'change', 'share', 'general', 'merchandise', 'business'] 1720 1720 ['overall', 'would', 'competitor', 'continue', 'promote', 'watching', 'carefully', 'really', 'try', 'smart', 'choice', 'driving', 'profitable', 'growth'] 1721 1721 1722 1722 1723 1723 1724 1724 1725 1725 ['think', 'growing', 'specialty', 'connect', 'going', 'driving', 'higher', 'share', 'life', 'working', 'physician', 'client', 'client', 'decide', 'integrative', 'capability', 'specialty', 'connect'] 1726 1726 ['larry', 'merlo', 'thing', 'think', 'interest', 'touch', 'analogy', 'specialty', 'connect', 'maintenance', 'choice', 'customer', 'choose', 'specialty', 'script', 'retail', 'ironically', 'consistent', 'maintenance', 'choice', 'first', 'pilot', 'program', 'years'] 1727 1727 1728 1728 1729 1729 1730 1730 1731 1731 ['additional', 'color', 'growth', '90-day', 'retail', 'think', 'market', 'shift'] 1732 1732 1733 1733 ['ricky', 'goldwasser', 'think', 'opportunity', 'opportunity', 'script', 'present', 'maintenance', 'script', 'thinking'] 1734 1734 ['larry', 'merlo', 'think', 'going', 'think', 'right', 'terms', 'thinking', 'maintenance', 'bucket', 'script', 'versus', 'acute', 'think', 'reasonable', 'expect', 'continue', 'growth', 'trajectory', 'couple', 'years'] 1735 1735 1736 1736 ['denton', 'ricky', 'really', 'provide', 'forecast', 'generic', 'inflation', 'comment', 'nature', 'generic', 'marketplace'] 1737 1737 1738 1738 1739 1739 1740 1740 1741 1741 ['scott', 'mushkin', 'analyst', 'wolfe', 'research', 'thanks', 'taking', 'question'] 1742 1742 ['first', 'want', 'clarity', 'operate', 'growth', 'third', 'quarter', 'remind', 'quite', 'second', 'quarter', 'hope', 'remind', 'deceleration'] 1743 1743 ['denton', 'scott'] 1744 1744 1745 1745 ['scott', 'mushkin', 'perfect', 'second', 'question', 'really', 'guess', 'thinking', 'asset', 'asset', 'turn', 'future', 'seem', 'caremark', 'uniquely', 'position', 'improve', 'asset', 'turn', 'clinic', 'specialty', 'connect', 'future'] 1746 1746 ['store', 'store', 'three', 'years', 'thought', 'around', 'question', 'wonder', 'thought'] 1747 1747 1748 1748 ['talk', 'fix', 'asset', 'within', 'store', 'prescription', 'disproportionate', 'bottom', 'opportunity', 'extend', 'pharmacy', 'experience', 'front', 'store', 'think', 'helena', 'begin', 'excite', 'terms', 'opportunity', 'create', 'certainly', 'position', 'crack', 'ready', 'think', 'something', 'different', 'future', 'today'] 1749 1749 1750 1750 ['secondly', 'talk', 'times', 'opportunity', 'inventory', 'perspective', 'making', 'maximize', 'supply', 'chain', 'across', 'channels', 'important'] 1751 1751 ['scott', 'mushkin', 'right', 'thanks', 'taking', 'question'] 1752 1752 1753 1753 ['operator'] 1754 1754 ['analyst', 'jpmorgan', 'chase', 'thank', 'wonder', 'could', 'maybe', 'start', 'question', 'around', 'selling', 'season', 'billion', 'gross', 'people', 'buying', 'seeing', 'maintenance', 'choice', 'specialty', 'metrics', 'around', 'client', 'program', 'buy'] 1755 1755 1756 1756 1757 1757 ['ability', 'touch', 'member', 'influence', 'behavior', 'impact', 'outcome', 'result', 'lower', 'price', 'client', 'continue', 'resonate', 'think', 'probably', 'little', 'interest', 'specialty', 'become', 'priority', 'marketplace', 'believe', 'assets', 'unmatched'] 1758 1758 ['talk', 'specialty', 'connect', 'earlier', 'accordant', 'disease', 'management', 'company', 'specialty', 'offering', 'treat', 'specialty', 'disease', 'state', 'treat', 'morbidity', 'patient', 'disease', 'dealing'] 1759 1759 ['talk', 'novologix', 'spend', 'medical', 'benefit', 'really', 'manage', 'capability', 'infusion', 'people', 'interest', 'move', 'people', 'expensive', 'hospital', 'setting', 'home', 'infusion', 'clinic'] 1760 1760 ['guess', 'really', 'try', 'think', 'things', 'sign', 'impact', 'profitability', 'client'] 1761 1761 ['majority', 'specialty', 'program', 'people', 'elect', 'maintenance', 'choice', 'try', 'finance'] 1762 1762 1763 1763 ['seeing', 'uptake', 'formulary', 'strategy', 'maintenance', 'choice', 'uptake', 'health', 'plan', 'historically', 'really', 'emphasize', 'benefit', 'think', 'would', 'think', 'consistent', 'historically'] 1764 1764 ['great', 'thank'] 1765 1765 ['larry', 'merlo', 'thanks'] 1766 1766 ['operator', 'david', 'larsen', 'leerink', 'partner'] 1767 1767 1768 1768 1769 1769 1770 1770 1771 1771 ['going', 'provide', 'granularity', 'around', 'milestone', 'think', 'terrific', 'relationship', 'cardinal', 'years', 'think', 'create', 'could', 'please', 'team', 'caremark', 'cardinal', 'together', 'spirit', 'improve', 'efficiency', 'drive', 'costs', 'think', 'terrific', 'start'] 1772 1772 ['david', 'larsen', 'great', 'thanks'] 1773 1773 1774 1774 1775 1775 1776 1776 ['quick', 'check', 'hear', 'point', 'bring'] 1777 1777 1778 1778 ['denton', 'sorry', 'deflationary', 'george'] 1779 1779 ['george', 'maybe', 'delve', 'prepare', 'comment', 'sound', 'seeing', 'inflation', 'small', 'business', 'deflation', 'significant', 'deflation', 'would', 'seeing', 'deflation', 'acquisition', 'costs', 'deflation', 'finding', 'price', 'price', 'perspective'] 1780 1780 1781 1781 1782 1782 1783 1783 1784 1784 ['larry', 'merlo', 'think', 'point', 'morning', 'continue', 'significant', 'growth', 'organic', 'terms', 'ongoing', 'growth', 'exist', 'clinic', 'drive', 'expansion'] 1785 1785 ['earlier', 'clinic', 'think', 'certainly', 'discussion', 'selling', 'season', 'think', 'ticket', 'metrics', 'right', 'price', 'service', 'elements', 'offer', 'client', 'minuteclinic', 'option', 'getting', 'attention'] 1786 1786 ['george', 'right', 'appreciate', 'color', 'thank'] 1787 1787 1788 1788 ['operator', 'muken', 'group'] 1789 1789 1790 1790 ['look', 'course', 'selling', 'season', 'fairly', 'consistent', 'gain', 'momentum', 'seem', 'recently', 'number', 'public', 'names', 'try', 'sense', 'business', 'momentum', 'recent'] 1791 1791 1792 1792 ['muken', 'maybe', 'activity', 'pick', 'obviously', 'quite', 'selective', 'strategic', 'years'] 1793 1793 1794 1794 1795 1795 1796 1796 1797 1797 ['larry', 'merlo', 'thanks'] 1798 1798 ['operator', 'steven', 'valiquette'] 1799 1799 1800 1800 ['quick', 'selling', 'season', 'success', 'curious', 'complete', 'conclusion', 'decision', 'retail', 'tobacco', 'sales', 'help', 'business'] 1801 1801 1802 1802 ['larry', 'merlo', 'steve', 'think', 'point', 'attribute', 'tobacco', 'decision', 'discussion', 'client', 'obviously', 'recognize', 'client', 'working', 'member', 'employee', 'smoking', 'applaud', 'decision'] 1803 1803 1804 1804 1805 1805 1806 1806 1807 1807 1808 1808 ['steven', 'valiquette', 'great', 'thanks'] 1809 1809 ['larry', 'merlo', 'thank'] 1810 1810 1811 1811 1812 1812 1813 1813 1814 1814 1815 1815 ['denton', 'communicate', 'third', 'quarter', 'tobacco', 'category', 'would', 'somewhere', 'basis', 'point', 'basis', 'point', 'front', 'store', 'comp', 'impact', 'negatively', 'impact', 'would', 'essentially', 'double', 'cycle', 'essentially', 'think', 'modeling', 'progression'] 1816 1816 1817 1817 1818 1818 1819 1819 ['operator', 'robert', 'willoughby', 'america', 'merrill', 'lynch'] 1820 1820 1821 1821 ['larry', 'merlo', 'dispense', 'share', 'within', 'pharmacy', 'question'] 1822 1822 ['robert', 'willoughby', 'market', 'share', 'caremark', 'plan', 'trend'] 1823 1823 ['larry', 'merlo', 'forecast', 'disclose'] 1824 1824 1825 1825 1826 1826 1827 1827 ['larry', 'merlo', 'thanks'] 1828 1828 ['operator', 'charles', 'rhyee', 'cowen', 'company'] 1829 1829 1830 1830 1831 1831 ['secondly', 'manage', 'drug', 'exclude', 'company', 'manufacturer', 'around', 'communicate', 'client', 'plan', 'really', 'actually', 'pay', 'employer'] 1832 1832 1833 1833 ['exclude', 'member', 'would', 'would', 'manufacturer', 'around'] 1834 1834 ['strategy', 'around', 'exclude', 'really', 'change', 'always', 'prior', 'authorization', 'ability', 'physician', 'feel', 'particular', 'medical', 'necessity', 'ability'] 1835 1835 ['small', 'percent', 'patient', 'physician', 'particular', 'really', 'safety', 'outlet'] 1836 1836 ['charles', 'rhyee', 'great', 'follow', 'general', 'seem', 'competitor', 'starting', 'really', 'adopt', 'aggressively', 'really', 'manage', 'costs'] 1837 1837 1838 1838 1839 1839 1840 1840 1841 1841 1842 1842 1843 1843 1844 1844 ['larry', 'merlo', 'think'] 1845 1845 1846 1846 1847 1847 ['denton'] 1848 1848 1849 1849 1850 1850 ['denton', 'still', 'growth', 'still', 'organically', 'significant'] 1851 1851 ['charles', 'rhyee', 'maybe', 'generic', 'little', 'timing', 'break', 'market', 'generic', 'month', 'maybe', 'quarter', 'think', 'better', 'opportunity', 'generic', 'margin'] 1852 1852 1853 1853 ['generic', 'launch', 'break', 'schedule', 'watch', 'market', 'launch', 'date', 'continue', 'evolve'] 1854 1854 1855 1855 ['think', 'break', 'generic', 'little', 'lower', 'originally', 'plan', 'analyst', 'december', 'would', 'still', 'fluid', 'point', 'continue', 'ass', 'situation', 'update', 'become', 'pertinent'] 1856 1856 1857 1857 ['denton', 'think', 'cycle', 'cycle', 'little', 'worse'] 1858 1858 1859 1859 ['larry', 'merlo', 'question'] 1860 1860 ['operator', 'frank', 'morgan', 'capital', 'market'] 1861 1861 1862 1862 1863 1863 1864 1864 ['frank', 'morgan', 'thank'] 1865 1865 1866 1866 ['thank', 'everyone', 'information', 'thanks', 'continue', 'interest', 'caremark'] 1867 1867 ['operator', 'lady', 'gentleman', 'conclude', 'conference', 'today', 'thank', 'participation', 'please', 'disconnect', 'line'] 1868 1868 ['thomson', 'financial', 'reserves', 'right', 'change', 'document', 'content', 'information', 'without', 'obligation', 'notify', 'person', 'change'] 1869 1869 ['conference', 'call', 'event', 'transcript', 'base', 'company', 'projection', 'forward', 'looking', 'statement', 'regard', 'variety', 'item', 'forward', 'looking', 'statement', 'base', 'current', 'expectation', 'involve', 'risk', 'uncertainty', 'actual', 'result', 'differ', 'materially', 'state', 'forward', 'looking', 'statement', 'base', 'number', 'important', 'factor', 'risk', 'specifically', 'identify', 'company', 'recent', 'filing', 'although', 'company', 'indicate', 'believe', 'assumption', 'underlie', 'forward', 'looking', 'statement', 'reasonable', 'assumption', 'could', 'prove', 'inaccurate', 'incorrect', 'therefore', 'assurance', 'result', 'contemplate', 'forward', 'looking', 'statement', 'realize'] 1870 1870 ['information', 'contain', 'event', 'transcript', 'textual', 'representation', 'applicable', 'company', 'conference', 'effort', 'provide', 'accurate', 'transcription', 'material', 'error', 'omission', 'inaccuracy', 'reporting', 'substance', 'conference', 'call', 'thomson', 'financial', 'applicable', 'company', 'applicable', 'company', 'assume', 'responsibility', 'investment', 'decision', 'base', 'information', 'provide', 'event', 'transcript', 'user', 'advise', 'review', 'applicable', 'company', 'conference', 'applicable', 'company', 'filing', 'making', 'investment', 'decision'] 1871 1872 1872 ['august'] 1873 1874 1874 ['language', 'english'] 1875 1876 1876 ['transcript', '080514a5444653.753'] 1877 1878 1878 ['publication', 'transcript'] 1879 1880 1880 ['copyright'] 1881 1881 ['right', 'reserve'] 1882 1883 1883 1884 1885 1885 ['return'] 1886 1887 1887 1888 1889 1890 1890 ['disclosure'] 1891 1892 1892 1893 1894 1894 1895 1896 1896 ['length', 'words'] 1897 1898 1898 ['corporate', 'participant'] 1899 1899 1900 1900 1901 1901 1902 1902 1903 1903 1904 1904 1905 1905 1906 1906 1907 1907 ['wiltamuth', 'analyst', 'jefferies', 'company', 'welcome', 'wiltamuth', 'jefferies', 'drugstore', 'analyst', 'caremark'] 1908 1908 1909 1909 ['helena', 'foulkes', 'president', 'retail', 'business', 'caremark', 'corporation', 'thanks', 'really', 'happy', 'today', 'speak', 'caremark', 'strategy', 'drive', 'continue', 'strong', 'growth'] 1910 1910 1911 1911 ['cover', 'morning', 'start', 'discuss', 'unique', 'combination', 'industry', 'leading', 'assets', 'assets', 'position', 'caremark', 'capitalize', 'change', 'occur', 'health', 'environment', 'finish', 'review', 'strong', 'focus', 'enhance', 'shareholder', 'value'] 1912 1912 ['looking', 'ahead', 'combination', 'ability', 'agility', 'position', 'caremark', 'thrive', 'change', 'health', 'environment', 'ability', 'define', 'bring', 'together', 'unmatched', 'breadth', 'assets', 'expertise', 'drive', 'innovation', 'innovation', 'deliver', 'result', 'client', 'today', 'customer', 'shareholder'] 1913 1913 ['agility', 'root', 'clear', 'direction', 'strategy', 'marketplace', 'undergo', 'significant', 'change', 'nimbleness', 'respond', 'change', 'continue', 'deliver', 'strong', 'result'] 1914 1914 1915 1915 ['number', 'number', 'drugstore', 'market', 'share', 'overall', 'prescription', 'market', 'serve', 'million', 'customer', 'every', 'store'] 1916 1916 1917 1917 ['acquire', 'small', 'regional', 'drugstore', 'chain', 'brazil', 'store', 'drogaria', 'onofre', 'small', 'retail', 'business', 'acquisition', 'financially', 'material', 'choose', 'water', 'brazil', 'given', 'growing', 'market', 'receptive', 'drugstore', 'chains', 'dominant', 'player', 'today'] 1918 1918 ['market', 'around', 'globe', 'posse', 'similar', 'characteristic', 'continue', 'exercise', 'cautious', 'financially', 'discipline', 'approach', 'international', 'expansion'] 1919 1919 ['retail', 'pharmacy', 'business', 'strong', 'consistently', 'outperform', 'industry', 'years', 'gain', 'significant', 'share', 'versus', 'chains', 'overall', 'retail', 'market', 'several', 'driver', 'performance', 'include', 'growing', 'store', 'continue', 'improvement', 'serving', 'customer', 'significant', 'share', 'gain', 'walgreens', 'express', 'script', 'dispute', 'retention', 'percentage', 'customer', 'finally', 'growth', 'life', 'management', 'caremark', 'growing', 'share', 'business'] 1920 1920 ['chart', 'growth', 'caremark', 'business', 'help', 'retail', 'performance', 'however', 'outperform', 'market', 'adjust', 'synergy'] 1921 1921 ['another', 'driver', 'growth', 'significant', 'investment', 'retail', 'adherence', 'program', 'program', 'patient', 'right', 'medication', 'thereby', 'generate', 'significant', 'benefit', 'patient', 'payer', 'business'] 1922 1922 1923 1923 ['result', 'program', 'drive', 'substantial', 'improvement', 'adherence', 'rates', 'competition', 'medication', 'possession', 'ratio', 'standard', 'measure', 'adherence', 'stand', 'almost', 'percentage', 'point', 'competition'] 1924 1924 ['continue', 'build', 'platform', 'unlock', 'adhere', 'additional', 'patient', 'breakthrough', 'integrating', 'across', 'channels', 'create', 'seamless', 'tailor', 'effective', 'clinical', 'intervention', 'given', 'reach', 'intervention', 'meaningful', 'impact', 'reducing', 'estimate', 'billion', 'avoidable', 'medical', 'costs', 'incur', 'unite', 'state', 'result', 'medication', 'adherence'] 1925 1925 ['another', 'growth', 'success', 'extracare', 'loyalty', 'program', 'million', 'active', 'cardholder', 'today', 'front', 'store', 'sales', 'involve', 'extracare', 'spend', 'years', 'evolve', 'perfect', 'program', 'means', 'depth', 'customer', 'insight', 'unmatched'] 1926 1926 ['personalization', 'retail', 'strategy', 'extracare', 'engine', 'behind', 'personalization', 'effort', 'continually', 'investing', 'extracare', 'leading', 'identify', 'customer', 'significant', 'share', 'wallet', 'opportunity', 'represent'] 1927 1927 1928 1928 ['insight', 'program', 'impact', 'product', 'decision', 'extracare', 'behind', 'highly', 'personalize', 'digital', 'circular', 'recently', 'introduce', 'transition', 'medium'] 1929 1929 1930 1930 ['recession', 'years', 'create', 'normal', 'consumer', 'value', 'store', 'brand', 'focus', 'setting', 'foundation', 'deliver', 'future', 'store', 'brand', 'growth'] 1931 1931 ['making', 'steady', 'progress', 'sales', 'goal', 'move', 'current', 'penetration', 'toward', 'continue', 'around', 'world', 'category', 'opportunity', 'apply', 'insight', 'store', 'brand', 'strategy'] 1932 1932 1933 1933 ['provide', 'million', 'patient', 'since', 'inception', 'minuteclinic', '2,200', 'nurse', 'practitioner', 'provide', 'quality', 'affordable', 'healthcare', 'services', 'seven', 'without', 'appointment', 'patient', 'evening', 'weekend'] 1934 1934 ['growing', 'demand', 'growing', 'shortage', 'primary', 'physician', 'unite', 'state', 'demand', 'expect', 'outweigh', 'supply', '45,000', 'doctor', 'decade'] 1935 1935 ['million', 'american', 'expect', 'newly', 'insured', 'health', 'reform', 'supply', 'demand', 'widening', 'occur', 'expand', 'minuteclinic', 'footprint', 'broadening', 'services'] 1936 1936 ['addition', 'clinical', 'affiliation', 'major', 'health', 'system', 'around', 'country', 'integrating', 'electronic', 'record', 'allow', 'transmission', 'clinical', 'information', 'system', 'ultimately', 'leading', 'better', 'lower', 'costs', 'looking', 'ahead', 'footprint', '1,500', 'clinic', 'least', 'state'] 1937 1937 1938 1938 1939 1939 1940 1940 1941 1941 1942 1942 ['another', 'important', 'driver', 'focus', 'client', 'specialty', 'pharmacy', 'encompass', 'drug', 'complex', 'conditions', 'rheumatoid', 'arthritis', 'hepatitis', 'specialty', 'expenditure', 'growing', 'annually', 'payer', 'increasingly', 'focus', 'control', 'specialty', 'costs', 'specialty', 'spend', 'expect', 'medical', 'benefit', 'payer', 'increasingly', 'looking', 'manage', 'portion', 'spend'] 1943 1943 ['tool', 'technology', 'manage', 'specialty', 'across', 'pharmacy', 'medical', 'benefit', 'industry', 'leading', 'share', 'specialty', 'market', 'billion', 'specialty', 'revenue', 'fill', 'manage', 'across', 'enterprise'] 1944 1944 ['take', 'leadership', 'terms', 'expand', 'formulary', 'management', 'specialty', 'specialty', 'connect', 'product', 'fill', 'unmet', 'consumer', 'need', 'convenience', 'access', 'specialty', 'medication', 'finally', 'recent', 'acquisition', 'coram', 'give', 'leading', 'position', 'infusion', 'market', 'expand', 'competitive', 'specialty', 'offering'] 1945 1945 ['strong', 'competitive', 'offering', 'leading', 'market', 'position', 'business', 'however', 'industry', 'undergo', 'transformative', 'shift', 'decade'] 1946 1946 ['evaluate', 'move', 'parts', 'health', 'marketplace', 'trend', 'important', 'impactful', 'positioning', 'company', 'future', 'first', 'affordable', 'coverage', 'million', 'american', 'payer', 'change', 'substantially', 'life', 'shifting', 'health', 'plan', 'second', 'continue', 'shift', 'towards', 'retailization', 'health', 'consumer', 'choice', 'accountability', 'growing', 'third', 'greater', 'focus', 'quality', 'affordable', 'fully', 'roll', 'payer', 'provider', 'improve', 'health', 'value', 'equation', 'finally', 'economics', 'pharmacy', 'continue', 'evolve', 'greatest', 'growth', 'opportunity', 'coming', 'share', 'gain', 'volume', 'growth'] 1947 1947 1948 1948 1949 1949 1950 1950 1951 1951 1952 1952 ['healthcare', 'reform', 'medicaid', 'expansion', 'bring', 'coverage', 'american', 'pharmacy', 'prepare', 'serve', 'state', 'alone', 'potential', 'million', 'life'] 1953 1953 ['looking', 'market', 'share', 'state', 'already', 'position', 'capitalize', 'growth', 'opportunity', 'strong', 'fix', 'asset', 'incremental', 'script', 'profitable'] 1954 1954 ['point', 'truly', 'unique', 'aspect', 'model', 'ability', 'support', 'health', 'plan', 'assets', 'across', 'enterprise', 'whether', 'consumer', 'expertise', 'business', 'consumer', 'world', 'health', 'welcome', 'health', 'plan', 'across', 'country', 'leveraging', 'retail', 'footprint', 'support', 'health', 'marketing', 'initiative', 'range', 'limited', 'market', 'limited', 'pilot', 'marketing', 'program', 'scale', 'educational', 'program'] 1955 1955 ['health', 'partnership', 'include', 'participation', 'prefer', 'restrict', 'retail', 'pharmacy', 'network', 'taking', 'advantage', 'convenient', 'affordable', 'minuteclinic', 'services', 'saving', 'services', 'program', 'better', 'manage', 'specialty', 'pharmacy', 'expenditure', 'strategy', 'reach', 'continue', 'evolve', 'names', 'list', 'example', 'large', 'national', 'retail', 'regional', 'health', 'plan', 'leveraging', 'enterprise', 'capability', 'though', 'client'] 1956 1956 1957 1957 1958 1958 1959 1959 1960 1960 1961 1961 1962 1962 1963 1963 ['gain', 'share', 'growing', 'formula', 'success', 'combining', 'retail', 'capability', 'drive', 'greater', 'value', 'savings', 'client', 'member', 'maintain', 'attractive', 'economic', 'profile', 'business', 'caremark', 'perspective', 'despite', 'progress', 'significant', 'opportunity', 'continue', 'enterprise', 'share', 'client', 'spend'] 1964 1964 1965 1965 ['include', 'three', 'pillar', 'first', 'focus', 'driving', 'productive', 'growth', 'second', 'expectation', 'generate', 'significant', 'level', 'finally', 'discipline', 'approach', 'capital', 'allocation', 'looking', 'ahead', 'expect', 'maintain', 'strong', 'track', 'record', 'successfully', 'manage', 'three', 'pillar'] 1966 1966 1967 1967 ['given', 'earnings', 'progress', 'continue', 'improvement', 'capital', 'management', 'could', 'average', 'billion', 'billion', 'annually', 'available', 'enhance', 'shareholder', 'value', 'assume', 'certain', 'portion', 'repurchase', 'share', 'throughout', 'period', 'could', 'enhance', 'growth', 'another', 'leading', 'compound', 'annual', 'growth', 'total', 'adjust', 'earnings', 'share', 'years'] 1968 1968 ['target', 'priority', 'capital', 'deployment', 'years', 'steady', 'state', 'earnings', 'target', 'substantial', 'amount', 'close', 'billion', 'available', 'enhance', 'shareholder', 'return'] 1969 1969 ['priority', 'first', 'strategic', 'investment', 'drive', 'growth', 'financial', 'return', 'business'] 1970 1970 ['second', 'target', 'dividend', 'payout', 'ratio', 'versus', 'current', 'level', 'approximately', 'imply', 'compound', 'annual', 'dividend', 'growth', 'nearly'] 1971 1971 1972 1972 ['additionally', 'board', 'approve', 'billion', 'share', 'repurchase', 'program', 'reflect', 'ongoing', 'commitment', 'return', 'value', 'shareholder', 'give', 'ability', 'continue', 'successful', 'buyback', 'program', 'expect', 'complete', 'least', 'billion', 'share', 'repurchase', 'throughout', 'continue', 'recent'] 1973 1973 ['summary', 'optimistic', 'opportunity', 'ahead', 'company', 'believe', 'change', 'health', 'environment', 'create', 'significant', 'opportunity', 'growth', 'focus', 'innovative', 'solution', 'better', 'change', 'need', 'client', 'customer'] 1974 1974 1975 1975 ['commit', 'enhance', 'shareholder', 'value', 'strong', 'earnings', 'growth', 'substantial', 'generation', 'discipline', 'capital', 'allocation', 'practice', 'would', 'thank', 'morning'] 1976 1976 ['question', 'answer'] 1977 1977 1978 1978 ['helena', 'foulkes', 'going'] 1979 1979 1980 1980 ['caremark', 'business', 'plug', 'payer', 'using', 'caremark', 'business', 'support', 'payer', 'manage', 'specialty', 'rolling', 'program', 'specialty', 'connect', 'allow', 'tailor', 'consumer', 'actually', 'consumer', 'specialty', 'business', 'robustly'] 1981 1981 ['actually', 'little', 'quite', 'frankly', 'critical', 'growing', 'specialty'] 1982 1982 1983 1983 1984 1984 ['wiltamuth', 'functionally', 'customer', 'present', 'store', 'specialty', 'claim', 'regular', 'prescription'] 1985 1985 ['helena', 'foulkes', 'world', 'point', 'try', 'solve', 'customer', 'complex', 'medication', 'doctor', 'office', 'often', 'times', 'prescription', 'could', 'fill', 'depend', 'design', 'work', 'complex', 'confuse', 'expensive', 'drug'] 1986 1986 ['often', 'feeling', 'really', 'confuse', 'decide', 'great', 'opportunity', 'assets', 'create', 'better', 'experience', 'consumer', 'specialty', 'connect', 'today', 'world', 'means', 'patient', 'leaf', 'doctor', 'office', '7,600', 'store', 'pharmacist', 'intake', 'prescription'] 1987 1987 ['information', 'understand', 'insurance', 'claim', 'using', 'specialty', 'expertise', 'facility', 'handle', 'formulary', 'issue', 'insurance', 'issue', 'actually', 'filling', 'productive'] 1988 1988 1989 1989 1990 1990 ['helena', 'foulkes', 'start'] 1991 1991 ['denton', 'maybe', 'start', 'first', 'foremost', 'minuteclinic', 'nature', 'business', 'never', 'scale', 'pharmacy', 'caremark', 'always', 'small', 'business', 'comparison'] 1992 1992 1993 1993 1994 1994 ['wiltamuth', 'filling', 'season', 'usually', 'challenge'] 1995 1995 ['denton', 'think', 'try', 'season', 'utilization', 'clinic', 'obviously', 'season', 'working', 'essentially', 'expand', 'scope', 'services', 'chronic', 'disease', 'management', 'space', 'allow', 'ensure', 'volume', 'period'] 1996 1996 1997 1997 1998 1998 1999 1999 ['conference', 'call', 'event', 'transcript', 'base', 'company', 'projection', 'forward', 'looking', 'statement', 'regard', 'variety', 'item', 'forward', 'looking', 'statement', 'base', 'current', 'expectation', 'involve', 'risk', 'uncertainty', 'actual', 'result', 'differ', 'materially', 'state', 'forward', 'looking', 'statement', 'base', 'number', 'important', 'factor', 'risk', 'specifically', 'identify', 'company', 'recent', 'filing', 'although', 'company', 'indicate', 'believe', 'assumption', 'underlie', 'forward', 'looking', 'statement', 'reasonable', 'assumption', 'could', 'prove', 'inaccurate', 'incorrect', 'therefore', 'assurance', 'result', 'contemplate', 'forward', 'looking', 'statement', 'realize'] 2000 2000 2001 2002 2002 2003 2004 2004 2005 2006 2006 ['transcript', '061914a5400130.730'] 2007 2008 2008 2009 2010 2010 ['copyright'] 2011 2011 ['right', 'reserve'] 2012 2013 2013 ['copyright'] 2014 2015 2015 2016 2017 2017 2018 2019 2020 2020 ['disclosure'] 2021 2022 2022 2023 2024 2024 2025 2026 2026 ['length', 'words'] 2027 2028 2028 ['corporate', 'participant'] 2029 2029 ['denton'] 2030 2030 2031 2031 2032 2032 ['peter', 'costa'] 2033 2033 ['wells', 'fargo', 'analyst'] 2034 2034 2035 2035 ['peter', 'costa', 'analyst', 'wells', 'fargo', 'hello', 'everyone', 'peter', 'costa', 'wells', 'fargo', 'manage', 'pharmacy', 'services', 'analyst', 'please', 'today', 'caremark', 'caremark', 'denton', 'nancy', 'christal'] 2036 2036 2037 2037 ['denton', 'controller', 'caremark', 'corporation', 'great', 'thank', 'everybody', 'thank', 'morning', 'thank', 'spending', 'little', 'learning', 'little', 'caremark', 'begin', 'spend', 'minute', 'forward', 'looking', 'statement', 'attention', 'think', 'familiar'] 2038 2038 ['cover', 'morning', 'first', 'start', 'discuss', 'unique', 'combination', 'industry', 'leading', 'assets', 'assets', 'position', 'caremark', 'capitalize', 'change', 'health', 'environment', 'finish', 'talking', 'continue', 'focus', 'enhance', 'shareholder', 'value'] 2039 2039 2040 2040 2041 2041 ['minute', 'review', 'business', 'retail', 'pharmacy', 'strong', 'consistently', 'outperform', 'industry', 'years', 'gain', 'significant', 'share', 'versus', 'chains', 'versus', 'overall', 'retail', 'marketplace', 'today', 'every', 'prescription', 'unite', 'state'] 2042 2042 ['several', 'factor', 'drive', 'performance', 'first', 'growth', 'store', 'continue', 'improvement', 'customer', 'service', 'continue', 'growth', 'significant', 'share', 'gain', 'walgreens', 'dispute', 'importantly', 'retention', 'percentage', 'customer', 'finally', 'growth', 'life', 'management', 'caremark', 'growing', 'share', 'business'] 2043 2043 ['chart', 'growth', 'caremark', 'business', 'help', 'retail', 'performance', 'however', 'outperform', 'market', 'adjust', 'synergy'] 2044 2044 ['another', 'driver', 'growth', 'significant', 'investment', 'retail', 'adherence', 'program', 'program', 'patient', 'right', 'medication', 'thereby', 'generate', 'savings', 'patient', 'payer', 'business'] 2045 2045 ['leveraging', 'caremark', 'insight', 'clinical', 'expertise', 'build', 'launch', 'first', 'retail', 'adherence', 'program', 'since', 'initial', 'rollout', 'enhance', 'expand', 'offering', 'execute', 'million', 'clinical', 'intervention', 'pharmacy', 'retail', 'outlet'] 2046 2046 ['result', 'program', 'drive', 'substantial', 'improvement', 'adherence', 'competition', 'medication', 'possession', 'ratio', 'essentially', 'standard', 'measure', 'adherence', 'stand', 'almost', 'percentage', 'point', 'competition'] 2047 2047 2048 2048 ['another', 'growth', 'success', 'extracare', 'loyalty', 'program', 'million', 'active', 'cardholder', 'today', 'front', 'store', 'sales', 'involve', 'extracare', 'spend', 'years', 'evolve', 'perfect', 'program', 'means', 'depth', 'customer', 'insight', 'unmatched', 'marketplace', 'investing', 'extracare', 'leading'] 2049 2049 2050 2050 2051 2051 2052 2052 ['addition', 'clinical', 'affiliation', 'major', 'health', 'system', 'around', 'country', 'integrating', 'electronic', 'medical', 'record', 'allow', 'transmission', 'clinical', 'information', 'seamlessly', 'system', 'ultimately', 'leading', 'better', 'lowering', 'looking', 'ahead', 'footprint', 'clinic', 'least', 'state'] 2053 2053 2054 2054 2055 2055 ['important', 'selling', 'figure', 'exclude', 'billion', 'revenue', 'associate', 'medicare', 'result', 'sanction', 'sanction', 'prevent', 'participate', 'enrollment', 'medicare', 'remains', 'important', 'growth', 'strategy'] 2056 2056 2057 2057 ['currently', 'cover', 'approximately', 'million', 'life', 'silverscript', 'product', 'health', 'client', 'sponsor', 'program', 'sanction', 'remove', 'enrol', 'medicare', 'beneficiary', 'significant', 'opportunity', 'business'] 2058 2058 2059 2059 ['growth', 'really', 'source', 'first', 'continue', 'transition', 'service', 'manage', 'medicaid', 'second', 'enrollee', 'result', 'affordable', 'expand', 'eligibility', 'criterion', 'recent', 'suggest', 'million', 'individual', 'gain', 'coverage', 'expansion', 'forecast', 'number', 'continue', 'increase', 'coming', 'month'] 2060 2060 2061 2061 2062 2062 2063 2063 2064 2064 ['industry', 'leading', 'share', 'specialty', 'market', 'billion', 'specialty', 'revenue', 'fill', 'manage', 'across', 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'multichannel', 'reach', 'integrate', 'digital', 'offering', 'transparent', 'pricing', 'model', 'minuteclinic', 'especially', 'attractive', 'conscious', 'consumer', 'seeking', 'greater', 'value', 'effective', 'channel'] 2086 2086 2087 2087 2088 2088 2089 2089 2090 2090 ['despite', 'progress', 'significant', 'opportunity', 'continue', 'share', 'enterprise', 'perspective', 'client', 'spend'] 2091 2091 ['touch', 'continue', 'commitment', 'enhance', 'shareholder', 'value', 'three', 'years', 'roadmap', 'driving', 'value', 'remain', 'going', 'forward', 'include', 'three', 'pillar', 'first', 'focus', 'driving', 'productive', 'growth', 'second', 'expectation', 'generate', 'significant'] 2092 2092 2093 2093 ['analyst', 'december', 'steady', 'state', 'growth', 'target', 'period', 'course', 'years', 'target', 'compound', 'annual', 'growth', 'rates', 'operate', 'profit', 'adjust', 'earnings', 'share'] 2094 2094 ['course', 'given', 'earnings', 'progress', 'continue', 'improvement', 'capital', 'management', 'average', 'billion', 'billion', 'annually', 'available', 'available', 'enhance', 'shareholder', 'value'] 2095 2095 ['assume', 'certain', 'portion', 'repurchase', 'share', 'period', 'could', 'enhance', 'growth', 'another', 'leading', 'compound', 'annual', 'growth', 'total', 'adjust', 'earnings', 'share', 'years'] 2096 2096 2097 2097 ['priority', 'first', 'strategic', 'investment', 'drive', 'growth', 'financial', 'return', 'business', 'second', 'target', 'dividend', 'payout', 'ratio', 'versus', 'current', 'level', 'approximately', 'imply', 'compound', 'annual', 'growth', 'dividend', 'nearly', 'absent', 'return', 'strategic', 'investment', 'perhaps', 'billion', 'billion', 'annual', 'value', 'enhance', 'share', 'repurchase', 'could', 'execute'] 2098 2098 2099 2099 2100 2100 2101 2101 ['think', 'morning', 'probably', 'couple', 'minutes', 'happy', 'question'] 2102 2102 ['question', 'answer'] 2103 2103 ['peter', 'costa', 'question', 'question', 'track', '4222333', 'question', 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'life', 'silverscript', 'product', 'health', 'client', 'sponsor', 'program'] 2190 2190 ['sanction', 'remove', 'enrol', 'medicare', 'beneficiary', 'program', 'significant', 'opportunity', 'growth', 'business'] 2191 2191 2192 2192 ['growth', 'source', 'first', 'continue', 'transition', 'service', 'manage', 'medicaid', 'second', 'enrollee', 'result', 'affordable', 'expand', 'eligibility', 'recent', 'available', 'indicate', 'three', 'million', 'individual', 'gain', 'coverage', 'expansion', 'forecast', 'number', 'continue', 'increase', 'coming', 'month'] 2193 2193 ['expect', 'slight', 'positive', 'impact', 'result', 'growth', 'medicaid', 'segment', 'continue', 'believe', 'caremark', 'position', 'serve', 'customer', 'across', 'enterprise', 'assets', 'today', 'share', 'manage', 'medicaid', 'market', 'poise', 'maintain', 'leadership', 'position', 'growing', 'market', 'given', 'expertise', 'interest', 'manage', 'medicaid', 'provider', 'narrowing', 'retail', 'pharmacy', 'network', 'give', 'opportunity', 'enterprise', 'share', 'pharmacy', 'store'] 2194 2194 ['another', 'important', 'growth', 'driver', 'focus', 'client', 'specialty', 'pharmacy', 'think', 'everyone', 'aware', 'specialty', 'encompass', 'drug', 'complex', 'conditions', 'whether', 'talking', 'rheumatoid', 'arthritis', 'hepatitis', 'specialty', 'expenditure', 'growing', 'annually', 'payer', 'certainly', 'increasingly', 'focus', 'control', 'specialty', 'costs'] 2195 2195 2196 2196 ['industry', 'leading', 'share', 'specialty', 'market', 'billion', 'specialty', 'revenue', 'either', 'fill', 'manage', 'across', 'enterprise', 'take', 'leadership', 'terms', 'expand', 'formulary', 'management', 'specialty', 'specialty', 'connect', 'product', 'actually', 'fill', 'unmet', 'consumer', 'convenience', 'access', 'specialty', 'finally', 'recent', 'acquisition', 'coram', 'actually', 'give', 'leading', 'position', 'infusion', 'market', 'expand', 'competitive', 'specialty', 'offering'] 2197 2197 2198 2198 ['first', 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'corporation'] 2262 2262 ['roberts'] 2263 2263 ['caremark', 'corporation', 'president'] 2264 2264 2265 2265 ['caremark', 'corporation', 'president', 'retail', 'business'] 2266 2266 ['conference', 'participant'] 2267 2267 2268 2268 2269 2269 2270 2270 ['goldman', 'sachs', 'analyst'] 2271 2271 ['muken'] 2272 2272 2273 2273 2274 2274 2275 2275 ['scott', 'mushkin'] 2276 2276 2277 2277 [] 2278 2278 2279 2279 2280 2280 ['macquarie', 'security', 'analyst'] 2281 2281 ['peter', 'costa'] 2282 2282 ['wells', 'fargo', 'security', 'analyst'] 2283 2283 2284 2284 2285 2285 ['steven', 'valiquette'] 2286 2286 2287 2287 2288 2288 ['jefferies', 'company', 'analyst'] 2289 2289 ['ricky', 'goldwasser'] 2290 2290 ['morgan', 'stanley', 'analyst'] 2291 2291 2292 2292 ['leerink', 'partner', 'analyst'] 2293 2293 ['ransom'] 2294 2294 ['raymond', 'james', 'associate', 'analyst'] 2295 2295 2296 2296 2297 2297 ['george'] 2298 2298 2299 2299 ['robert', 'willoughby'] 2300 2300 ['merrill', 'lynch', 'analyst'] 2301 2301 2302 2302 2303 2303 2304 2304 2305 2305 ['nancy', 'christal', 'caremark', 'corporation', 'thanks', 'morning', 'everyone', 'thanks', 'joining', 'today', 'morning', 'larry', 'merlo', 'president', 'provide', 'business', 'update', 'denton', 'executive', 'president', 'review', 'first', 'quarter', 'result', 'guidance', 'second', 'quarter', 'roberts', 'president', 'helena', 'foulkes', 'president', 'retail', 'business', 'today', 'participate', 'question', 'answer', 'session', 'following', 'prepare', 'remark'] 2306 2306 ['please', 'limit', 'question', 'quick', 'follow', 'provide', 'caller', 'chance', 'question', 'please', 'post', 'slide', 'presentation', 'website', 'summarize', 'information', 'today', 'additional', 'fact', 'figure', 'regard', 'operate', 'performance', 'guidance', 'additionally', 'please', 'quarterly', 'report', 'file', 'close', 'business', 'today', 'available', 'website'] 2307 2307 ['today', 'presentation', 'forward', 'looking', 'statement', 'within', 'meaning', 'federal', 'security', 'nature', 'forward', 'looking', 'statement', 'involve', 'risk', 'uncertainty', 'actual', 'result', 'differ', 'materially', 'contemplate', 'forward', 'looking', 'statement', 'number', 'reason', 'describe', 'filing', 'include', 'factor', 'section', 'cautionary', 'statement', 'disclosure', 'recently', 'file', 'annual', 'report', '10-k.'] 2308 2308 ['financial', 'measure', 'talking', 'company', 'performance', 'include', 'adjust', 'accordance', 'regulation', 'definition', 'item', 'reconciliation', 'comparable', 'measure', 'investor', 'relations', 'portion', 'website', 'always', 'today', 'simulcast', 'website', 'archive', 'following', 'larry', 'merlo'] 2309 2309 2310 2310 2311 2311 ['operate', 'profit', 'growth', 'slightly', 'expectation', 'increase', 'strong', 'billion', 'generate', 'quarter', 'achieve', 'disappoint', 'severe', 'weather', 'damper', 'otherwise', 'excellent', 'quarter', 'remain', 'confident', 'outlook', 'discus', 'financial', 'result', 'guidance', 'greater', 'detail', 'financial', 'review'] 2312 2312 2313 2313 ['touch', 'briefly', '10-year', 'agreement', 'cardinal', 'health', 'agreement', 'form', 'large', 'generic', 'source', 'entity', 'caremark', 'cardinal', 'continue', 'closely', 'together', 'aspect', 'launch', 'deepening', 'longstanding', 'working', 'relationship', 'building', 'combine', 'source', 'expertise', 'initial', 'reaction', 'supplier', 'positive', 'remain', 'track', 'company', 'staff', 'individual', 'cardinal', 'caremark', 'entity', 'locate', 'foxborough', 'massachusetts', 'operate', 'source', 'progress', 'continue', 'looking', 'forward', 'excite', 'venture'] 2314 2314 2315 2315 ['remind', 'everyone', 'business', 'exclude', 'impact', 'attrition', 'business', 'discuss', 'analyst', 'approximately', 'billion', 'revenue', 'relate', 'sanction', 'sanction', 'list', 'enroll', 'newly', 'eligible', 'medicare', 'life', 'program', 'throughout', 'however', 'miss', 'opportunity', 'life', 'enrollment', 'silverscript', 'mention', 'begin', 'enroll', 'chooser', 'february', 'medicare', 'expect', 'begin', 'receive', 'income', 'subsidy', 'assignee', 'month', 'currently', 'roughly', 'million', 'life', 'individual', 'continue', 'significant', 'opportunity', 'business'] 2316 2316 ['please', 'report', 'successful', 'welcome', 'season', 'effectively', 'handle', 'hundred', 'implementation', 'level', 'service', 'success', 'drive', 'investment', 'people', 'process', 'technology', 'selling', 'season', 'still', 'early', 'provide', 'substantive', 'update', 'marketplace', 'active', 'seeing', 'significantly', 'higher', 'level', 'relative', 'selling', 'season', 'would', 'activity', 'generally', 'consistent', 'level', 'experience', 'years'] 2317 2317 ['april', 'release', 'annual', 'pharmacy', 'benefit', 'manager', 'customer', 'satisfaction', 'report', 'broad', 'survey', 'include', 'opinion', 'nearly', 'sponsor', 'represent', 'almost', 'million', 'member', 'please', 'caremark', 'rank', 'first', 'among', 'large', 'publicly', 'trade', 'overall', 'satisfaction', 'think', 'result', 'underscore', 'commitment', 'excellent', 'service', 'believe', 'position', 'marketplace', 'retain', 'business', 'share', 'strong', 'service', 'record', 'along', 'unique', 'suite', 'capability'] 2318 2318 2319 2319 ['move', 'specialty', 'business', 'remain', 'strong', 'first', 'quarter', 'revenue', 'approximately', 'today', 'specialty', 'revenue', 'business', 'dispense', 'caremark', 'specialty', 'pharmacy', 'service', 'model', 'resonate', 'customer', 'specialty', 'standalone', 'market', 'impact', 'specialty', 'client', 'currently'] 2320 2320 2321 2321 ['highlight', 'offering', 'utilize', 'unique', 'assets', 'customer', 'manage', 'specialty', 'costs', 'medical', 'pharmacy', 'management', 'management', 'first', 'believe', 'suite', 'offering', 'medical', 'pharmacy', 'management', 'significant', 'differentiator', 'strategy', 'manage', 'aspect', 'specialty', 'patient', 'accord', 'recent', 'millman', 'report', 'transition', 'portion', 'specialty', 'flowing', 'medical', 'benefit', 'move', 'pharmacy', 'benefit', 'payer', 'average', 'across', 'class', 'specialty', 'injectables'] 2322 2322 2323 2323 ['secondly', 'offer', 'patient', 'convenient', 'lower', 'alternative', 'hospital', 'outpatient', 'infusion', 'could', 'physician', 'office', 'could', 'retail', 'infusion', 'patient', 'create', 'opportunity', 'reduce', 'costs', 'recent', 'acquisition', 'coram', 'enable', 'execute', 'coram', 'market', 'leader', 'specialty', 'infusion', 'services', 'enteral', 'nutrition', 'integration', 'going', 'sales', 'force', 'align', 'beginning', 'develop', 'integrate', 'product', 'hospital', 'health', 'plan'] 2324 2324 ['addition', 'opportunity', 'rollout', 'specialty', 'connect', 'offering', 'expect', 'complete', 'quarter', 'specialty', 'connect', 'integrate', 'retail', 'capability', 'provide', 'choice', 'convenience', 'member', 'preserve', 'central', 'clinical', 'expertise', 'lead', 'better', 'health', 'outcome', 'april', '15,000', 'specialty', 'patient', 'serve', 'model', 'adherence', 'satisfaction', 'rates', 'already', 'meeting', 'exceed', 'traditional', 'specialty', 'continue', 'excite', 'prospect', 'specialty', 'connect', 'offering', 'client', 'another', 'achieve', 'objective', 'think', 'given', 'example', 'think', 'position', 'continue', 'share', 'growing', 'specialty', 'marketplace', 'develop', 'innovative', 'offering', 'capitalize', 'unique', 'ability', 'optimize', 'quality', 'access'] 2325 2325 ['move', 'retail', 'business', 'solid', 'operate', 'profit', 'growth', 'quarter', 'despite', 'tough', 'comparison', 'strong', 'season', 'along', 'extreme', 'weather', 'experience', 'throughout', 'quarter', 'total', 'store', 'sales', 'increase', 'pharmacy', 'store', 'sales', 'increase', 'pharmacy', 'sales', 'comp', 'negatively', 'impact', 'basis', 'point', 'recent', 'generic', 'introduction', 'approximately', 'basis', 'point', 'impact', 'weather', 'along', 'comparison', 'season'] 2326 2326 2327 2327 ['exclude', 'impact', 'tobacco', 'category', 'expect', 'front', 'store', 'comp', 'improve', 'remain', 'quarters', 'break', 'impact', 'comp', 'exit', 'tobacco', 'category', 'easily', 'underlie', 'performance', 'worth', 'note', 'response', 'tobacco', 'category', 'continue', 'extremely', 'positive', 'remain', 'confident', 'strategic', 'decision', 'enhance', 'enterprise', 'opportunity', 'growth', 'caremark', 'play', 'expand', 'evolve', 'health', 'delivery', 'system'] 2328 2328 ['first', 'quarter', 'continue', 'increase', 'breadth', 'depth', 'promotional', 'activity', 'marketplace', 'state', 'times', 'continue', 'reduce', 'dependency', 'weekly', 'circular', 'begin', 'shift', 'promotional', 'investment', 'personalize', 'offer', 'extracare', 'program', 'driving', 'profitable', 'sales', 'rather', 'chase', 'empty', 'sales', 'competitor', 'promotional', 'activity', 'higher', 'actually', 'reduce', 'circular', 'block', 'reduce'] 2329 2329 2330 2330 2331 2331 2332 2332 2333 2333 2334 2334 ['denton', 'caremark', 'corporation', 'thank', 'larry', 'morning', 'everyone', 'always', 'provide', 'detail', 'review', 'first', 'quarter', 'result', 'follow', 'review', 'guidance', 'highlight', 'continue', 'enhance', 'shareholder', 'value', 'discipline', 'capital', 'allocation', 'program', 'first', 'quarter', 'approximately', 'million', 'dividend', 'given', 'continue', 'strong', 'earnings', 'outlook', 'remain', 'track', 'surpass', 'target', 'payout', 'ratio', 'point', 'ahead', 'original', 'schedule'] 2335 2335 2336 2336 2337 2337 ['contrast', 'expectation', 'quickly', 'result', 'consolidate', 'basis', 'revenue', 'first', 'quarter', 'increase', 'approximately', 'billion', 'billion', 'revenue', 'increase', 'healthy', 'approximately', 'billion', 'billion', 'strong', 'performance', 'drive', 'specialty', 'inflation', 'business', 'offset', 'degree', 'lower', 'choice', 'claim', 'negative', 'impact', 'claim', 'weather'] 2338 2338 2339 2339 ['turning', 'gross', 'margin', 'report', 'consolidate', 'company', 'quarter', 'increase', 'approximately', 'basis', 'point', 'compare', 'within', 'segment', 'gross', 'margin', 'increase', 'approximately', 'basis', 'point', 'quarter', 'gross', 'profit', 'dollar', 'increase', 'approximately', 'increase', 'drive', 'growth', 'specialty', 'business', 'better', 'acquisition', 'costs', 'rebate', 'economics', 'increase', 'positive', 'margin', 'driver', 'partially', 'offset', 'typical', 'client', 'price', 'compression', 'gross', 'margin', 'retail', 'segment', 'basis', 'point', 'improvement', 'drive', 'increase', 'notable', 'increase', 'front', 'store', 'margin', 'additionally', 'gross', 'profit', 'dollar', 'increase', 'within', 'retail', 'business'] 2340 2340 2341 2341 2342 2342 ['retail', 'operate', 'profit', 'increase', 'healthy', 'retail', 'sales', 'negatively', 'affect', 'weather', 'retail', 'operate', 'margin', 'estimate', 'going', 'consolidate', 'income', 'statement', 'interest', 'expense', 'quarter', 'increase', 'approximately', 'million', 'million', 'issue', 'forth', 'quarter', 'primary', 'driver', 'increase', 'weight', 'average', 'share', 'count', 'billion', 'share', 'finally', 'effective', 'slightly', 'higher', 'anticipate'] 2343 2343 2344 2344 2345 2345 2346 2346 2347 2347 2348 2348 ['couple', 'note', 'second', 'quarter', 'margin', 'second', 'quarter', 'expect', 'large', 'state', 'finalize', 'reduction', 'medicaid', 'reimbursement', 'rates', 'given', 'historical', 'estimate', 'finalization', 'likely', 'positive', 'impact', 'pharmacy', 'margin', 'second', 'quarter', 'reconcile', 'confirm', 'structure', 'expect', 'total', 'front', 'store', 'margin', 'decline', 'second', 'quarter', 'anticipate', 'discount', 'inventory', 'relate', 'tobacco', 'category', 'tough', 'comparison', 'second', 'quarter', 'high', 'quarter', 'expect', 'front', 'store', 'margin', 'positive', 'things', 'consider', 'expect', 'another', 'solid', 'quarter'] 2349 2349 2350 2350 ['larry', 'merlo', 'thank', 'reminder', 'ongoing', 'change', 'seeing', 'healthcare', 'environment', 'certainly', 'create', 'unique', 'opportunity', 'caremark', 'unmatched', 'model', 'innovative', 'solution', 'position', 'capitalize', 'opportunity', 'believe', 'create', 'sustainable', 'competitive', 'advantage', 'management', 'remains', 'laser', 'focus', 'driving', 'enterprise', 'growth', 'enhance', 'shareholder', 'value', 'ahead', 'question'] 2351 2351 ['question', 'answer'] 2352 2352 ['operator', 'operator', 'instructions'] 2353 2353 2354 2354 2355 2355 ['larry', 'merlo', 'charles', 'larry', 'start', 'think', 'allude', 'prepare', 'remark', 'specialty', 'patient', 'dealing', 'complex', 'issue', 'hear', 'month', 'client', 'forum', 'client', 'focus', 'manage', 'trend', 'without', 'compromise', 'private', 'market', 'solution', 'prove', 'successful', 'acceptance', 'growing', 'interest', 'terms', 'bringing', 'tool', 'successful', 'traditional', 'pharmacy', 'specialty'] 2356 2356 ['addition', 'talk', 'example', 'morning', 'believe', 'unique', 'integrate', 'product', 'bring', 'tool', 'entire', 'specialty', 'market', 'become', 'category'] 2357 2357 2358 2358 2359 2359 2360 2360 2361 2361 ['larry', 'merlo', 'charles', 'thing', 'would', 'among', 'client', 'growing', 'interest', 'formulary', 'management', 'think', 'aware', 'competitor', 'introduce', 'similar', 'strategy', 'introduce', 'formulary', 'program', 'three', 'years', 'think', 'opportunity', 'drive', 'costs'] 2362 2362 ['operator', 'question', 'come', 'robert', 'jones', 'goldman', 'sachs'] 2363 2363 2364 2364 ['larry', 'merlo', 'start', 'maybe', 'anything', 'ordinary', 'anticipate', 'comprehend', 'outlook', 'brand', 'think', 'trend', 'similar', 'prior', 'years', 'generic', 'market', 'price', 'increase', 'relatively', 'small', 'number', 'entire', 'business', 'really', 'material', 'result'] 2365 2365 ['denton', 'around', 'generic', 'generic', 'marketplace', 'generic', 'capacity', 'marketplace', 'today', 'generic', 'competition', 'think', 'think', 'opportunity', 'remain', 'business', 'continue', 'drive', 'good', 'importantly', 'several', 'period', 'beginning', 'joint', 'venture', 'cardinal', 'health'] 2366 2366 ['robert', 'jones', 'guess', 'follow', 'around', 'pharmacy', 'move', 'script', 'obviously', 'appreciate', 'detail', 'impact', 'weather', 'script', 'look', 'still', 'store', 'basis', 'think', 'basis', 'point', 'negative', 'impact', 'weather', 'really', 'would', 'pretty', 'impressive', 'growth', 'script', 'front', 'think', 'slide', 'might', 'mention', 'outlook', 'think', 'clearly', 'forward', 'seeing', 'prescription', 'growth', 'really', 'years', 'break', 'driver', 'underlie', 'growth', 'quarter', 'behind', 'expectation', 'script', 'growth', 'going', 'forward'] 2367 2367 ['denton', 'maybe', 'start', 'maybe', 'larry', 'helena', 'continue', 'share', 'marketplace', 'think', 'importantly', 'business', 'couple', 'years', 'continue', 'share', 'caremark', 'client', 'dispense', 'volume', 'channel', 'and/or', 'caremark', 'channel', 'enable', 'outpace', 'marketplace', 'general', 'script', 'trend', 'perform', 'expectation', 'several', 'period', 'continue', 'process', 'really', 'fundamentally', 'change', 'strong', 'underlie', 'trajectory'] 2368 2368 2369 2369 2370 2370 ['larry', 'merlo', 'morning'] 2371 2371 2372 2372 2373 2373 ['think', 'tobacco', 'another', 'item', 'check', 'recognize', 'growing', 'evidence', 'terms', 'tobacco', 'overall', 'healthcare', 'costs', 'desire', 'health', 'plan', 'employer', 'sponsor', 'coverage', 'begin', 'costs', 'associate', 'think', 'case', 'leading', 'bring', 'solution'] 2374 2374 ['roberts', 'positioning', 'marketplace', 'service', 'level', 'strong', 'larry', 'talk', 'opening', 'remark', 'differentiate', 'capability', 'resonate', 'marketplace', 'maintenance', 'choice', 'minuteclinic', 'specialty', 'specialty', 'clearly', 'client', 'priority', 'capability', 'specialty', 'connect', 'novologix', 'accordant', 'example', 'front', 'client', 'tobacco', 'always', 'come', 'applaud'] 2375 2375 2376 2376 ['muken', 'great', 'maybe', 'question', 'capital', 'deployment', 'fantastic', 'talk', 'payout', 'ratio', 'obviously', 'buying', 'stock', 'still', 'front', 'chatter', 'public', 'market', 'latin', 'america', 'brazil', 'venture', 'update', 'thinking', 'market', 'still', 'preference', 'terms', 'higher', 'growth', 'market', 'expansion', 'versus', 'maybe', 'develop', 'market', 'lower', 'growth'] 2377 2377 2378 2378 2379 2379 ['larry', 'merlo', 'guess', 'since', 'operate', 'onofre', 'result', 'expectation', 'remain', 'focus', 'learning', 'international', 'operations', 'several', 'pilot', 'underway', 'allow', 'bring', 'expertise', 'market', 'understand', 'capability', 'brazil', 'result', 'test', 'today', 'think', 'store', 'accelerate', 'growth', 'future', 'years', 'organically', 'inorganic', 'state', 'allude', 'discipline', 'approach', 'international', 'expansion', 'plan'] 2380 2380 2381 2381 2382 2382 2383 2383 2384 2384 ['larry', 'merlo', 'would'] 2385 2385 2386 2386 ['larry', 'merlo', 'think', 'think', 'significance', 'around', 'coram', 'acquisition', 'ability', 'manage', 'specialty', 'manage', 'specialty', 'patient', 'holistically', 'infusion', 'component', 'miss', 'piece', 'puzzle', 'would', 'allow', 'excite', 'capability', 'touch', 'unique', 'offering', 'bring', 'market', 'combine', 'anticipate', 'growth', 'specialty', 'market', 'think', 'place'] 2387 2387 ['roberts', 'coram', 'acquisition', 'novologix', 'acquisition', 'think', 'specialty', 'pharmacy', 'spend', 'pharmacy', 'traditionally', 'manage', 'essentially', 'double', 'assets', 'participate', 'specialty', 'pharmacy', 'across', 'pharmacy', 'medical', 'build', 'specialty', 'strategy', 'really', 'across', 'three', 'pillar', 'quality', 'access', 'solution', 'marketplace', 'looking', 'solution', 'priority', 'believe', 'assets', 'allow', 'disproportionately'] 2388 2388 2389 2389 ['larry', 'merlo', 'obviously', 'excite', 'laughter'] 2390 2390 2391 2391 ['larry', 'merlo', 'first', 'helena', 'personalization', 'strategy', 'think', 'opportunity', 'level', 'retail', 'ability', 'operate', 'margin', 'point', 'ability', 'volume', 'driver', 'especially', 'think', 'pharmacy', 'opportunity', 'acknowledge', 'fix', 'costs', 'exist', 'brick', 'mortar', 'pharmacist', 'think', 'strategy', 'thought', 'process', 'helena', 'little', 'personalization', 'strategy', 'relate', 'front', 'business'] 2392 2392 2393 2393 2394 2394 ['larry', 'merlo', 'allude', 'comment', 'obviously', 'would', 'front', 'store', 'comp', 'better', 'think', 'talk', 'call', 'balance', 'little', 'science', 'continue', 'innovate', 'sweet', 'think', 'hear', 'earlier', 'remark', 'create', 'sustainable', 'front', 'strategy', 'quite', 'frankly', 'think', 'elements', 'current', 'promotional', 'marketplace', 'sustainable'] 2395 2395 2396 2396 2397 2397 2398 2398 ['roberts', 'scott', 'bring', 'larry', 'talk', 'client', 'health', 'focus', 'primary', 'medical', 'home', 'connect', 'technology', 'platform', 'services', 'store', 'minuteclinics', 'coram'] 2399 2399 2400 2400 ['helena', 'foulkes', 'building', 'point', 'think', 'larry', 'allude', 'spend', 'great', 'working', 'together', 'rollout', 'specialty', 'connect', 'really', 'excite', 'going', 'great', 'example', 'working', 'together', 'bring', 'solution', 'marketplace', 'truly', 'unique', 'holistic', 'thinking', 'enterprise', 'perspective', 'individual', 'business', 'unit'] 2401 2401 2402 2402 ['larry', 'merlo', 'scott', 'think', 'question', 'ask', 'think', 'ultimately', 'generate', 'volume', 'big'] 2403 2403 ['operator', 'question', 'come', 'jpmorgan'] 2404 2404 ['analyst', 'jpmorgan', 'chase', 'company', 'thanks', 'morning', 'everyone'] 2405 2405 ['larry', 'merlo', 'morning'] 2406 2406 2407 2407 ['larry', 'merlo', 'think', 'guess', 'season', 'opportunity', 'base', 'terms', 'market', 'equal', 'volume', 'think', 'question', 'always', 'business', 'renewal', 'normal', 'renewal', 'season', 'think', 'call', 'billion', 'billion', 'renewal', 'exclude', 'think', 'people', 'compare', 'recognize', 'activity', 'marketplace', 'active', 'point'] 2408 2408 ['roberts', 'obviously', 'still', 'early'] 2409 2409 2410 2410 ['roberts', 'think', 'clearly', 'manage', 'business', 'early', 'season', 'beginning', 'employer', 'business', 'market', 'activity', 'tracking', 'essentially', 'couple', 'years', 'probably', 'think', 'terms'] 2411 2411 ['operator', 'question', 'come', 'leone', 'macquarie'] 2412 2412 ['leone', 'analyst', 'macquarie', 'security', 'thank', 'taking', 'question', 'choice', 'penetration', 'dip', 'years', 'point', 'curious', 'insight', 'cause', 'whether', 'volume', 'sanction', 'something', 'fundamental', 'market', 'anything', 'would', 'really'] 2413 2413 ['larry', 'merlo', 'start', 'others', 'traditional', 'growth', 'driver', 'slowing', 'driver', 'behind', 'payer', 'shift', 'business', 'migrate', 'medicare', 'medicaid', 'segment', 'traditional', 'driver', 'exist', 'within', 'government', 'program', 'think', 'beginning'] 2414 2414 ['roberts', 'seeing', 'maintenance', 'choice', 'volume', 'retail', 'enough', 'offset', 'seeing', 'think', 'million', 'life', 'maintenance', 'choice', 'program', 'talk', 'opportunity', 'million', 'life', 'still', 'think', 'opportunity', 'larry', 'talk', 'shift', 'difference', 'specifically', 'plan', 'penetration', 'really', 'factor'] 2415 2415 2416 2416 ['denton', 'little', 'different', 'think', 'economics', '90-day', 'maintenance', 'prescription', 'retail', 'carry', 'economics', 'truly', 'financially', 'agnostic', 'model', 'payer', 'patient', 'opportunity', 'economics', 'mandatory', 'program', 'pushing', 'channel', 'choose', 'utilize'] 2417 2417 ['operator', 'question', 'come', 'peter', 'costa', 'wells', 'fargo', 'security'] 2418 2418 2419 2419 2420 2420 ['roberts', 'peter', 'talking', 'basket', 'front', 'basket', 'encompass', 'anything', 'pharmacy'] 2421 2421 ['peter', 'costa', 'understand', 'question', 'though', 'parse', 'weather', 'impact', 'things', 'going', 'weather', 'theoretically', 'impact', 'front'] 2422 2422 2423 2423 ['operator', 'question', 'come', 'edward', 'kelly', 'credit', 'suisse'] 2424 2424 ['edward', 'kelly', 'analyst', 'credit', 'suisse', 'morning'] 2425 2425 2426 2426 ['edward', 'kelly', 'couple', 'quick', 'question', 'first', 'usually', 'since', 'impact', 'weather', 'could', 'terms', 'things', 'shape', 'april', 'couple', 'things', 'within', 'right', 'seem', 'underlie', 'script', 'growth', 'industry', 'accelerate', 'wonder', 'thought', 'might', 'driver', 'second', 'front', 'business', 'easter', 'better', 'weather', 'anything', 'better'] 2427 2427 2428 2428 2429 2429 2430 2430 ['helena', 'foulkes', 'absolutely', 'right', 'still', 'working', 'plan', 'testing', 'number', 'things', 'certainly', 'expect', 'behind', 'space', 'tobacco', 'sales', 'really', 'looking', 'question', 'allude', 'increasingly', 'positioning', 'healthcare', 'company', 'making', 'store', 'represent', 'healthcare', 'company'] 2431 2431 2432 2432 ['steven', 'valiquette', 'analyst', 'thanks', 'morning', 'guess', 'quick', 'question', 'cardinal', 'aside', 'million', 'annual', 'payment', 'guess', 'question', 'expect', 'fairly', 'quick', 'turnaround', 'improve', 'overall', 'pool', 'purchasing', 'cardinal', 'happen', 'slowly'] 2433 2433 ['reason', 'hear', 'letters', 'various', 'party', 'procurement', 'collaboration', 'supply', 'channel', 'generic', 'supplier', 'try', 'capitalize', 'quickly', 'curious', 'thought', 'going', 'happen', 'whether', 'quick', 'improvement', 'gradual', 'color', 'would', 'thanks'] 2434 2434 ['denton', 'maybe', 'start', 'clearly', 'working', 'pretty', 'aggressively', 'right', 'folks', 'cardinal', 'joint', 'venture', 'running', 'still', 'little', 'happen', 'think', 'team', 'working', 'collaboratively', 'happen', 'productively', 'think', 'probably', 'little', 'early', 'provide', 'color'] 2435 2435 2436 2436 2437 2437 ['operator', 'question', 'come', 'wiltamuth', 'jefferies'] 2438 2438 ['wiltamuth', 'analyst', 'jefferies', 'company', 'specialty', 'primary', 'lever', 'getting', 'specialty', 'spend', 'medical', 'benefit', 'pharmacy', 'benefit', 'change', 'benefit', 'design'] 2439 2439 2440 2440 2441 2441 2442 2442 ['wiltamuth', 'coram', 'people', 'towards', 'coram', 'business', 'infusion', 'rather', 'going', 'medical', 'facility'] 2443 2443 2444 2444 ['costs', 'patient', 'hospital', 'fast', 'capability', 'procedure', 'versus', 'hospital', 'reduce', 'readmission', 'rates', 'marketplace', 'payer', 'interest', 'capability', 'think', 'skin', 'infusion', 'network', 'means', 'volume', 'coram'] 2445 2445 ['larry', 'merlo', 'point', 'emphasize', 'first', 'question', 'think', 'powerful', 'showing', 'client', 'whether', 'health', 'employer', 'savings', 'opportunity', 'important', 'story'] 2446 2446 2447 2447 2448 2448 2449 2449 ['roberts', 'ricky', 'hear', 'activity', 'sovaldi', 'payer', 'around', 'narrowing', 'network', 'activity', 'around', 'making', 'patient', 'place', 'medication', 'really', 'big', 'opportunity', 'lower', 'sovaldi', 'going', 'around', 'formulary', 'management', 'happen', 'fourth', 'quarter', 'drug', 'market', 'competition', 'class'] 2450 2450 2451 2451 ['denton', 'ricky', 'nexium', 'product', 'always', 'level', 'uncertainty', 'guidance', 'range', 'comprehend', 'guess', 'series', 'different', 'scenario', 'around', 'product', 'product'] 2452 2452 ['operator', 'question', 'come', 'david', 'larsen', 'leerink', 'partner'] 2453 2453 ['david', 'larsen', 'analyst', 'leerink', 'partner', 'comment', 'would', 'enhance', 'level', 'number', 'services', 'retail', 'store', 'could', 'provide', 'become', 'primary', 'physician', 'particular', 'around', 'something', 'contemplate', 'bringing', 'store', 'thanks'] 2454 2454 2455 2455 2456 2456 ['larry', 'merlo', 'think', 'thinking', 'testing', 'store', 'really', 'satisfy', 'increase', 'services', 'provide', 'around', 'management', 'chronic', 'disease'] 2457 2457 ['operator', 'question', 'come', 'ransom', 'raymond', 'james'] 2458 2458 2459 2459 ['larry', 'merlo', 'larry', 'think', 'mention', 'specialty', 'trend', 'approach', 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'aggressive', 'growth', 'rates', 'earnings', 'perspective', 'obviously', 'help', 'yield', 'secondly', 'continue', 'working', 'capital', 'would', 'meredith', 'program', 'driving', 'continue', 'think', 'talk', 'probably', 'big', 'opportunity', 'continue', 'enhance', 'inventory', 'position', 'supply', 'chain', 'perspective', 'within', 'retail', 'store'] 2468 2468 2469 2469 2470 2470 ['helena', 'foulkes', 'think', 'first', 'assumption', 'right', 'meredith', 'overall', 'household', 'penetration', 'sunday', 'circular', 'years', 'projection', 'forward', 'continue', 'decline', 'continue', 'current', 'ahead', 'curve', 'really', 'investing', 'outside', 'circular', 'silver', 'moment', 'going', 'cycle', 'something', 'think', 'continue'] 2471 2471 ['larry', 'merlo', 'question'] 2472 2472 2473 2473 2474 2474 2475 2475 2476 2476 2477 2477 2478 2478 2479 2479 2480 2480 ['operator', 'final', 'question', 'come', 'robert', 'willoughby', 'america', 'merrill', 'lynch'] 2481 2481 ['robert', 'willoughby', 'analyst', 'merrill', 'lynch', 'larry', 'envision', 'add', 'oxygen', 'therapy', 'durable', 'medical', 'equipment', 'stable', 'business', 'infusion', 'business', 'secondarily', 'primary', 'competitor', 'world', 'grace', 'three', 'subpoena', 'anticipate', 'seeing', 'similar', 'disclosure', 'evening'] 2482 2482 2483 2483 2484 2484 ['robert', 'willoughby', 'great', 'thank'] 2485 2485 2486 2486 ['operator', 'lady', 'gentleman', 'conclude', 'conference', 'today', 'thank', 'participation', 'please', 'disconnect'] 2487 2487 ['thomson', 'financial', 'reserves', 'right', 'change', 'document', 'content', 'information', 'without', 'obligation', 'notify', 'person', 'change'] 2488 2488 2489 2489 2490 2491 2491 2492 2493 2493 2494 2495 2495 ['transcript', '050214a5353618.718'] 2496 2497 2497 2498 2499 2499 ['copyright'] 2500 2500 2501 2502 2502 2503 2504 2504 2505 2506 2506 ['focus', 'document'] 2507 2508 2509 2509 ['disclosure'] 2510 2511 2511 ['february', 'tuesday'] 2512 2513 2513 2514 2515 2515 2516 2517 2517 2518 2518 ['david', 'denton'] 2519 2519 2520 2520 ['roberts'] 2521 2521 2522 2522 ['conference', 'participant'] 2523 2523 ['frank', 'morgan'] 2524 2524 2525 2525 ['presentation'] 2526 2526 2527 2527 2528 2528 2529 2529 2530 2530 ['secondly', 'focus', 'complement', 'purchase', 'generic', 'working', 'aggressively', 'seeing', 'favorability', 'finally', 'relationship', 'create', 'payer', 'community', 'supporting', 'relationship', 'add', 'profit', 'outlook', 'three', 'elements', 'would', 'overall', 'business', 'remains', 'healthy', 'perspective'] 2531 2531 2532 2532 ['david', 'denton', 'think', 'pretty', 'successfully', 'retailer', 'partner', 'provider', 'payer', 'drive', 'either', 'generic', 'utilization', 'switching', 'therapy', 'improve', 'adherence', 'closing', 'relationship', 'payer', 'really', 'foster', 'scenario'] 2533 2533 2534 2534 2535 2535 ['frank', 'morgan', 'idea', 'share', 'might', 'behind', 'multiple', 'speaker', 'counter'] 2536 2536 2537 2537 2538 2538 ['david', 'denton', 'overwhelmingly', 'positive', 'actually', 'quite', 'honestly', 'strike', 'positive', 'everybody', 'story', 'either', 'family', 'member', 'parent', 'affect', 'tobacco', 'really', 'positive', 'event', 'press', 'perspective', 'goodwill', 'perspective', 'commitment', 'think', 'right', 'thing', 'short', 'revenue', 'profit'] 2539 2539 2540 2540 ['frank', 'morgan', 'maybe', 'actually', 'mention', 'history', 'behind', 'really', 'works'] 2541 2541 2542 2542 ['frank', 'morgan', 'earnings', 'reference', 'contract', 'coming', 'renewal', 'little', 'contract', 'anything', 'share', 'profitability', 'tying', 'believe', 'recent', 'decision', 'tobacco', 'could', 'influence', 'whether', 'inaudible'] 2543 2543 2544 2544 ['frank', 'morgan', 'terms', 'aggregate', 'basis'] 2545 2545 2546 2546 ['frank', 'morgan', 'terms', 'selling', 'season', 'general', 'beyond', 'obviously', 'potential', 'impact', 'think', 'might', 'influence', 'get', 'feedback', 'going', 'affect', 'selling', 'season', 'people'] 2547 2547 ['roberts', 'tobacco', 'issue'] 2548 2548 ['frank', 'morgan'] 2549 2549 ['roberts', 'finalist', 'meeting', 'topic', 'always', 'come', 'response', 'applaud', 'think', 'differentiate', 'marketplace', 'make', 'integrate', 'model', 'think', 'appeal', 'marketplace', 'active', 'selling', 'season', 'midst'] 2550 2550 2551 2551 ['roberts', 'remember', 'activity', 'thought', 'people', 'focusing', 'getting', 'ready', 'healthcare', 'reform', 'behind', 'seeing', 'activity', 'return', 'normal', 'historically', 'think', 'bigger', 'years', 'think', 'return', 'normal', 'level'] 2552 2552 2553 2553 2554 2554 2555 2555 2556 2556 2557 2557 2558 2558 2559 2559 2560 2560 ['roberts', 'payer', 'interest', 'putting', 'infusion', 'suite', 'retail', 'store', 'improve', 'access', 'willingness', 'narrow', 'infusion', 'network', 'coram', 'patient', 'discharge', 'hospital', 'cv', 'coordinate', 'discharge', 'medication', 'along', 'infusion', 'example', 'synergy', 'addition', 'payer', 'synergy', 'hospital', 'synergy', 'think', 'great', 'combination'] 2561 2561 2562 2562 ['frank', 'morgan', 'service', 'line', 'anything', 'piece', 'really', 'strategically', 'within', 'specialty'] 2563 2563 ['david', 'denton', 'think', 'pretty', 'complete', 'point', 'specialty', 'market', 'change', 'pretty', 'rapidly', 'constantly', 'looking', 'evaluate', 'need', 'think', 'right', 'probably', 'taking', 'current', 'asset', 'create', 'innovative', 'product', 'asset', 'oppose', 'really', 'going', 'filling', 'something', 'today'] 2564 2564 ['frank', 'morgan', 'subject', 'specialty', 'behalf', 'biotech', 'analyst', 'market', 'sovaldi', 'color', 'seeing', 'either', 'retail'] 2565 2565 ['roberts', 'dynamic', 'market', 'couple', 'drug', 'market', 'sovaldi', 'olysio', '24-week', 'treatment', 'expensive', '100,000', '200,000', 'depend', 'viral', 'seeing', 'pretty', 'significant', 'growth', 'market', 'think', 'growth', 'drug', 'enter', 'market', 'pair', 'sovaldi', 'olysio', 'eliminate', 'people', 'interferon', 'ribavirin', 'effects', 'seeing', 'increase', 'activity', 'think', 'going', 'increase', 'drug', 'market'] 2566 2566 ['frank', 'morgan', 'certainly', 'injection', 'minuteclinic', 'location', 'fascinate', 'disease', 'state', 'maybe', 'outside', 'specialty', 'would', 'consider', 'things', 'highlight', 'investor', 'show', 'telemedicine', 'capability', 'think', 'really', 'minuteclinic', 'really', 'expand', 'services'] 2567 2567 ['david', 'denton', 'think', 'minuteclinic', 'today', 'relationship', 'primary', 'physician', 'practice', 'probably', 'practice', 'primary', 'physician', 'practice', 'today', 'least', 'thought', 'expand', 'reach', 'scope', 'services', 'probably', 'level', 'maybe', 'somewhere', 'neighborhood', 'never', 'replace', 'primary', 'physician', 'objective', 'position', 'complementary', 'primary', 'physician'] 2568 2568 2569 2569 ['roberts', 'minuteclinic', 'health', 'plan', 'pretty', 'primary', 'medical', 'home', 'actually', 'working', 'strategically', 'locate', 'minuteclinics', 'around', 'medical', 'home', 'keeping', 'patient', 'emergency', 'rooms', 'thinking', 'minuteclinic', 'extension', 'medical', 'connect', 'coordinate', 'effort'] 2570 2570 2571 2571 ['roberts', 'couple', 'years', 'activity'] 2572 2572 ['frank', 'morgan', 'anything', 'specific', 'area', 'think', 'advantage', 'serving', 'health', 'plan', 'obviously', 'minute', 'different', 'piece', 'anything', 'highlight', 'terms', 'area', 'service'] 2573 2573 2574 2574 ['health', 'value', 'seeing', 'robust', 'relationship', 'excuse', 'payer', 'health', 'plan', 'support', 'adjudication', 'platform', 'perspective', 'whether', 'exchange', 'product', 'whether', 'wraparound', 'minuteclinic', 'service', 'whether', 'adherence', 'program', 'place', 'either', 'pharmacy', 'minuteclinic', 'think', 'power', 'company', 'assets', 'bundle', 'make', 'sense', 'health', 'plan', 'position', 'scenario'] 2575 2575 ['roberts', 'health', 'plan', 'either', 'medical', 'home', 'provider', 'integrate', 'offering', 'ability', 'integrate', 'system', 'manage', 'area', 'adherence', 'specialty', 'capability', 'minuteclinics', 'believe', 'differentiate', 'others', 'provide', 'resonate', 'health', 'plan'] 2576 2576 ['david', 'denton', 'think', 'interest', 'think', 'market', 'really', 'aware', 'topic', 'obviously', 'health', 'reform', 'marketplace', 'change', 'pretty', 'rapidly', 'change', 'think', 'payment', 'methodology', 'everything', 'propose', 'patient', 'adherent', 'prescription', 'regimen', 'enclose', 'really', 'succeed', 'future', 'really', 'manage', 'overall', 'healthcare', 'costs', 'think', 'increase', 'focus', 'specifically', 'health', 'plan', 'understand', 'people', 'therapy', 'maintain', 'therapy', 'going', 'pay', 'rising', 'costs'] 2577 2577 ['frank', 'morgan', 'without', 'talking', 'little', 'reform', 'world', 'provider', 'everybody', 'measure', 'approach', 'estimate', 'going', 'going', 'happen', 'going', 'traction', 'seeing', 'anything', 'medicaid', 'expansion', 'anything', 'notable', 'terms', 'uptick', 'prescription', 'utilization'] 2578 2578 ['david', 'denton', 'think', 'frank', 'analyst', 'december', 'reform', 'really', 'transition', 'modest', 'impact', 'think', 'going', 'seeing', 'anything', 'outside', 'expect', 'point', 'think', 'going', 'somewhat', 'mute', 'obviously', 'lower', 'enrollment', 'everybody', 'thought', 'think', 'obviously', 'challenge', 'enrollment', 'process', 'think', 'kink', 'getting', 'work', 'speak', 'still', 'unclear', 'exactly', 'people', 'really', 'enrol', 'people', 'actually', 'actually', 'coverage', 'point'] 2579 2579 2580 2580 ['david', 'denton', 'think', 'first', 'medicaid', 'medicaid', 'business', 'think', 'right', 'think', 'right'] 2581 2581 ['frank', 'morgan', 'couple', 'minutes', 'anybody', 'question', 'audience', 'maybe', 'spend', 'minute', 'capital', 'allocation', 'clearly', 'class', 'problem', 'generate', 'play', 'several', 'years'] 2582 2582 2583 2583 ['think', 'three', 'bucket', 'first', 'foremost', 'going', 'invest', 'business', 'going', 'sight', 'effort', 'whether', 'acquisition', 'investment', 'technology', 'secondly', 'going', 'increase', 'dividend', 'currently', 'dividend', 'payout', 'ratio', 'target', 'imply', 'compound', 'annual', 'growth', 'dividend', 'third', 'going', 'value', 'add', 'share', 'repurchase', 'pretty', 'guess', 'consistent', 'methodology', 'move', 'years', 'billion', 'billion', 'billion', 'billion', 'annual', 'share', 'repurchase', 'several', 'years', 'objective', 'think', 'consistent', 'methodology', 'around', 'deploy', 'capital'] 2584 2584 2585 2585 2586 2586 ['david', 'denton', 'think', 'certainly', 'opportunity', 'either', 'expand', 'exist', 'market', 'market', 'guess', 'question', 'might', 'opportunity', 'acquisition', 'case', 'probably', 'expand', 'marketplace', 'specific', 'target', 'anything', 'substance', 'business', 'would', 'sense', 'acquire'] 2587 2587 2588 2588 ['frank', 'morgan', 'close'] 2589 2589 2590 2590 ['david', 'denton'] 2591 2591 2592 2592 2593 2593 ['frank', 'morgan', 'thank'] 2594 2594 ['roberts', 'great', 'thank'] 2595 2595 ['thomson', 'financial', 'reserves', 'right', 'change', 'document', 'content', 'information', 'without', 'obligation', 'notify', 'person', 'change'] 2596 2596 ['conference', 'call', 'event', 'transcript', 'base', 'company', 'projection', 'forward', 'looking', 'statement', 'regard', 'variety', 'item', 'forward', 'looking', 'statement', 'base', 'current', 'expectation', 'involve', 'risk', 'uncertainty', 'actual', 'result', 'differ', 'materially', 'state', 'forward', 'looking', 'statement', 'base', 'number', 'important', 'factor', 'risk', 'specifically', 'identify', 'company', 'recent', 'filing', 'although', 'company', 'indicate', 'believe', 'assumption', 'underlie', 'forward', 'looking', 'statement', 'reasonable', 'assumption', 'could', 'prove', 'inaccurate', 'incorrect', 'therefore', 'assurance', 'result', 'contemplate', 'forward', 'looking', 'statement', 'realize'] 2597 2597 ['information', 'contain', 'event', 'transcript', 'textual', 'representation', 'applicable', 'company', 'conference', 'effort', 'provide', 'accurate', 'transcription', 'material', 'error', 'omission', 'inaccuracy', 'reporting', 'substance', 'conference', 'call', 'thomson', 'financial', 'applicable', 'company', 'applicable', 'company', 'assume', 'responsibility', 'investment', 'decision', 'base', 'information', 'provide', 'event', 'transcript', 'user', 'advise', 'review', 'applicable', 'company', 'conference', 'applicable', 'company', 'filing', 'making', 'investment', 'decision'] 2598 2599 2599 ['february'] 2600 2601 2601 2602 2603 2603 2604 2605 2605 ['publication', 'transcript'] 2606 2607 2607 ['copyright'] 2608 2608 ['right', 'reserve'] 2609 2610 2610 2611 2612 2612 2613 2614 2614 ['focus', 'document'] 2615 2616 2617 2617 ['disclosure'] 2618 2619 2619 ['january', 'tuesday'] 2620 2621 2621 ['caremark', 'corporation', 'jpmorgan', 'healthcare', 'conference', 'final'] 2622 2623 2623 ['length', 'words'] 2624 2625 2625 2626 2626 2627 2627 ['caremark', 'corporation'] 2628 2628 ['conference', 'participant'] 2629 2629 [] 2630 2630 ['jpmorgan', 'analyst'] 2631 2631 ['presentation'] 2632 2632 2633 2633 ['larry'] 2634 2634 2635 2635 2636 2636 ['cover', 'morning', 'begin', 'would', 'remind', 'everyone', 'recently', 'analyst', 'december', 'meeting', 'provide', 'depth', 'review', 'business', 'growth', 'strategy', 'really', 'permit', 'today', 'would', 'encourage', 'review', 'material', 'website'] 2637 2637 ['analyst', 'talk', 'unique', 'combination', 'ability', 'agility', 'position', 'caremark', 'thrive', 'change', 'healthcare', 'landscape', 'depth', 'understanding', 'healthcare', 'landscape', 'along', 'challenge', 'opportunity', 'ahead'] 2638 2638 2639 2639 ['business', 'retail', 'pharmacy', 'business', 'strong', 'consistently', 'outperform', 'industry', 'years', 'gain', 'significant', 'share', 'versus', 'chains', 'overall', 'retail', 'market', 'every', 'prescription', 'across'] 2640 2640 2641 2641 ['however', 'outperform', 'market', 'adjust', 'caremark', 'synergy'] 2642 2642 2643 2643 2644 2644 2645 2645 ['given', 'reach', 'intervention', 'meaningful', 'impact', 'reducing', 'nearly', 'billion', 'avoidable', 'medical', 'costs', 'result', 'medication', 'adherence'] 2646 2646 ['another', 'driver', 'growth', 'retail', 'success', 'extracare', 'loyalty', 'program', 'today', 'million', 'active', 'cardholder', 'front', 'store', 'transactions', 'actually', 'involve', 'extracare', 'spend', 'years', 'evolve', 'perfect', 'program', 'result', 'years', 'means', 'depth', 'customer', 'analytics', 'unmatched', 'continue', 'invest', 'extracare', 'leading'] 2647 2647 2648 2648 2649 2649 2650 2650 ['addition', 'clinical', 'affiliation', 'major', 'health', 'system', 'across', 'country', 'integrating', 'electronic', 'medical', 'record', 'allow', 'transmission', 'clinical', 'information', 'system', 'ultimately', 'leading', 'better', 'lower', 'costs'] 2651 2651 ['looking', 'ahead', 'footprint', 'clinic', 'least', 'state', 'minuteclinic', 'revenue', 'grow', 'substantially', 'years', 'significant', 'runway', 'continue', 'growth'] 2652 2652 2653 2653 ['client', 'telling', 'select', 'competitive', 'price', 'unique', 'capability', 'deliver', 'capability', 'enable', 'better', 'manage', 'costs', 'enhance', 'access', 'improve', 'member', 'health', 'overall', 'please', 'selling', 'season', 'positive', 'feedback', 'getting', 'client', 'consultant', 'model'] 2654 2654 ['point', 'selling', 'season', 'figure', 'reflect', 'billion', 'medicare', 'revenue', 'result', 'sanction', 'sanction', 'prevent', 'participate', 'enrollment', 'remains', 'important', 'growth', 'strategy'] 2655 2655 2656 2656 ['growth', 'business', 'challenge', 'sanction', 'please', 'acknowledge', 'sanction', 'january', 'significant', 'opportunity', 'business'] 2657 2657 ['another', 'driver', 'business', 'medicaid', 'participate', 'growing', 'market', 'health', 'plan', 'medicaid', 'manage', 'program', 'versus', 'service', 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'marketplace', 'actually', 'trend', 'important', 'impactful', 'positioning', 'company', 'future'] 2663 2663 ['first', 'affordable', 'expand', 'coverage', 'million', 'american', 'payer', 'change', 'substantially', 'life', 'shifting', 'health', 'plan'] 2664 2664 ['second', 'continue', 'shift', 'towards', 'calling', 'retailization', 'healthcare', 'consumer', 'choice', 'accountability', 'growing'] 2665 2665 ['third', 'greater', 'focus', 'quality', 'affordable', 'fully', 'roll', 'payer', 'provider', 'improve', 'healthcare', 'value', 'equation'] 2666 2666 2667 2667 ['hear', 'bumpy', 'rollout', 'affordable', 'couple', 'month', 'however', 'continue', 'expect', 'coverage', 'expansion', 'provide', 'secular', 'tailwind', 'million', 'american', 'gain', 'insurance', 'coverage', 'although', 'number', 'move', 'parts', 'relate', 'change', 'payer', 'growth', 'exchange', 'collectively', 'expect', 'change', 'positive', 'business', 'beyond'] 2668 2668 2669 2669 2670 2670 ['important', 'provide', 'coverage', 'retiree', 'silver', 'script', 'prescription', 'health', 'client', 'business'] 2671 2671 2672 2672 ['awful', 'move', 'parts', 'things', 'consider', 'position'] 2673 2673 2674 2674 2675 2675 2676 2676 2677 2677 2678 2678 2679 2679 ['change', 'occur', 'broad', 'healthcare', 'market', 'seeing', 'economics', 'business', 'evolve', 'traditional', 'source', 'growth', 'beginning', 'expect', 'strong', 'growth', 'script', 'demand', 'create', 'opportunity', 'growth', 'share', 'gain', 'going', 'forward', 'believe', 'greatest', 'opportunity', 'growth', 'winning', 'life', 'gain', 'greater', 'share', 'prescription', 'dispense', 'consumer', 'wallet'] 2680 2680 2681 2681 2682 2682 2683 2683 2684 2684 ['first', 'focus', 'driving', 'productive', 'growth', 'second', 'expectation', 'generate', 'significant', 'level', 'finally', 'discipline', 'approach', 'capital', 'allocation', 'expect', 'maintain', 'strong', 'track', 'record', 'successfully', 'manage', 'three', 'pillar'] 2685 2685 2686 2686 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'doubt', 'import', 'gain', 'share', 'increase', 'demand', 'unite', 'state'] 131 131 132 132 133 133 134 134 ['brent', 'thielman', 'thank'] 135 135 ['operator', 'question', 'come', 'gibbs', 'keybanc', 'capital', 'market', 'please', 'ahead'] 136 136 137 137 ['barbara', 'smith', 'morning'] 138 138 139 139 140 140 ['gibbs', 'color', 'magnitude', 'modeling'] 141 141 ['barbara', 'smith', 'guide', 'another', 'equivalent', 'amount', 'following'] 142 142 143 143 ['barbara', 'smith', 'think', 'goodwill', 'recycling', 'segment', 'think', 'actually', 'financial', 'statement', 'break', 'separately', 'people', 'model', 'everyone', 'keep', 'model', 'mention', 'remark', 'impairment', 'segment', 'distribution', 'portion', 'activity', 'balance', 'severance', 'really', 'spread', 'throughout', 'business', 'comment', 'recycling', 'continue', 'pressure', 'really', 'company', 'effort', 'continue', 'reduce', 'overhead', 'sg&a.', 'spread', 'throughout', 'segment'] 144 144 145 145 146 146 ['growth', 'priority', 'reasonable', 'need', 'measure', 'economy', 'happen', 'pretty', 'economic', 'situation', 'growth', 'purpose', 'anything', 'allow', 'improve', 'balance', 'sheet', 'anything', 'allow', 'improve', 'revenue', 'profitability', 'stream', 'focus', 'energy', 'thing', 'want', 'point', 'recycling', 'business', 'recycling', 'business', 'important'] 147 147 ['attention', 'critical', 'input', 'times', 'really', 'essential', 'operation', 'access', 'recycle', 'ferrous', 'material', 'ferrous', 'obviously', 'market', 'attention', 'critical', 'component', 'overall', 'market', 'strategy', 'continue', 'recognize', 'address'] 148 148 ['essential', 'element', 'recovery', 'market', 'demand', 'metallic', 'today', 'longer', 'important', 'vital', 'resource', 'producer', 'general', 'comment', 'spend', 'least', 'focusing', 'things', 'important', 'control', 'energy', 'supply', 'chain', 'supply', 'chain', 'initiative', 'important', 'disaggregated', 'buyer', 'business', 'model', 'employ', 'commercial', 'metal', 'everything', 'decentralize'] 149 149 ['regional', 'model', 'central', 'control', 'continuation', 'effort', 'important', 'essential', 'vital', 'stand', 'control', 'would', 'believe', 'savings', 'potential', 'associate', 'things', 'supply', 'change', 'supply', 'change', 'logistics'] 150 150 ['gibbs', 'thanks'] 151 151 ['operator', 'question', 'brian', 'please', 'ahead'] 152 152 153 153 ['barbara', 'smith', 'planning', 'purpose', 'think', 'million', 'million', 'projection'] 154 154 ['brian', 'update', 'permit', 'project', 'necessary', 'permit', 'achieve'] 155 155 156 156 ['brian', 'scrap', 'purchasing', 'costs', 'fiscal', 'quarter', 'look', 'mostly', 'stable', 'quarter', 'quarter', 'obviously', 'scrap', 'price', 'quite', 'effect', 'causing', 'scrap', 'input', 'costs', 'basically', 'change?so', 'expect', 'fiscal', 'first', 'quarter'] 157 157 158 158 159 159 ['barbara', 'smith', 'brian', 'remember', 'mention', 'earlier', 'scrap', 'price', 'august', 'really', 'quarter', 'factor', 'drove'] 160 160 161 161 162 162 163 163 164 164 165 165 166 166 ['barbara', 'smith', 'talking', 'pricing', 'volume'] 167 167 ['mazzaferro', 'usage', 'america', 'mills', 'look', 'sequentially', 'wonder', 'movement', 'market', 'think', 'around', 'understand', 'august', 'quarter', 'think', 'get', 'reduction', 'scrap'] 168 168 169 169 170 170 ['barbara', 'smith', 'recently', 'wreak', 'havoc', 'calculation', 'significant', 'change', 'scrap', 'price', 'month', 'month'] 171 171 172 172 ['alvarado', 'absolutely'] 173 173 174 174 175 175 ['alvarado', 'absolutely'] 176 176 177 177 ['barbara', 'smith', 'believe', 'question', 'earlier', 'certainly', 'market', 'require', 'product', 'price', 'adjust', 'reduction', 'scrap', 'price', 'certainly', 'create', 'opportunity', 'margin', 'expansion'] 178 178 ['mazzaferro', 'great', 'could', 'follow', 'oklahoma', 'remember', 'correctly', 'large', 'swath', 'relative', 'would', 'require', 'thinking', 'reason', 'wetland', 'reservation?is', 'reason', 'purchase', 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'require', 'preferability', 'letter', 'auditor', 'restate', 'prior', 'years', 'quarters', 'reflect', 'change', 'massive', 'amount', 'look', 'amount', 'depth', 'make', 'sense', 'complete', 'expect', 'within', 'quarter', 'input', 'announce', 'result', 'first', 'quarter'] 187 187 ['david', 'lipschitz', 'would', 'expect', 'pretty', 'credit', 'price', 'drop', 'would', 'correct', 'assumption'] 188 188 189 189 190 190 191 191 ['david', 'lipschitz', 'perfect', 'thank'] 192 192 193 193 194 194 ['charles', 'bradford', 'analyst', 'bradford', 'research', 'morning'] 195 195 196 196 ['alvarado', 'different', 'incentive', 'offer', 'state', 'reason', 'locate', 'oklahoma', 'rather', 'getting', 'details', 'reporting', 'paperwork', 'useful'] 197 197 ['charles', 'bradford', 'report', 'guess', 'japan', 'chinese', 'export', 'million', 'process', 'exporting', 'would', 'gigantic', 'amount', 'billet', 'comment', 'maybe', 'really', 'report', 'alloy', 'department', 'commerce', 'billet', 'separately', 'number', 'could'] 198 198 199 199 200 200 ['alvarado', 'knowledge', 'billet', 'import', 'north', 'america', 'certainly', 'impact', 'southeast', 'really', 'throughout', 'region', 'electric', 'furnace', 'producer', 'rely', 'billet', 'china', 'price', 'attractively', 'electric', 'furnace', 'production', 'southeast', 'severely', 'impact', 'availability', 'cheap', 'import', 'chinese', 'billet', 'numbers', 'might', 'chuck', 'nearby', 'region', 'particularly', 'impact', 'billet', 'export', 'china'] 201 201 202 202 ['alvarado', 'point', 'chuck', 'offer', 'aware', 'really', 'isolate', 'rationalize', 'make', 'sense', 'overall', 'structure', 'mouth', 'think', 'competitive', 'metallic', 'price', 'think', 'competitive', 'conversion', 'costs', 'shop', 'would', 'suspect', 'would', 'quickly', 'found', 'dumping', 'associate', 'activity', 'overall', 'structure', 'china', 'highly', 'subsidize', 'living', 'subsidize', 'source', 'might', 'short', 'benefit', 'impact', 'really', 'viable', 'strategy'] 203 203 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210 ['information', 'contain', 'event', 'transcript', 'textual', 'representation', 'applicable', 'company', 'conference', 'effort', 'provide', 'accurate', 'transcription', 'material', 'error', 'omission', 'inaccuracy', 'reporting', 'substance', 'conference', 'call', 'thomson', 'financial', 'applicable', 'company', 'applicable', 'company', 'assume', 'responsibility', 'investment', 'decision', 'base', 'information', 'provide', 'event', 'transcript', 'user', 'advise', 'review', 'applicable', 'company', 'conference', 'applicable', 'company', 'filing', 'making', 'investment', 'decision'] 211 212 212 213 214 214 215 216 216 ['transcript', '102815a5826410.710'] 217 218 218 219 220 220 ['copyright'] 221 221 222 223 223 224 225 225 226 227 227 ['document'] 228 229 230 230 ['disclosure'] 231 232 232 ['thursday'] 233 234 234 235 236 236 ['length', 'words'] 237 238 238 ['corporate', 'participant'] 239 239 240 240 241 241 242 242 ['commercial', 'metal', 'company'] 243 243 ['conference', 'participant'] 244 244 ['folta'] 245 245 ['jefferies', 'company', 'analyst'] 246 246 247 247 248 248 249 249 250 250 ['tumazos'] 251 251 252 252 253 253 ['davidson', 'company', 'analyst'] 254 254 255 255 256 256 257 257 ['would', 'remind', 'participant', 'course', 'conference', 'company', 'statement', 'provide', 'information', 'historical', 'information', 'include', 'expectation', 'regard', 'economic', 'conditions', 'construction', 'activity', 'scrap', 'metal', 'pricing', 'expect', 'segment', 'volume', 'future', 'legislation', 'company', 'future', 'operations', 'company', 'future', 'result', 'operations', 'capital', 'spending', 'statement', 'consider', 'forward', 'looking', 'involve', 'speculation', 'subject', 'risk', 'uncertainty', 'could', 'cause', 'actual', 'result', 'differ', 'materially', 'expectation'] 258 258 259 259 260 260 ['alvarado', 'chairman', 'board', 'president', 'commercial', 'metal', 'company', 'thank', 'jamie', 'morning', 'welcome', 'everyone', 'joining', 'review', 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'quarter', 'average', 'ferrous', 'scrap', 'consume', 'minimills', 'decline', 'approximately', 'short', 'compare', 'period', 'however', 'chicago', 'shred', 'scrap', 'price', 'increase', 'expect', 'scrap', 'pricing', 'continue', 'closely', 'correlate', 'pricing', 'anticipate', 'significant', 'scrap', 'price', 'recovery'] 267 267 268 268 ['although', 'import', 'pressure', 'finish', 'steel', 'price', 'domestic', 'mills', 'continue', 'benefit', 'expand', 'metal', 'margin', 'result', 'lower', 'material', 'price', 'compare', 'likewise', 'lower', 'price', 'finish', 'steel', 'coming', 'mills', 'start', 'translate', 'improve', 'metal', 'margin', 'fabrication', 'operations', 'third', 'quarter', 'compare', 'period', 'prior'] 269 269 ['short', 'month', 'extension', 'temporary', 'funding', 'measure', 'highway', 'trust', 'pass', 'expire', 'remain', 'optimistic', 'lawmaker', 'positive', 'development', 'committee', 'yesterday'] 270 270 271 271 ['comment', 'regard', 'international', 'market', 'segment', 'fiscal', 'third', 'quarter', 'growth', 'pick', 'eurozone', 'economy', 'loosen', 'lower', 'energy', 'price', 'company', 'price', 'consumer', 'good', 'despite', 'upturn', 'eurozone', 'manufacturing', 'growth', 'germany', 'slow', 'primary', 'market', 'polish', 'operations'] 272 272 273 273 274 274 ['strong', 'dollar', 'depress', 'price', 'excess', 'global', 'capacity', 'steel', 'commodity', 'product', 'continue', 'challenge', 'international', 'marketing', 'distribution', 'segment', 'expect', 'trend', 'continue', 'remainder'] 275 275 ['overview', 'discussion', 'barbara', 'smith', 'senior', 'president', 'chief', 'financial', 'officer', 'barbara'] 276 276 277 277 278 278 279 279 ['america', 'mills', 'segment', 'record', 'adjust', 'operate', 'profit', 'million', 'third', 'quarter', 'compare', 'adjust', 'operate', 'profit', 'million', 'correspond', 'period', 'prior', 'fiscal', 'third', 'quarter', 'metal', 'margin', 'expand', 'approximately', 'compare', 'third', 'quarter', 'finish', 'steel', 'price', 'decline', 'slow', 'scrap', 'price', 'additionally', 'segment', 'benefit', 'million', 'favorable', 'change', 'pretax', 'compare', 'third', 'quarter'] 280 280 281 281 282 282 ['international', 'segment', 'record', 'adjust', 'operate', 'profit', 'million', 'third', 'quarter', 'compare', 'adjust', 'operate', 'profit', 'million', 'correspond', 'period', '819,000', 'second', 'quarter', 'state', 'continue', 'realize', 'benefit', 'commissioning', 'state', 'electric', 'furnace', 'third', 'quarter', 'third', 'quarter', 'continue', 'strengthening', 'dollar', 'minimal', 'impact', 'adjust', 'operate', 'profit', 'however', 'foreign', 'currency', 'change', 'decrease', 'segment', 'sales', 'million'] 283 283 284 284 ['additionally', 'segment', 'record', 'million', 'benefit', 'result', 'termination', 'contract', 'customer', 'partially', 'offset', 'inventory', 'write', 'down', 'third', 'quarter', 'addition', 'third', 'quarter', 'trading', 'division', 'headquarter', 'benefit', 'favorable', 'change', 'pretax', 'million', 'compare', 'correspond', 'period'] 285 285 ['turning', 'balance', 'sheet', 'liquidity', 'short', 'investment', 'total', 'million', 'total', 'liquidity', 'approximately', 'billion', 'third', 'quarter', 'experience', 'significant', 'improvement', 'flow', 'operate', 'activity', '198.1', 'million', 'result', 'expect', 'release', 'working', 'capital', 'improve', 'inventory', 'turnover'] 286 286 ['third', 'quarter', 'repurchase', 'approximately', '139,000', 'share', 'common', 'stock', 'million', 'total', 'purchase', 'approximately', 'million'] 287 287 ['capital', 'expenditure', 'million', 'third', 'quarter', 'compare', 'million', 'prior', 'third', 'quarter', 'estimate', 'capital', 'spending', 'range', 'million', 'million', 'thank', 'outlook'] 288 288 289 289 ['steel', 'minimills', 'continue', 'benefit', 'lower', 'input', 'costs', 'result', 'vertical', 'integration', 'model', 'spite', 'recent', 'heavy', 'rainfall', 'affect', 'operations', 'central', 'eastern', 'region', 'demand', 'product', 'remain', 'strong', 'primarily', 'increase', 'growth', 'residential', 'construction'] 290 290 ['anticipate', 'recent', 'surge', 'residential', 'construction', 'activity', 'continue', 'boost', 'demand', 'fabricate', 'steel', 'product', 'continue', 'support', 'increase', 'margin', 'fabrication', 'operations', 'elevated', 'level', 'import', 'poland', 'support', 'strong', 'dollar', 'continue', 'pressure', 'volume', 'margin', 'lastly', 'continue', 'monitor', 'trade', 'activity', 'abroad', 'relate', 'impact', 'product', 'offering', 'market', 'pricing'] 291 291 292 292 293 293 294 294 ['folta', 'jefferies'] 295 295 ['folta', 'analyst', 'jefferies', 'company', 'morning', 'barbara'] 296 296 ['alvarado', 'morning'] 297 297 ['folta', 'firstly', 'fabrication', 'business', 'encourage', 'profitability', 'extent', 'improve', 'margin', 'think', 'structural', 'improve', 'demand', 'better', 'pricing', 'power', 'business', 'versus', 'steel', 'price', 'scrap', 'price', 'pull', 'forward', 'business', 'versus', 'substrate', 'costs', 'color'] 298 298 ['sound', 'pretty', 'positive', 'outlook', 'quarter', 'terms', 'margin', 'want', 'comment'] 299 299 300 300 301 301 302 302 ['always', 'timing', 'element', 'associate', 'movement', 'rebar', 'pricing', 'pricing', 'scrap', 'doubt', 'least', 'third', 'quarter', 'benefit', 'price', 'increase', 'however', 'fiscal', 'fourth', 'quarter', 'concurrent', 'price', 'increase', 'scrap', 'announce', 'earlier', 'month', 'little', 'pressure', 'still', 'expect', 'maintain', 'strong', 'margin'] 303 303 304 304 305 305 306 306 ['folta', 'clarify', 'barbara', 'want', 'normalize', 'result', 'segment', 'going', 'strip', 'million', 'contract', 'income', 'recur', 'going', 'add', 'think', 'million', 'write', 'down', 'right'] 307 307 ['barbara', 'smith', 'million', 'number'] 308 308 ['folta', 'try', 'right', 'thank'] 309 309 ['alvarado', 'right', 'thanks', 'think', 'though'] 310 310 311 311 312 312 313 313 314 314 ['alvarado', 'looking', 'numbers', 'impact', 'operationally', 'operations', 'steel', 'manufacturing', 'relate', 'issue', 'production', 'level', 'would', 'expect', 'whenever', 'volume', 'falls', 'impact', 'conversion', 'costs', 'quick', 'response', 'multiple', 'speaker'] 315 315 316 316 ['gibbs', 'anticipate', 'production', 'standpoint', 'given', 'visibility', 'right', 'order'] 317 317 318 318 ['gibbs', 'seem', 'import', 'right', 'probably', 'disruptive', 'fabrication', 'price', 'potentially', 'versus', 'rebar', 'price', 'rebar', 'relatively', 'seeing', 'expect', 'terms', 'import', 'situation', 'domestically', 'impact', 'things', 'move', 'forward'] 319 319 320 320 321 321 322 322 323 323 ['operator', 'andrew', 'morningstar'] 324 324 325 325 ['alvarado', 'morning'] 326 326 ['andrew', 'international', 'division', 'look', 'metal', 'margin', 'contract', 'third', 'quarter', 'level', 'lower', 'margin', 'profitability', 'improve', 'noticeably', 'could', 'provide', 'commentary', 'outcome', 'furnace', 'project', 'initiative', 'undertake', 'poland', 'undertake', 'boost', 'profitability'] 327 327 ['barbara', 'smith', 'andrew', 'volume', 'seasonally', 'strong', 'move', 'construction', 'heavy', 'season', 'volume', 'pretty', 'poland', 'result', 'really', 'reflect', 'action', 'take', 'furnace', 'certainly', 'contribute', 'highlight', 'comment', 'every', 'whether', 'energy', 'yield', 'labor', 'always', 'looking', 'productivity', 'improvement', 'difficult', 'market', 'conditions', 'focus', 'things', 'within', 'control'] 328 328 ['andrew', 'great', 'still', 'guide', 'capex', 'neighborhood', 'million', 'could', 'provide', 'estimate', 'maintenance', 'capex', 'level', 'please'] 329 329 ['barbara', 'smith', 'think', 'million', 'reasonable', 'probably', 'going', 'lower', 'base', 'experience', 'years', 'actually', 'ultimately', 'authorize', 'maintenance', 'capex', 'vary', 'million', 'range', 'million', 'million'] 330 330 ['andrew', 'great', 'congrats', 'strong', 'quarter', 'thank'] 331 331 ['barbara', 'smith', 'thank', 'andrew', 'follow', 'right', 'answer', 'question', 'outage', 'major', 'outage', 'within', 'third', 'quarter', 'normal', 'short', 'maintenance', 'outage'] 332 332 333 333 334 334 335 335 336 336 337 337 ['alvarado', 'start', 'first', 'question', 'scrap', 'first', 'foremost', 'volume', 'significantly', 'stop', 'close', 'little', 'challenge', 'coming', 'market', 'price', 'exist'] 338 338 ['could', 'foresee', 'step', 'buying', 'market', 'every', 'month', 'consistent', 'purchasing', 'activity', 'volume', 'offset', 'reduction', 'recognize', 'early', 'challenge', 'maintain', 'profitability', 'staff', 'level', 'reduce', 'region', 'recycling', 'move', 'pretty', 'aggressively', 'right', 'level', 'operations', 'never', 'pleasant', 'thing', 'painful', 'disruptive'] 339 339 ['everything', 'poland', 'barbara', 'point', 'operations', 'domestically', 'think', 'respond', 'anticipate', 'reduction', 'volume', 'revenue', 'address'] 340 340 ['mills', 'operate', 'level', 'things', 'try', 'highlight', 'market', 'principally', 'product', 'producer', 'dependent', 'residential', 'construction', 'strong', 'operate', 'profile', 'electric', 'furnace', 'producer', 'give', 'flexibility', 'operations', 'think', 'major', 'contribute', 'factor', 'operational', 'performance'] 341 341 342 342 ['lastly', 'europe', 'barbara', 'point', 'aggressive', 'attack', 'phase', 'energy', 'particular', 'something', 'aggressive', 'instal', 'electric', 'furnace', 'give', 'better', 'energy', 'efficiency', 'higher', 'throughput', 'productivity', 'practically', 'speaking', 'furnace', 'operation', 'poland', 'operate', 'produce', 'level', 'equal', 'prior', 'furnace', 'operation', 'investment', 'answer', 'question'] 343 343 344 344 345 345 ['operator', 'alicia', 'johnson', 'davidson'] 346 346 ['alicia', 'johnson', 'analyst', 'davidson', 'company', 'morning'] 347 347 ['alvarado', 'morning'] 348 348 349 349 350 350 ['barbara', 'smith', 'terms', 'backlog', 'think', 'indicate', 'earlier', 'remain', 'quite', 'healthy', 'strong', 'consistent', 'little', 'movement', 'pricing', 'little', 'downward', 'pressure', 'rebar', 'pricing', 'coming', 'since', 'scrap', 'decline', 'earlier', 'overall', 'significant'] 351 351 ['alicia', 'johnson', 'perfect', 'thank'] 352 352 353 353 354 354 ['unidentified', 'participant', 'analyst', 'sitting', 'brian', 'quick', 'contract', 'termination', 'provide', 'little', 'detail', 'terms', 'contract', 'contract', 'potentially', 'material', 'contract', 'covering'] 355 355 356 356 ['commodity', 'product', 'pricing', 'product', 'detail', 'relevant', 'basically', 'business', 'model', 'unfavorable', 'adjustment', 'favorable', 'adjustment'] 357 357 ['unidentified', 'participant', 'thanks', 'quick', 'terms', 'working', 'capital', 'look', 'working', 'capital', 'expect', 'release', 'fourth', 'quarter'] 358 358 ['barbara', 'smith', 'normally', 'cyclicality', 'build', 'inventory', 'winter', 'month', 'leading', 'season', 'always', 'generally', 'working', 'capital', 'release', 'certainly', 'reflect', 'result', 'quarter', 'would', 'anticipate', 'would', 'working', 'capital', 'release', 'fourth', 'quarter'] 359 359 ['unidentified', 'participant', 'great', 'thanks'] 360 360 361 361 362 362 363 363 364 364 365 365 366 366 367 367 ['gibbs', 'thank'] 368 368 ['operator', 'lady', 'gentleman', 'showing', 'additional', 'question', 'would', 'conference', 'closing', 'remark'] 369 369 370 370 371 371 ['thomson', 'financial', 'reserves', 'right', 'change', 'document', 'content', 'information', 'without', 'obligation', 'notify', 'person', 'change'] 372 372 373 373 374 375 375 376 377 377 ['language', 'english'] 378 379 379 380 381 381 ['publication', 'transcript'] 382 383 383 ['copyright'] 384 384 ['right', 'reserve'] 385 386 386 387 388 388 ['return'] 389 390 390 391 392 393 393 394 395 395 ['march', 'thursday'] 396 397 397 ['commercial', 'metal', 'earnings', 'final'] 398 399 399 ['length', 'words'] 400 401 401 402 402 ['alvarado'] 403 403 404 404 405 405 ['commercial', 'metal', 'company'] 406 406 ['conference', 'participant'] 407 407 408 408 ['jefferies', 'analyst'] 409 409 ['brian'] 410 410 411 411 ['timna', 'tanner'] 412 412 ['merrill', 'lynch', 'analyst'] 413 413 414 414 ['morgan', 'stanley', 'analyst'] 415 415 416 416 417 417 ['brent', 'thielman'] 418 418 ['davidson', 'analyst'] 419 419 ['gibbs'] 420 420 ['keybanc', 'capital', 'market', 'analyst'] 421 421 ['andrew'] 422 422 423 423 424 424 ['tumazos', 'independent', 'research', 'analyst'] 425 425 ['nathan', 'littlewood'] 426 426 427 427 428 428 429 429 430 430 ['goldman', 'sachs', 'analyst'] 431 431 432 432 ['operator', 'hello', 'welcome', 'everyone', 'today', 'commercial', 'metal', 'company', 'second', 'quarter', 'earnings', 'today', 'record'] 433 433 ['operator', 'instructions'] 434 434 435 435 436 436 437 437 ['opening', 'remark', 'introduction', 'would', 'chairman', 'board', 'president', 'chief', 'executive', 'officer', 'commercial', 'metal', 'company', 'alvarado', 'alvarado', 'please', 'ahead'] 438 438 439 439 ['describe', 'earnings', 'release', 'morning', 'report', 'sales', 'billion', 'second', 'quarter', 'compare', 'billion', 'second', 'quarter', 'earnings', 'continue', 'operations', 'second', 'quarter', 'million', 'dilute', 'share', 'increase', 'dilute', 'share', 'compare', 'quarter', 'prior', 'fiscal'] 440 440 ['note', 'earnings', 'release', 'morning', 'board', 'director', 'declare', 'dividend', 'share', 'stockholder', 'record', 'april', 'dividend', 'april'] 441 441 442 442 443 443 444 444 445 445 446 446 447 447 448 448 449 449 450 450 ['currently', 'energy', 'market', 'adjust', 'depress', 'price', 'dramatically', 'lowering', 'count', 'expect', 'effect', 'international', 'marketing', 'distribution', 'segment', 'trade', 'variety', 'product', 'energy', 'application', 'anticipate', 'lower', 'volume', 'product', 'margin', 'pressure'] 451 451 452 452 ['overview', 'discussion', 'barbara', 'smith', 'senior', 'president', 'chief', 'financial', 'officer', 'barbara'] 453 453 ['barbara', 'smith', 'commercial', 'metal', 'company', 'thank', 'morning', 'everyone', 'mention', 'second', 'quarter', 'report', 'earnings', 'continue', 'operations', 'million', 'dilute', 'share', 'compare', 'earnings', 'continue', 'operations', 'million', 'dilute', 'share', 'second', 'quarter', 'prior', 'result', 'continue', 'operations', 'second', 'quarter', 'include', 'income', 'million', 'dilute', 'share'] 454 454 ['increase', 'income', 'largely', 'dramatic', 'decline', 'scrap', 'pricing', 'compare', 'expense', 'continue', 'operations', 'million', 'dilute', 'share', 'second', 'quarter'] 455 455 ['turning', 'result', 'segment', 'america', 'recycling', 'segment', 'record', 'adjust', 'operate', '172,000', 'second', 'quarter', 'compare', 'adjust', 'operate', '863,000', 'second', 'quarter', 'second', 'quarter', 'average', 'ferrous', 'selling', 'price', 'decline', 'short', 'average', 'ferrous', 'selling', 'price', 'decline', 'short'] 456 456 457 457 458 458 ['furthermore', 'second', 'quarter', 'segment', 'benefit', 'shift', 'product', 'lower', 'margin', 'billet', 'higher', 'margin', 'finish', 'product', 'include', 'rebar', 'merchant', 'compare', 'second', 'quarter', 'prior', 'fiscal', 'million', 'favorable', 'change', 'pretax', 'contribute', 'improvement', 'adjust', 'operate', 'profit', 'compare', 'second', 'quarter'] 459 459 460 460 ['international', 'mills', 'segment', 'record', 'adjust', 'operate', 'profit', '819,000', 'second', 'quarter', 'compare', 'adjust', 'operate', 'profit', 'million', 'period', 'prior', 'fiscal', 'decrease', 'adjust', 'operate', 'profit', 'second', 'quarter', 'decrease', 'average', 'metal', 'margin', 'volume', 'compare', 'period', 'prior', 'fiscal'] 461 461 ['metal', 'margin', 'compression', 'three', 'month', 'end', 'february', 'result', 'continue', 'pressure', 'result', 'elevated', 'import', 'poland', 'average', 'selling', 'price', 'segment', 'decline', 'short', 'average', 'ferrous', 'scrap', 'consume', 'short', 'compare', 'period'] 462 462 463 463 ['turning', 'balance', 'sheet', 'liquidity', 'february', 'short', 'investment', 'total', 'million', 'total', 'liquidity', 'remain', 'nearly', 'billion', 'continue', 'maintain', 'sufficient', 'unused', 'credit', 'line'] 464 464 ['second', 'quarter', 'actively', 'participate', 'share', 'repurchase', 'program', 'approve', 'october', 'purchasing', 'approximately', 'million', 'share', 'common', 'stock', 'million', 'today', 'total', 'purchase', 'approximately', 'million'] 465 465 ['capital', 'expenditure', 'million', 'second', 'quarter', 'compare', 'million', 'prior', 'second', 'quarter', 'estimate', 'capital', 'spending', 'range', 'million'] 466 466 467 467 ['alvarado', 'thank', 'barbara', 'third', 'fiscal', 'quarter', 'start', 'spring', 'construction', 'season', 'carry', 'healthy', 'backlog', 'entering', 'second', 'fiscal', 'adjustment', 'scrap', 'steel', 'pricing', 'expect', 'margin', 'improve', 'america', 'fabrication', 'segment', 'second'] 468 468 469 469 470 470 ['question', 'answer'] 471 471 ['operator', 'operator', 'instructions'] 472 472 ['first', 'question', 'come', 'folta', 'jefferies'] 473 473 474 474 ['barbara', 'smith', 'certainly', 'think', 'recycling', 'segment', 'improve', 'going', 'cycle', 'higher', 'inventory', 'mills', 'tough', 'point', 'pricing', 'action', 'april', 'beyond', 'take', 'place', 'margin', 'range', 'right', 'given', 'move', 'strong', 'improvement'] 475 475 ['benefit', 'material', 'pricing', 'coming', 'period', 'seasonal', 'improvement', 'expect', 'better', 'result', 'across', 'segment', 'exception'] 476 476 ['going', 'continue', 'scrap', 'price', 'level', 'today', 'indication', 'scrap', 'going', 'range'] 477 477 478 478 479 479 ['folta', 'price', 'better', 'would', 'think', 'right', 'amount', 'pressure'] 480 480 ['alvarado', 'spread', 'spread'] 481 481 482 482 483 483 484 484 485 485 ['think', 'adjustment', 'whatever', 'normal', 'might', 'precipitous', 'decline', 'resistance', 'supply', 'trepidation', 'holding', 'inventory', 'taking', 'position'] 486 486 487 487 488 488 ['brian', 'analyst', 'citigroup', 'great', 'thanks', 'barbara', 'congrats', 'quarter', 'first', 'looking', 'inventory', 'look', 'grow', 'though', 'shipment', 'wonder', 'might', 'somehow', 'relate', 'volume', 'sharp', 'downturn', 'scrap', 'maybe', 'mills', 'yard', 'catch', 'holding', 'inventory', 'want', 'expect', 'work', 'progress'] 489 489 490 490 ['shipment', 'impact', 'quarter', 'weather', 'pretty', 'difficult', 'weather', 'dallas', 'shipment', 'delay', 'weather', 'clear', 'quarter', 'result', 'little', 'higher', 'inventory'] 491 491 492 492 493 493 ['alvarado', 'whenever', 'import', 'pressure', 'calling', 'clean', 'difficult'] 494 494 ['barbara', 'smith', 'oxymoron'] 495 495 ['alvarado', 'always', 'little', 'suspicious', 'going', 'import', 'increase', 'dramatically', 'particularly', 'already', 'competitive', 'market', 'seeing', 'brian', 'dislocation', 'partly', 'result', 'economy', 'partly', 'result', 'going', 'ukraine', 'partly', 'result', 'capacity', 'coming', 'belarus', 'factor', 'contribute', 'operate', 'rates', 'higher', 'maybe', 'neighbor', 'country', 'country', 'focus', 'almost', 'exclusively', 'export', 'belarus', 'target', 'product', 'export', 'pretty', 'substantial', 'already', 'competitive', 'market'] 496 496 ['operator', 'question', 'come', 'timna', 'tanner', 'america', 'merrill', 'lynch'] 497 497 ['timna', 'tanner', 'analyst', 'merrill', 'lynch', 'morning', 'think', 'february', 'quarter', 'scrap', 'price', 'sharply', 'february', 'little', 'license', 'import', 'rebar', 'little', 'future'] 498 498 499 499 500 500 501 501 502 502 ['seeing', 'expect', 'decline', 'demand', 'construction', 'market', 'report', 'widely', 'result', 'decline', 'energy', 'price', 'despite', 'orient', 'company', 'activity', 'texas', 'market', 'particular', 'helping', 'sustain', 'construction', 'demand', 'fairly', 'confident', 'volume', 'sustainable', 'second', 'guarantee', 'really'] 503 503 ['terms', 'margin', 'margin', 'reflect', 'whatever', 'pricing', 'second', 'pricing', 'rebar', 'scrap', 'scrap', 'fall', 'anticipate', 'stabilize', 'adjust', 'reality', 'adjustment', 'scrap', 'pricing', 'would', 'impact', 'margin', 'ultimately', 'selling', 'price', 'market'] 504 504 ['import', 'pressure', 'respond', 'import', 'pressure', 'unacceptable', 'geographically', 'undesirable', 'project', 'value', 'price', 'value', 'match', 'price', 'match', 'think', 'offer', 'greater', 'service', 'customer', 'something', 'basis', 'price'] 505 505 506 506 507 507 ['barbara', 'smith', 'general', 'timna', 'would', 'expect', 'margin', 'income', 'improve', 'quarter', 'quarter', 'think', 'little', 'early', 'price', 'action', 'take', 'certainly', 'april', 'margin', 'compression'] 508 508 ['margin', 'expand', 'scrap', 'finish', 'good', 'price', 'explain', 'carefully', 'respond', 'market', 'point', 'would', 'certainly', 'encourage', 'holding', 'metal', 'margin'] 509 509 ['adjust', 'little', 'still', 'healthy', 'level', 'increase', 'volume', 'throughout', 'second', 'certainly', 'would', 'support', 'hanging', 'exist', 'metal', 'margin'] 510 510 511 511 512 512 ['alvarado', 'asking', 'surcharge'] 513 513 ['kurtz', 'rebar', 'surcharge', 'pricing', 'mostly', 'reserve', 'beam', 'thing'] 514 514 ['barbara', 'smith', 'think', 'surcharge', 'mechanism', 'largely', 'fall', 'relate', 'rebar', 'pricing', 'price', 'adjust', 'base', 'change', 'material', 'pricing', 'necessarily', 'surcharge', 'mechanism', 'would'] 515 515 516 516 ['maybe', 'commentary', 'inventory', 'supply', 'chain', 'point', 'obviously', 'demand', 'everybody', 'probably', 'try', 'destock', 'material', 'destock', 'think', 'apparent', 'demand', 'underlie', 'demand', 'could', 'begin'] 517 517 ['alvarado', 'product', 'import', 'value', 'product', 'times', 'product', 'import', 'naturally', 'order', 'material', 'second', 'quarter', 'early', 'first', 'quarter', 'given', 'normal', 'delivery'] 518 518 519 519 520 520 ['everyone', 'inventory', 'little', 'longer', 'consume', 'note', 'count', 'decline', 'production', 'level', 'remain', 'efficient', 'unit', 'running', 'today', 'would', 'expect', 'normal', 'cycle', 'three', 'month', 'inventory', 'stock', 'target', 'probably', 'double', 'right', 'running', 'anticipate'] 521 521 522 522 ['operator', 'question', 'come', 'michael', 'gambardella', 'jpmorgan'] 523 523 ['michael', 'gambardella', 'analyst', 'jpmorgan', 'morning', 'barbara', 'question', 'first', 'could', 'status', 'report', 'arizona', 'micromill', 'terms', 'production', 'profitability', 'profitability', 'margin', 'basis', 'compare', 'rebar', 'mills'] 524 524 525 525 ['efficient', 'system', 'efficient', 'reheat', 'probably', 'big', 'challenge', 'necessarily', 'cheap', 'energy', 'price', 'arizona', 'perspective', 'project', 'success', 'please', 'progress', 'increase', 'productive', 'capability', 'competitive', 'supplier', 'business', 'coast', 'construction', 'market', 'remain', 'strong', 'backlog'] 526 526 527 527 ['michael', 'gambardella', 'plan', 'second', 'micromill'] 528 528 ['alvarado', 'market', 'construct', 'add', 'capacity', 'always', 'difficult', 'decision', 'market', 'underserved', 'example', 'coast', 'construction', 'activity', 'pick', 'dramatically', 'coast', 'effectively', 'certainly', 'fabricator', 'plenty', 'capacity', 'market', 'pick', 'noticeably', 'construction', 'perspective'] 529 529 ['florida', 'strong', 'really', 'significant', 'import', 'supply', 'imbalance', 'coming', 'coast', 'region', 'import', 'certainly', 'construction', 'activity', 'really', 'strong', 'decision', 'expand', 'capability', 'concurrent', 'market', 'demand', 'ability', 'competitive', 'import'] 530 530 ['operator', 'question', 'come', 'brent', 'thielman', 'davidson'] 531 531 532 532 ['alvarado', 'really', 'question', 'add', 'disadvantage', 'polish', 'zloty', 'depreciate', 'relationship', 'dollar', 'polish', 'market', 'number', 'influence', 'federal', 'authorities', 'aspect', 'costs'] 533 533 534 534 535 535 536 536 537 537 538 538 ['brent', 'thielman', 'thank', 'composition', 'fabrication', 'backlog', 'region', 'seeing', 'significant', 'increase', 'decrease', 'pretty', 'steady', 'improvement', 'throughout'] 539 539 540 540 ['california', 'another', 'mention', 'strong', 'market', 'period', 'florida', 'beltway', 'region'] 541 541 542 542 ['operator', 'question', 'come', 'gibbs', 'keybanc', 'capital', 'market'] 543 543 544 544 545 545 ['interest', 'level', 'specific', 'point', 'still', 'anticipate', 'selling', 'going', 'concern', 'continuously', 'evaluate', 'carry', 'value', 'evaluate', 'adjustment', 'optimistic', 'recover', 'value'] 546 546 547 547 ['barbara', 'smith', 'clearly', 'focus', 'return', 'quick', 'organic', 'growth', 'opportunity', 'ask', 'question', 'micromill', 'great', 'platform', 'something', 'looking', 'period', 'continue', 'things'] 548 548 549 549 550 550 ['operator', 'question', 'come', 'andrew', 'morningstar'] 551 551 552 552 553 553 554 554 ['houston', 'still', 'energy', 'dependent', 'usage', 'office', 'space', 'houston', 'seeing', 'demand', 'backlog', 'reflect', 'expansion', 'office', 'space', 'utilization', 'rates'] 555 555 ['change', 'anything', 'expectation', 'speculative', 'build', 'start', 'houston', 'wherever', 'construction', 'describe', 'north', 'texas', 'example', 'toyota', '4,000', 'family', 'coming', 'school', 'expand', 'hospital', 'expand', 'infrastructure', 'expand', 'whether', 'water', 'treatment', 'plant', 'infrastructure', 'really', 'broad'] 556 556 ['obviously', 'start', 'unemployment', 'figure', 'happening', 'broad', 'country', 'secondly', 'unemployment', 'rates', 'money', 'flowing', 'economy', 'certainly', 'energy', 'price', 'decline', 'create', 'velocity', 'money', 'movement', 'ultimately', 'benefit', 'economy'] 557 557 558 558 559 559 ['andrew', 'really', 'quite', 'helpful', 'thanks', 'relate', 'quickly', 'noticeable', 'construction', 'project', 'major', 'produce', 'region'] 560 560 561 561 ['price', 'adjust', 'today', 'barrel', 'action', 'pretty', 'swiftly', 'crew', 'need', 'available', 'whereas', 'period', 'train', 'people', 'workforce', 'move', 'industry', 'and/or', 'move', 'business'] 562 562 563 563 ['operator', 'question', 'come', 'tumazos', 'tumazos', 'independent', 'research'] 564 564 565 565 566 566 567 567 ['given', 'efficient', 'market', 'availability', 'alternative', 'method', 'manufacturing', 'versus', 'scrap', 'certainly', 'happen', 'export', 'slow', 'significantly', 'partly', 'demand', 'partly', 'partly', 'strong', 'dollar', 'efficiency', 'think', 'dramatic', 'decline', 'scrap', 'price', 'month'] 568 568 569 569 ['regard', 'availability', 'assets', 'strategy', 'export', 'export', 'little', 'maybe', 'better', 'ferrous', 'significant', 'portion', 'ferrous', 'export', 'exposure', 'export', 'competitor'] 570 570 571 571 ['decision', 'acquire', 'assets', 'antonio', 'vulnerable', 'newell', 'acquisition', 'help', 'solidify', 'position', 'scrap', 'collection', 'capability'] 572 572 ['anywhere', 'weakness', 'certainly', 'would', 'interest', 'would', 'interest', 'assets', 'afield', 'manufacturing', 'capability', 'would', 'retail', 'business'] 573 573 574 574 575 575 ['nathan', 'littlewood', 'analyst', 'credit', 'suisse', 'morning', 'thank', 'opportunity', 'congrats', 'question', 'scrap', 'given', 'product', 'steel', 'manufacturing', 'business', 'scrap', 'intake', 'going', 'auto', 'wonder', 'whether', 'either', 'recent', 'absolute', 'scrap', 'price', 'and/or', 'perhaps', 'activity', 'seeing', 'sales', 'moment', 'either', 'factor', 'impact', 'intake', 'volume', 'recycling', 'business', 'throughs', 'implication', 'product', 'mills', 'business'] 576 576 ['alvarado', 'nathan', 'thought', 'going', 'going', 'something', 'really'] 577 577 ['qualitative', 'perspective', 'plenty', 'supply', 'scrap', 'looking', 'emphasize', 'desire', 'align', 'scrap', 'collection', 'processing', 'capability', 'scrap', 'important', 'basic', 'manufacturing', 'right', 'supply', 'right', 'scrap', 'really', 'important'] 578 578 579 579 580 580 ['alvarado'] 581 581 582 582 ['meanwhile', 'scrap', 'price', 'elastic', 'supply', 'argument', 'could', 'prolong', 'decouple', 'relationship', 'scrap', 'price', 'price', 'believe', 'might', 'believe', 'motivation', 'world', 'steel', 'production', 'switch', 'little', 'towards', 'blast', 'furnace', 'wonder', 'thought', 'subject', 'insight', 'perhaps', 'seeing', 'inquiry', 'blast', 'furnace', 'customer', 'normally', 'would', 'global', 'scale'] 583 583 ['alvarado', 'rephrase', 'precise', 'europe', 'polish', 'propensity', 'blast', 'furnace', 'become', 'little', 'active', 'product', 'capability', 'certainly', 'competitor', 'czech', 'republic', 'silesian', 'region', 'poland', 'operate', 'operate', 'blast', 'furnace', 'make', 'product', 'margin', 'product', 'great', 'freight', 'easily', 'absorb', 'offset', 'everything'] 584 584 ['north', 'america', 'common', 'production', 'product', 'north', 'america', 'try', 'careful', 'misstate', 'product', 'north', 'america', 'exclude', 'product', 'electric', 'furnace', 'base', 'without', 'option', 'going', 'blast', 'furnace', 'think', 'integrate', 'producer', 'blast', 'furnace', 'capability', 'product', 'going', 'inelasticity', 'inability', 'switch', 'least', 'north', 'america'] 585 585 ['think', 'transportation', 'costs', 'global', 'basis', 'making', 'base', 'product', 'move', 'product', 'global', 'scale', 'freight', 'become', 'factor', 'whole', 'concept', 'micro', 'mills', 'intend', 'serve', 'close', 'regional', 'market', 'using', 'scrap', 'within', 'range', 'afield', 'problematic', 'become', 'somewhat', 'degree', 'blast', 'furnace', 'base', 'producer'] 586 586 587 587 ['operator', 'question', 'come', 'charles', 'bradford', 'bradford', 'research'] 588 588 ['charles', 'bradford', 'analyst', 'bradford', 'research', 'morning', 'question', 'marketing', 'marketing', 'international', 'marketing', 'always', 'valuable', 'source', 'information', 'happening', 'around', 'world', 'seeing', 'early', 'sign', 'recovery', 'example', 'europe', 'maybe', 'southeast', 'place', 'important', 'margin', 'business', 'start', 'improve'] 589 589 ['alvarado', 'chuck', 'could', 'seeing', 'things', 'developing', 'indicate', 'strong', 'recovery', 'somewhere', 'world', 'intelligence', 'tell', 'market', 'still', 'market', 'world', 'different', 'reason', 'logistics', 'financing', 'supply', 'availability', 'willingness', 'international', 'trading', 'business', 'particularly', 'material', 'dramatic', 'shift', 'towards', 'would', 'significant', 'global', 'recovery'] 590 590 ['market', 'oversupplied', 'china', 'european', 'situation', 'still', 'oversupplied', 'uncertainty', 'strength', 'dollar', 'allow', 'european', 'competitor', 'aggressive', 'terms', 'significant', 'indicator', 'improve', 'global', 'demand', 'reflect', 'order', 'material', 'really'] 591 591 ['charles', 'bradford', 'hope', 'early', 'sign', 'going', 'recovery', 'years'] 592 592 593 593 ['charles', 'bradford', 'thank'] 594 594 ['operator', 'question', 'come', 'tharani', 'goldman', 'sachs'] 595 595 ['tharani', 'analyst', 'goldman', 'sachs', 'morning', 'barbara', 'sorry', 'hopefully', 'question', 'ask', 'thing', 'seeing', 'strong', 'dollar', 'import', 'scrap', 'increase', 'wonder', 'texas', 'sense', 'participate', 'scrap', 'really', 'matter', 'second', 'trading', 'business', 'participate'] 596 596 ['alvarado', 'report', 'import', 'scrap', 'particularly', 'coast', 'certainly', 'abundance', 'availability', 'north', 'america', 'scrap', 'going', 'aggressively', 'price', 'scrap', 'certainly', 'strength', 'dollar', 'participate', 'import', 'product', 'either', 'directly', 'mills', 'trading', 'group', 'scrap', 'north', 'america'] 597 597 ['tharani', 'saying', 'price', 'still', 'dollar', 'enough', 'actually', 'import', 'scrap'] 598 598 ['alvarado'] 599 599 600 600 601 601 ['monitor', 'assets', 'available', 'acquisition', 'little', 'light', 'approach', 'patient', 'discipline', 'relate', 'acquisition', 'certainly', 'study', 'something', 'strategic', 'sense', 'elements', 'associate', 'would'] 602 602 603 603 604 604 605 605 606 606 607 607 608 608 609 610 610 ['march'] 611 612 612 613 614 614 ['transcript', '032615a5641457.757'] 615 616 616 ['publication', 'transcript'] 617 618 618 619 619 ['right', 'reserve'] 620 621 621 622 623 623 624 625 625 626 627 628 628 629 630 630 631 632 632 ['commercial', 'metal', 'earnings', 'final'] 633 634 634 635 636 636 ['corporate', 'participant'] 637 637 ['alvarado'] 638 638 639 639 640 640 ['commercial', 'metal'] 641 641 642 642 643 643 644 644 ['kurtz'] 645 645 ['morgan', 'stanley', 'analyst'] 646 646 ['tharani'] 647 647 ['goldman', 'sachs', 'analyst'] 648 648 649 649 ['credit', 'suisse', 'analyst'] 650 650 651 651 652 652 ['gibbs'] 653 653 ['keybanc', 'capital', 'market', 'analyst'] 654 654 655 655 656 656 ['andrew'] 657 657 658 658 ['charles', 'bradford'] 659 659 660 660 661 661 ['operator', 'hello', 'welcome', 'everyone', 'today', 'commercial', 'metal', 'company', 'first', 'quarter', 'earnings', 'today', 'record'] 662 662 ['operator', 'instructions'] 663 663 664 664 ['statement', 'except', 'require', 'assume', 'obligation', 'update', 'connection', 'future', 'event', 'information', 'otherwise'] 665 665 666 666 667 667 668 668 669 669 670 670 ['highlight', 'current', 'trend', 'conditions', 'market', 'operate', 'provide', 'update', 'strategic', 'matter', 'first', 'encourage', 'steady', 'growth', 'economy', 'create', 'average', 'hourly', 'wages', 'increase', 'unemployment', 'remain', 'first', 'quarter'] 671 671 ['furthermore', 'demand', 'pattern', 'steel', 'product', 'remains', 'solid', 'residential', 'construction', 'market', 'continue', 'upward', 'climb', 'residential', 'construction', 'spending', 'approximately', 'first', 'quarter', 'prior', 'fiscal', 'continue', 'improvement', 'residential', 'construction', 'spending', 'higher', 'shipment', 'america', 'mills', 'america', 'fabrication', 'segment'] 672 672 ['although', 'volume', 'strengthen', 'period', 'prior', 'fiscal', 'continue', 'pricing', 'pressure', 'result', 'elevated', 'import', 'activity', 'rebar', 'import', 'increase', 'approximately', 'primarily', 'turkey', 'price', 'remain', 'driving', 'scrap'] 673 673 ['inversely', 'metal', 'margin', 'america', 'mills', 'expand', 'quarter', 'result', 'improve', 'finish', 'good', 'selling', 'price', 'stable', 'scrap', 'price', 'focus', 'remains', 'evaluate', 'number', 'strategic', 'growth', 'initiative', 'capitalize', 'vertically', 'integrate', 'operate', 'model', 'strong', 'customer', 'market', 'position'] 674 674 675 675 ['international', 'marketing', 'distribution', 'segment', 'report', 'outstanding', 'result', 'first', 'quarter', 'steel', 'trading', 'division', 'benefit', 'strong', 'shipment', 'particular', 'tubular', 'product', 'however', 'light', 'recent', 'decline', 'price', 'closely', 'monitoring', 'demand', 'product', 'expose', 'energy', 'sector'] 676 676 677 677 678 678 ['barbara', 'smith', 'commercial', 'metal', 'thank', 'happy', 'morning', 'everyone'] 679 679 ['mention', 'first', 'quarter', 'report', 'earnings', 'continue', 'operations', 'million', 'dilute', 'share', 'compare', 'earnings', 'continue', 'operations', 'million', 'dilute', 'share', 'first', 'quarter', 'prior', 'result', 'continue', 'operations', 'first', 'quarter', 'include', 'income', 'million', 'dilute', 'share', 'compare', 'expense', 'continue', 'operations', 'million', 'dilute', 'share', 'first', 'quarter'] 680 680 ['turning', 'result', 'segment', 'america', 'recycling', 'segment', 'record', 'adjust', 'operate', 'million', 'first', 'quarter', 'compare', 'adjust', 'operate', 'profit', '839,000', 'first', 'quarter', 'ferrous', 'shipment', 'decline', 'average', 'ferrous', 'metal', 'margin', 'decline', 'short', 'compare', 'period', 'prior', 'fiscal', 'ferrous', 'shipment', 'increase', 'however', 'average', 'ferrous', 'metal', 'margin', 'continue', 'pressure', 'compare', 'first', 'quarter'] 681 681 682 682 683 683 ['segment', 'strong', 'result', 'first', 'quarter', 'primarily', 'increase', 'total', 'shipment', 'increase', 'average', 'selling', 'price', 'stable', 'average', 'scrap', 'costs', 'compare', 'first', 'quarter', 'overall', 'shipment', 'higher', 'price', 'finish', 'product', 'include', 'rebar', 'merchant', 'increase', 'approximately', '34,000', 'short', 'billet', 'shipment', 'increase', 'approximately', '15,000', 'short'] 684 684 ['america', 'fabrication', 'segment', 'record', 'adjust', 'operate', 'million', 'first', 'quarter', 'compare', 'adjust', 'operate', 'profit', 'million', 'prior', 'first', 'quarter', 'adjust', 'operate', 'profit', 'impact', 'average', 'metal', 'margin', 'compression', 'short', 'fabricate', 'rebar', 'first', 'quarter', 'compare', 'period', 'prior', 'fiscal', 'additionally', 'conversion', 'rebar', 'increase', 'short'] 685 685 ['partially', 'offset', 'item', 'favorable', 'change', 'million', 'first', 'quarter', 'compare', 'first', 'quarter', 'prior', 'fiscal', 'book', 'approximately', '30,000', 'fabricate', 'rebar', 'first', 'quarter', 'compare', 'period', 'prior', 'backlog', 'approximately', '22,000', 'november'] 686 686 687 687 ['international', 'marketing', 'distribution', 'segment', 'record', 'adjust', 'operate', 'profit', 'million', 'first', 'quarter', 'compare', 'adjust', 'operate', 'profit', 'million', 'first', 'quarter', 'improvement', 'adjust', 'operate', 'profit', 'primarily', 'attribute', 'increase', 'margin', '3.6-million', 'favorable', 'change', 'trading', 'division', 'headquarter', 'addition', 'western', 'european', 'asian', 'operations', 'report', 'strong', 'increase', 'shipment', 'first', 'quarter', 'compare', 'period'] 688 688 ['turning', 'balance', 'sheet', 'liquidity', 'november', 'short', 'investment', 'total', '326.1', 'million', 'total', 'liquidity', 'approximately', 'billion', 'november', 'continue', 'maintain', 'sufficient', 'unused', 'credit', 'line'] 689 689 ['capital', 'expenditure', 'million', 'first', 'quarter', 'compare', 'million', 'prior', 'first', 'quarter', 'estimate', 'capital', 'spending', 'range', 'million', 'million'] 690 690 ['thank', 'outlook'] 691 691 ['alvarado', 'thank', 'barbara', 'encourage', 'continue', 'improvement', 'economy', 'growth', 'rising', 'wages', 'manufacturing', 'activity', 'expand', 'consecutive', 'month', 'november', 'residential', 'construction', 'spending', 'increase', 'first', 'three', 'month', 'november', 'architecture', 'billing', 'index', 'leading', 'indicator', 'construction', 'activity', 'report', 'seventh', 'consecutive', 'month', 'greater'] 692 692 ['second', 'fiscal', 'quarter', 'historically', 'slow', 'result', 'seasonal', 'downturn', 'construction', 'activity', 'holiday', 'onset', 'winter', 'weather', 'consistent', 'prior', 'years', 'plan', 'outage', 'routine', 'maintenance', 'equipment', 'enhancement', 'slow', 'business', 'activity', 'winter', 'month', 'activity', 'allow', 'prepare', 'strong', 'anticipate', 'demand', 'fiscal', 'second'] 693 693 694 694 ['question', 'answer'] 695 695 ['operator', 'operator', 'instructions'] 696 696 ['first', 'question', 'come', 'folta', 'jefferies'] 697 697 698 698 699 699 ['folta', 'guess', 'first', 'question', 'fabrication', 'business', 'seeing', 'another', 'quarter', 'solid', 'volume', 'growth', 'business', 'still', 'generate', 'losses', 'clearly', 'margin', 'issue', 'talk', 'improve', 'towards', 'private', 'backlog', 'grow'] 700 700 ['maybe', 'detail', 'going', 'margin', 'business', 'touch', 'import', 'factor', 'remark', 'would', 'think', 'volume', 'increase', 'start', 'positive', 'pricing', 'momentum', 'point', 'thought', 'would', 'helpful'] 701 701 ['alvarado', 'factor', 'significant', 'factor', 'business', 'import', 'product', 'bring', 'significantly', 'market', 'price', 'cause', 'competitive', 'quote', 'business'] 702 702 703 703 ['folta', 'surprise', 'fabrication', 'business', 'business', 'compete', 'fabricator', 'buying', 'import', 'product', 'lower', 'price', 'charge', 'showing', 'rebar', 'price', 'segment'] 704 704 705 705 706 706 707 707 708 708 ['doubt', 'taking', 'australia', 'business', 'putting', 'factor', 'better', 'trading', 'activity', 'particularly', 'north', 'america', 'europe', 'operations', 'steady', 'volume', 'southeast', 'singapore', 'office', 'albeit', 'smaller', 'margin'] 709 709 710 710 711 711 712 712 ['folta', 'could', 'barbara', 'inventory', 'pretty', 'quarter', 'million', 'turn', 'lower', 'historically', 'something', 'expect', 'reverse', 'fairly'] 713 713 714 714 715 715 ['folta', 'thank'] 716 716 ['operator', 'question', 'come', 'kurtz', 'morgan', 'stanley'] 717 717 ['kurtz', 'analyst', 'morgan', 'stanley', 'happy', 'barbara'] 718 718 719 719 720 720 721 721 ['decline', 'price', 'freeing', 'disposable', 'income', 'people', 'stimulate', 'spending', 'different', 'ultimately', 'could', 'nonresidential', 'construction', 'across', 'board', 'remember', 'nationally', 'base', 'broad', 'base', 'company', 'footprint', 'throughout', 'southeast'] 722 722 723 723 724 724 725 725 726 726 727 727 728 728 ['continue', 'example', 'direct', 'impact', 'result', 'energy', 'pricing', 'almost', 'reaction', 'whatsoever'] 729 729 ['barbara', 'smith', 'would', 'point', 'lower', 'energy', 'price', 'could', 'provide', 'positive', 'momentum', 'around', 'renewal', 'transportation', 'think', 'discussion', 'beginning'] 730 730 ['might', 'create', 'opportunity', 'funding', 'mechanism', 'could', 'positive', 'right', 'factor', 'anybody', 'outlook'] 731 731 732 732 ['alvarado', 'thanks'] 733 733 734 734 735 735 ['alvarado', 'morning'] 736 736 ['tharani', 'couple', 'question', 'mention', 'conversion', 'costs', 'fabrication', 'particular', 'reason', 'recur', 'stuff'] 737 737 738 738 ['tharani', 'european', 'demand', 'mention', 'obviously', 'mention', 'demand'] 739 739 740 740 741 741 742 742 ['import', 'coming', 'neighbor', 'country', 'putting', 'pressure', 'price', 'margin', 'expect', 'strong', 'demand', 'continue'] 743 743 ['polish', 'economy', 'continue', 'better', 'european', 'economy', 'country', 'eurozone', 'reason', 'influence', 'import', 'strong', 'margin'] 744 744 745 745 746 746 747 747 ['indicate', 'strong', 'quarters', 'since', 'global', 'financial', 'crisis', 'working', 'capital', 'going', 'support', 'growth', 'liquidate', 'fairly', 'quickly', 'factor', 'specific', 'quarter', 'lower', 'account', 'payable', 'number', 'schedule', 'payment', 'current', 'first', 'quarter', 'affect'] 748 748 749 749 ['tharani', 'great', 'thank'] 750 750 ['operator', 'question', 'come', 'nathan', 'littlewood', 'credit', 'suisse'] 751 751 ['nathan', 'littlewood', 'analyst', 'credit', 'suisse', 'morning', 'thanks', 'opportunity', 'couple'] 752 752 ['barbara', 'smith', 'morning', 'nathan'] 753 753 754 754 755 755 756 756 ['start', 'looking', 'gross', 'average', 'scrap', 'within', 'region', 'think', 'significant', 'divergence', 'compare', 'scrap', 'purchase', 'price', 'might', 'purchasing', 'competitively'] 757 757 ['quarter', 'quarter', 'basis', 'concern', 'average', 'going', 'measuring', 'costs', 'competitive', 'market', 'buying', 'selling', 'place', 'market'] 758 758 759 759 ['nathan', 'littlewood', 'thanks', 'international', 'marketing', 'international', 'marketing', 'distribution', 'indicate', 'previously', 'expectation', 'quarterly', 'million'] 760 760 761 761 ['could', 'looking', 'forward', 'expectation', 'would', 'million', 'million', 'total', 'business', 'sense'] 762 762 ['barbara', 'smith', 'nathan', 'think', 'would', 'still', 'current', 'moment', 'million', 'guide', 'lumpy', 'quarters', 'really', 'quarter', 'quarter', 'nature', 'business', 'advantage', 'market', 'available'] 763 763 764 764 765 765 766 766 767 767 ['alvarado', 'happy'] 768 768 769 769 ['alvarado', 'morning'] 770 770 771 771 ['couple', 'question', 'along', 'line', 'insight', 'could', 'share', 'driving', 'divergence', 'going', 'question', 'earlier', 'cross', 'subsidy', 'business', 'sales', 'mills', 'business', 'occur', 'market', 'price'] 772 772 773 773 774 774 ['initiative', 'turkey', 'particular', 'product', 'think', 'without', 'regard', 'market', 'base', 'pricing', 'formula', 'opinion'] 775 775 ['understand', 'someone', 'would', 'market', 'market', 'pricing', 'move', 'steel', 'review', 'found', 'negligible', 'almost', 'minimis', 'nothing'] 776 776 777 777 ['better', 'question', 'price', 'product'] 778 778 779 779 780 780 781 781 782 782 ['brian', 'question', 'scrap', 'market', 'price', 'weakening', 'starting'] 783 783 784 784 785 785 ['heavily', 'participate', 'impact', 'directly', 'comment', 'market', 'current', 'month', 'settle', 'different', 'seeing', 'month'] 786 786 ['brian', 'thanks'] 787 787 ['operator', 'question', 'come', 'gibbs', 'keybanc', 'capital', 'market'] 788 788 ['gibbs', 'analyst', 'keybanc', 'capital', 'market', 'morning'] 789 789 ['alvarado', 'morning'] 790 790 791 791 792 792 ['barbara', 'smith', 'backlog', 'compare', 'marginally', 'fourth', 'quarter', 'really', 'going', 'seasonally', 'slow', 'period'] 793 793 ['gibbs', 'seeing', 'regional', 'perspective', 'across', 'sunbelt', 'texas', 'california', 'cetera', 'strong', 'weak', 'picture', 'right'] 794 794 ['barbara', 'smith', 'think', 'talking', 'would', 'texas', 'continue', 'strong', 'california', 'picking', 'southeast', 'weak', 'market', 'think', 'seeing', 'demand', 'broadly', 'across', 'three', 'region', 'point'] 795 795 ['california', 'continue', 'momentum', 'starting', 'activity', 'southern', 'california', 'previously', 'drive', 'activity', 'northern', 'california', 'seeing', 'pretty', 'activity', 'level', 'southeast'] 796 796 ['alvarado', 'continue', 'strong', 'demand', 'texas', 'market'] 797 797 798 798 ['barbara', 'smith', 'mills', 'america', 'mills', 'income', 'million', 'quarter', 'depend', 'somewhat', 'income', 'foreign', 'jurisdiction', 'enjoy', 'lower', 'project', 'somewhere'] 799 799 ['gibbs', 'appreciate', 'thank'] 800 800 801 801 802 802 803 803 804 804 805 805 ['alvarado', 'corollary', 'somewhat', 'barbara', 'describe', 'business', 'soft', 'demand', 'production', 'rates', 'coast', 'south', 'carolina', 'operations', 'matter', 'birmingham', 'operate', 'better', 'rates'] 806 806 ['always', 'opportunity', 'expand', 'production', 'capability', 'better', 'short', 'longer', 'cycle', 'really', 'get', 'point', 'potential', 'exist', 'across', 'board', 'operate', 'segment', 'describe', 'little', 'still', 'eastern', 'region'] 807 807 808 808 ['alvarado', 'rebar', 'talking', 'rebar', 'inventory', 'general', 'inventory', 'level'] 809 809 ['mazzaferro', 'general', 'specific', 'inventory', 'numbers'] 810 810 811 811 ['alvarado', 'fairly', 'balance', 'month', 'example', 'things', 'little', 'whack', 'think', 'product', 'move', 'system', 'pretty', 'quickly', 'rebar', 'want', 'sitting', 'speculate', 'volatility'] 812 812 ['concern', 'downstream', 'inventory', 'maybe', 'maybe', 'pollyannaish', 'swing', 'inventory', 'concern', 'couple', 'boat', 'arrive', 'seem', 'getting', 'system', 'working', 'fairly', 'quickly'] 813 813 ['scrap', 'question', 'whether', 'movement', 'scrap', 'material', 'looking', 'availability', 'seeing', 'problem', 'certainly', 'lower', 'price', 'ultimately', 'issue', 'ultimately', 'drive', 'price', 'dearth', 'scrap', 'anything', 'availability', 'mills', 'starving', 'scrap'] 814 814 815 815 ['alvarado', 'expect', 'little', 'might', 'inventory', 'speculate', 'inventory', 'expect', 'example', 'first', 'seasonally', 'happen'] 816 816 ['happen', 'maybe', 'inventory', 'ensue', 'week', 'month', 'interest', 'thing', 'watch', 'right'] 817 817 818 818 ['fabrication', 'could', 'energy', 'could', 'things', 'could', 'little', 'expose', 'energy', 'steel', 'things'] 819 819 ['barbara', 'smith', 'direct', 'direct', 'specific', 'product', 'tubular', 'think', 'question', 'wrestle', 'follow', 'effect', 'prolong', 'downturn', 'energy', 'price', 'would', 'spill', 'industrial', 'construction', 'activity'] 820 820 ['point', 'earlier', 'positive', 'lower', 'energy', 'price', 'increase', 'disposable', 'income', 'could', 'economy', 'could', 'dilute', 'effect', 'going', 'right', 'looking', 'carefully', 'studying', 'specific', 'product', 'great'] 821 821 822 822 ['disposable', 'income', 'growth', 'ultimately', 'spur', 'nonresidential', 'infrastructure', 'need', 'build', 'support', 'kind', 'operations', 'would', 'sight', 'barbara', 'either', 'ability', 'maybe', 'negotiate', 'something', 'congress', 'try', 'together', 'construction', 'highway', 'program'] 823 823 ['happen', 'congress', 'convene', 'today', 'point', 'free', 'energy', 'price', 'could', 'opening', 'raise', 'tax', 'energy', 'consumption', 'order', 'infrastructure', 'badly', 'need'] 824 824 825 825 826 826 827 827 828 828 ['alvarado', 'morning', 'happy'] 829 829 ['andrew', 'question', 'discuss', 'impact', 'rising', 'import', 'volume', 'curious', 'comment', 'october', 'rebar', 'trade', 'determination', 'change', 'texture', 'import', 'volume'] 830 830 ['look', 'import', 'volume', 'turkey', 'significantly', 'november', 'though', 'turkish', 'exporter', 'effectively', 'given', 'green', 'light', 'seeing', 'major', 'uptick', 'rebar', 'volume', 'specific', 'country'] 831 831 ['alvarado', 'turk', 'dominate', 'import', 'statistics', 'oppose', 'market', 'negotiate', 'water', 'coming', 'mostly', 'turkish', 'source', 'market', 'dominate', 'turk'] 832 832 ['andrew', 'along', 'line', 'operations', 'california', 'little', 'better', 'insulate', 'volume', 'geographic', 'exposure'] 833 833 834 834 835 835 836 836 837 837 838 838 ['alvarado', 'morning', 'chuck'] 839 839 ['charles', 'bradford', 'couple', 'question', 'first', 'pretty', 'winter', 'weather', 'price', 'electricity', 'natural', 'soar', 'sign', 'normal'] 840 840 841 841 842 842 ['charles', 'bradford', 'worry', 'frankly', 'price', 'electricity', 'track', 'pretty', 'easily', 'electricity'] 843 843 ['alvarado', 'chuck', 'electricity', 'availability', 'utility', 'private', 'sector', 'public', 'sector', 'means', 'squeeze', 'happen', 'south', 'carolina', 'curtail'] 844 844 845 845 846 846 847 847 ['charles', 'bradford', 'understand'] 848 848 ['alvarado', 'tubular', 'capacity', 'kind', 'report', 'project', 'still', 'coming', 'onstream', 'strong', 'steel', 'decision', 'think', 'march', 'better', 'question', 'mario', 'steel', 'people', 'seeing', 'market'] 849 849 850 850 ['alvarado', 'thanks', 'chuck'] 851 851 852 852 ['question', 'come', 'gibbs', 'keybanc', 'capital', 'market'] 853 853 854 854 855 855 856 856 857 857 858 858 ['australia', 'extend', 'holiday', 'summertime', 'folks', 'return', 'expect', 'process', 'earnest', 'interest', 'level', 'assets', 'would', 'definitely', 'intent', 'assets', 'rather'] 859 859 860 860 ['alvarado', 'thank'] 861 861 ['operator', 'appear', 'question', 'alvarado'] 862 862 863 863 864 864 ['operator', 'conclude', 'today', 'commercial', 'metal', 'company', 'conference', 'disconnect'] 865 865 866 866 ['conference', 'call', 'event', 'transcript', 'base', 'company', 'projection', 'forward', 'looking', 'statement', 'regard', 'variety', 'item', 'forward', 'looking', 'statement', 'base', 'current', 'expectation', 'involve', 'risk', 'uncertainty', 'actual', 'result', 'differ', 'materially', 'state', 'forward', 'looking', 'statement', 'base', 'number', 'important', 'factor', 'risk', 'specifically', 'identify', 'company', 'recent', 'filing', 'although', 'company', 'indicate', 'believe', 'assumption', 'underlie', 'forward', 'looking', 'statement', 'reasonable', 'assumption', 'could', 'prove', 'inaccurate', 'incorrect', 'therefore', 'assurance', 'result', 'contemplate', 'forward', 'looking', 'statement', 'realize'] 867 867 868 869 869 870 871 871 872 873 873 ['transcript', '010615a5563591.791'] 874 875 875 876 877 877 ['copyright'] 878 878 ['right', 'reserve'] 879 880 880 ['copyright'] 881 0 1 2 3 4 4 ['download', 'request', 'tag', 'document', '43,45'] 5 5 6 7 7 8 9 9 10 10 ['sydney', 'jones', 'library'] 11 11 12 13 14 14 15 16 17 17 ['source', 'disclosure'] 18 18 19 20 21 21 ['result'] 22 22 [] 23 23 ['crocs', 'earnings', 'conference', 'final', 'disclosure', 'february', 'thursday', 'words'] 24 25 26 26 [] 27 27 28 29 30 30 31 31 ['crocs', 'credit', 'suisse', 'group', 'small', 'conference', 'final', 'disclosure', 'september', 'tuesday', 'words'] 32 33 34 34 35 35 ['crocs', 'earnings', 'conference', 'final', 'disclosure', 'august', 'thursday', 'words'] 36 37 38 38 39 39 ['crocs', 'piper', 'jaffray', 'consumer', 'conference', 'final', 'disclosure', 'wednesday', 'words'] 40 41 42 42 [] 43 43 44 45 46 46 ['return'] 47 48 48 49 50 51 51 52 53 53 54 55 55 ['crocs', 'earnings', 'conference', 'final'] 56 57 57 ['length', 'words'] 58 59 59 60 60 61 61 62 62 63 63 64 64 65 65 66 66 ['company', 'would', 'remind', 'everyone', 'information', 'provide', 'forward', 'looking', 'accordingly', 'subject', 'harbor', 'provisions', 'federal', 'security', 'statement', 'concern', 'plan', 'belief', 'forecast', 'guidance', 'projection', 'expectation', 'estimate', 'future', 'operations', 'crocs', 'caution', 'statement', 'subject', 'number', 'risk', 'uncertainty', 'describe', 'factor', 'section', 'company', 'annual', 'report', 'file', 'february', 'security', 'exchange', 'commission'] 67 67 ['accordingly', 'actual', 'result', 'could', 'differ', 'materially', 'describe', 'listening', 'advise', 'refer', 'crocs', 'annual', 'report', 'document', 'file', 'additional', 'discussion', 'factor', 'crocs', 'intend', 'forward', 'looking', 'statement', 'protect', 'harbor', 'provisions', 'security', 'exchange', 'crocs', 'obligate', 'update', 'forward', 'looking', 'statement', 'reflect', 'impact', 'future', 'event'] 68 68 69 69 70 70 71 71 72 72 73 73 74 74 75 75 76 76 ['today', 'discuss', 'result', 'revenue', 'quarter', 'increase', 'million', 'million', 'exceed', 'guidance', 'million', 'revenue', 'increase', 'million', 'sales', 'increase', 'three', 'channels', 'fourth', 'quarter'] 77 77 ['wholesale', 'revenue', 'increase', 'million', 'broad', 'acceptance', 'style', 'collection', 'book', 'million', 'strong', 'represent', 'increase', 'prior'] 78 78 79 79 ['end', 'company', 'own', 'retail', 'location', 'globally', 'break', 'store', 'price', 'store', 'store', 'store', 'factory', 'direct', 'store', 'outlet', 'kiosk', 'december', 'expect', 'represent', 'decrease', 'kiosk', 'increase', 'store', 'type'] 80 80 81 81 82 82 ['addition', 'improve', 'wholesale', 'outlook', 'america', 'continue', 'healthy', 'growth', 'consumer', 'direct', 'channels', 'represent', 'total', 'america', 'segment', 'sales', 'overall', 'store', 'comp', 'positive', 'single', 'digit', 'store', 'sales', 'within', 'outlet', 'store', 'strong', 'store', 'sales', 'growth', 'price', 'store', 'relatively', 'expect', 'kiosk', 'store', 'sales', 'impact', 'store', 'location', 'mall', 'constrain', 'ability', 'merchandise', 'product'] 83 83 84 84 85 85 ['note', 'footwear', 'sales', 'million', 'fourth', 'quarter', 'bringing', 'total', 'global', 'footwear', 'sales', 'million', 'pair', 'product', 'globally', 'represent', 'sales', 'total', 'sales', 'globally', 'double', 'continue', 'success', 'boot', 'strong', 'product'] 86 86 87 87 ['gross', 'profit', 'fourth', 'quarter', 'million', 'million', 'fourth', 'quarter', 'gross', 'margin', 'versus', 'traditionally', 'result', 'impact', 'seasonally', 'lower', 'standard', 'margin', 'winter', 'product', 'volume', 'deleveraging', 'supply', 'chain', 'additional', 'discount', 'retail', 'closeout', 'sales', 'wholesale', 'impact', 'margin'] 88 88 89 89 ['fourth', 'quarter', 'increase', 'million', 'compare', 'million', 'direct', 'channel', 'revenue', 'relate', 'costs', 'salary', 'wages', 'store', 'selling', 'costs', 'increase', 'nondirect', 'channel', 'slightly', 'quarter', 'lower', 'stock', 'expense', 'partially', 'offset', 'marketing', 'expense', 'forward', 'continue', 'leverage', 'spending', 'wholesale'] 90 90 91 91 ['management', 'initiative', 'focus', 'driving', 'productivity', 'retail', 'group', 'office', 'efficiency', 'revenue', 'expansion', 'exist', 'infrastructure', 'fourth', 'quarter', 'yield', 'operate', 'profit', 'million', 'versus', 'operate', 'million', 'fourth', 'quarter', 'report', 'earlier', 'today', 'income', 'fourth', 'quarter', 'improve', 'million', 'dilute', 'share', 'million', 'share', 'effective', 'compare', 'million', 'share', 'fourth', 'quarter', 'report', 'income', 'million', 'compare', 'million'] 92 92 93 93 94 94 95 95 ['turning', 'guidance', 'expect', 'generate', 'approximately', 'million', 'revenue', 'first', 'quarter', 'expect', 'dilute', 'approximately', 'guidance', 'assume', 'expect', 'estimate', 'dilute', 'share', 'million', 'reflect', 'strengthening', 'stock', 'price', 'reminder', 'business', 'historically', 'weight', 'heavily', 'toward', 'spring', 'summer', 'seasonality', 'perspective'] 96 96 ['closing', 'comment'] 97 97 98 98 ['support', 'product', 'initiative', 'marketing', 'strategy', 'design', 'broaden', 'awareness', 'brand', 'create', 'emotional', 'connection', 'consumer', 'marketing', 'initiative', 'include', 'sizable', 'investment', 'television', 'print', 'outdoor', 'advertising', 'campaign', 'unite', 'state', 'europe', 'impact', 'effort', 'could', 'witness', 'across', 'three', 'distribution', 'channels', 'global', 'market', 'brand', 'momentum', 'steadily', 'building', 'performance', 'wholesale', 'help', 'strengthen', 'retailer', 'confidence', 'crocs', 'fuel', 'acceleration', 'backlog', 'quarters'] 99 99 100 100 ['turning', 'corner', 'believe', 'piece', 'place', 'profitably', 'business', 'beyond', 'strategy', 'drove', 'recent', 'resurgence', 'straightforward', 'continue', 'serve', 'blueprint', 'future'] 101 101 ['first', 'foremost', 'developing', 'great', 'product', 'distinguish', 'crocs', 'leader', 'comfortable', 'casual', 'footwear', 'consumer', 'recently', 'begin', 'influence', 'world', 'class', 'design', 'assemble', 'crocs', 'impact', 'evident', 'compel', 'collection', 'translucent', 'sneaker', 'tone', 'winter', 'boot', 'optimistic', 'strength', 'spring', 'summer', 'line', 'additional', 'market', 'share', 'gain', 'establish', 'crocs', 'round', 'brand', 'retail', 'mind', 'consumer'] 102 102 103 103 104 104 105 105 ['finally', 'international', 'market', 'poise', 'another', 'strong', 'performance', 'coming', 'revenue', 'coming', 'outside', 'presence', 'country', 'crocs', 'truly', 'global', 'company', 'still', 'world', 'market', 'opportunity', 'meaningful', 'expansion', 'business'] 106 106 ['great', 'confidence', 'future', 'company', 'brand', 'selling', 'shoes', 'little', 'years', 'really', 'start', 'capability', 'business', 'years', 'growth', 'vehicle', 'place', 'management', 'leverage', 'special', 'company', 'unique', 'opportunity'] 107 107 108 108 ['question', 'answer'] 109 109 110 110 111 111 112 112 ['duffy', 'sorry', 'miss', 'miss', 'commentary', 'around', 'order', 'school', 'season', 'holiday', 'product', 'retailer'] 113 113 ['lasher', 'discus', 'point', 'happy', 'progress', 'making', 'little', 'early', 'bring', 'numbers', 'process', 'finalize', 'book', 'second'] 114 114 ['mccarvel', 'order', 'process', 'really', 'school', 'timeframe', 'really', 'start', 'final', 'numbers', 'another'] 115 115 ['duffy', 'final', 'thing', 'great', 'exit', 'clean', 'inventory', 'anything', 'different', 'inventory', 'management', 'standpoint', 'think', 'hear', 'mention', 'clearing', 'inventory', 'wholesale', 'business', 'working', 'channel', 'partner', 'respect'] 116 116 ['mccarvel', 'think', 'slight', 'impact', 'margin', 'margin', 'degradation', 'thought', 'fourth', 'quarter', 'would', 'actuals', 'inventory', 'clearing'] 117 117 118 118 119 119 ['duffy', 'helpful', 'someone', 'perhaps', 'queue', 'thank'] 120 120 121 121 ['klinefelter', 'analyst', 'piper', 'jaffray', 'thank', 'congratulations', 'everyone', 'strong', 'finish', 'couple', 'things', 'generally', 'first'] 122 122 ['thinking', 'manufacturing', 'capacity', 'mexican', 'own', 'facility', 'factoring', 'chinese', 'manufacturing', 'third', 'party', 'globally', 'least', 'forecasting', 'pretty', 'substantial', 'growth', 'dollar', 'unit', 'capacity', 'potential', 'point', 'flexibility', 'own', 'capacity', 'third', 'party', 'capacity'] 123 123 ['would', 'insight', 'seasonality', 'thinking', 'least', 'historic', 'color', 'provide', 'versus', 'europe', 'versus', 'north', 'america', 'modeling', 'purpose'] 124 124 ['mccarvel', 'think', 'break', 'question', 'little', 'capacity', 'piece', 'little', 'seasonality', 'question', 'ask'] 125 125 126 126 ['lasher', 'seasonality', 'perspective', 'improvement', 'evidence', 'strong', 'average', 'growth', 'pretty', 'happy', 'curve', 'flatten', 'course', 'obviously', 'strategy', 'really', 'grow', 'book', 'healthy', 'seasonality', 'curve', 'maximize', 'sales', 'throughout', 'separately', 'focus', 'management', 'southern', 'hemisphere', 'warmer', 'market', 'brazil', 'india', 'southeast', 'focus', 'growing', 'product', 'supply', 'chain', 'distribution', 'throughout', 'market', 'seasonality', 'discuss'] 127 127 128 128 ['pretty', 'healthy', 'balance', 'strong', 'growth', 'europe', 'maybe', 'whereas', 'strong', 'growth', 'consideration', 'quarters'] 129 129 ['mccarvel', 'growth', 'talking', 'dollar', 'jeff?or', 'percentage'] 130 130 ['jeffrey', 'klinefelter'] 131 131 132 132 133 133 ['mccarvel', 'think', 'dollar', 'growth', 'america', 'market', 'asian', 'market', 'dollar', 'growth', 'going', 'think', 'going', 'continue', 'think', 'market', 'gain', 'gain', 'larger', 'presence', 'especially', 'wholesale', 'business', 'effort', 'years', 'rebuild', 'relationship', 'marketing', 'dollar', 'support', 'wholesale', 'partner', 'think', 'percentage', 'basis', 'europe', 'think', 'opportunity', 'percentage', 'standpoint', 'start', 'reopen', 'direct', 'market', 'higher', 'percentage'] 134 134 ['klinefelter', 'helpful', 'reminder', 'since', 'dealing', 'booking', 'number', 'booking', 'visibility', 'strong', 'majority', 'revenue', 'book', 'book', 'compare', 'contrast', 'percent', 'total', 'expect', 'modeling', 'thought'] 135 135 ['mccarvel', 'look', 'right', 'book', 'end', 'december', 'ship', 'balance', 'second', 'sorry'] 136 136 137 137 ['lasher', '16.50', 'wholesale', '17.69', 'blend', 'include', 'retail', 'internet', 'wholesale'] 138 138 ['klinefelter', '16.50', 'apple', 'apple', 'basis', 'would'] 139 139 ['mccarvel', 'maybe', 'number', 'wholesale', 'would', '14.67'] 140 140 ['klinefelter', 'great'] 141 141 ['mccarvel'] 142 142 143 143 ['operator', 'question', 'chartier', 'monness', 'crespi', 'hardt'] 144 144 145 145 146 146 147 147 148 148 ['chartier', 'mention', 'softness', 'direct', 'consumer', 'business', 'december', 'weather', 'relate', 'improvement', 'first', 'quarter'] 149 149 150 150 ['carryover', 'first', 'week', 'think', 'rebound', 'number', 'market', 'significant', 'amount', 'spring', 'summer', 'product', 'retail', 'store', 'going', 'retail', 'store', 'first', 'february', 'impact', 'product', 'bullish', 'think', 'product'] 151 151 ['chartier', 'large', 'portion', 'retail', 'store', 'seem', 'little', 'starve', 'inventory', 'inventory', 'position', 'fourth', 'quarter', 'first', 'quarter'] 152 152 153 153 ['chartier', 'great', 'thank'] 154 154 ['mccarvel', 'thanks'] 155 155 156 156 ['poser', 'analyst', 'sterne', 'leach', 'hello', 'poser', 'sorry', 'quick', 'question', 'spoke', 'deliver', 'good', 'spring', 'probably', 'already', 'ship', 'deliver', 'right'] 157 157 ['mccarvel', 'correct', 'customer', 'product', 'right', 'maybe', 'customer', 'take', 'spring', 'summer', 'product'] 158 158 ['poser', 'would', 'southern', 'tier', 'retailer', 'would', 'assume'] 159 159 160 160 ['poser', 'little', 'delivery', 'southern', 'product', 'coming'] 161 161 162 162 ['poser', 'guess', 'forward', 'question', 'pretty', 'quarter', 'already', 'point', 'going', 'better', 'lookout', 'balance', 'selling', 'forth'] 163 163 164 164 ['book', 'product'] 165 165 166 166 167 167 168 168 169 169 170 170 ['mccarvel', 'first', 'quarter', 'talk', 'business', 'really', 'wholesale', 'customer', 'consume', 'capacity', 'inventory', 'available', 'sales', 'change', 'larger', 'portion', 'revenue', 'business', 'think', 'talk', 'earlier', 'right', 'wholesale', 'business', 'backlog', 'order', 'second', 'third', 'drop', 'wholesale', 'account', 'clearly', 'greater', 'upside', 'wholesale', 'base', 'consumer', 'opinion', 'going', 'product', 'offering'] 171 171 ['poser', 'gross', 'margin', 'perspective', 'future', 'assume', 'discount', 'higher', 'margin', 'order', 'theoretically', 'margin', 'works', 'higher', 'second', 'fourth', 'quarters', 'would', 'first', 'third', 'future'] 172 172 173 173 ['poser', 'right', 'thank', 'continue', 'success'] 174 174 175 175 176 176 177 177 178 178 179 179 ['stephen', 'martin', 'great', 'standpoint', 'leaving', 'corporate', 'otherwise'] 180 180 181 181 182 182 ['mccarvel', 'little', 'color', 'perspective', 'internally', 'spend', 'include', 'retail', 'around', 'million', 'group', 'exclude', 'retail', 'million', 'reduction', 'dollar', 'increase', 'decrease', 'improvement', 'sg&a.', 'going', 'continue', 'focus', 'opportunity', 'leverage', 'investment', 'making', 'system', 'control', 'spend', 'appropriately'] 183 183 184 184 ['lasher', 'quite', 'opportunistic', 'availability', 'store', 'really', 'great', 'deal', 'seeing', 'opportunity', 'going', 'chase', 'selective', 'location', 'selective', 'location', 'within', 'often', 'quite', 'first', 'available', 'space'] 185 185 ['pretty', 'happy', 'rent', 'market', 'capitalize', 'weakness', 'market', 'however', 'outside', 'opportunity', 'awesome', 'think', 'market', 'reality', 'finding', 'store', 'throughout', 'world', 'opportunistically', 'entering', 'marketplace'] 186 186 187 187 188 188 189 189 ['mccarvel', 'talk', 'investment', 'demand', 'platform', 'roll', 'globally', 'think', 'starting', 'benefit', 'investment', 'better', 'focus', 'digital', 'marketing', 'group', 'social', 'marketing', 'group', 'especially', 'europe', 'unite', 'state', 'think', 'start', 'resonate', 'right', 'consumer', 'drive', 'internet', 'behavior'] 190 190 ['think', 'benefit', 'little', 'weather', 'december', 'uptick', 'business', 'market', 'people', 'going', 'think', 'great', 'digital', 'marketing', 'social', 'marketing', 'commerce', 'group', 'think', 'benefit'] 191 191 192 192 193 193 194 194 195 195 196 196 197 197 ['information', 'contain', 'event', 'transcript', 'textual', 'representation', 'applicable', 'company', 'conference', 'effort', 'provide', 'accurate', 'transcription', 'material', 'error', 'omission', 'inaccuracy', 'reporting', 'substance', 'conference', 'call', 'thomson', 'financial', 'applicable', 'company', 'applicable', 'company', 'assume', 'responsibility', 'investment', 'decision', 'base', 'information', 'provide', 'event', 'transcript', 'user', 'advise', 'review', 'applicable', 'company', 'conference', 'applicable', 'company', 'filing', 'making', 'investment', 'decision'] 198 199 199 200 201 201 ['language', 'english'] 202 203 203 204 205 205 206 207 207 208 208 209 210 210 ['copyright'] 211 212 212 213 214 214 215 216 217 217 ['disclosure'] 218 219 219 ['november', 'thursday'] 220 221 221 ['crocs', 'earnings', 'conference', 'final'] 222 223 223 224 225 225 226 226 ['mccarvel', 'crocs', 'president', 'hammer', 'crocs', 'finance'] 227 227 228 228 ['klinefelter', 'piper', 'jaffray', 'analyst', 'duffy', 'stifel', 'nicolaus', 'analyst', 'chartier', 'monness', 'crespi', 'hardt', 'analyst', 'poser', 'sterne', 'analyst', 'anderson', 'davidson', 'analyst', 'steven', 'martin', 'slater', 'capital', 'management', 'analyst'] 229 229 230 230 ['operator', 'thank', 'standing', 'everyone', 'welcome', 'crocs', 'incorporate', 'fiscal', 'third', 'quarter', 'earnings', 'conference', 'participant', 'listen', 'following', 'presentation', 'conduct', 'question', 'answer', 'session', 'instructions', 'provide', 'would', 'remind', 'everyone', 'conference', 'record'] 231 231 ['earlier', 'afternoon', 'crocs', 'announce', 'third', 'quarter', 'financial', 'result', 'press', 'release', 'found', 'company', 'website', 'reconciliation', 'measure', 'mention', 'today', 'found', 'investor', 'relations', 'section', 'crocs', 'website', 'company', 'would', 'remind', 'everyone', 'information', 'provide', 'forward', 'looking', 'accordingly', 'subject', 'harbor', 'provisions', 'federal', 'security', 'statement', 'concern', 'plan', 'belief', 'forecast', 'guidance', 'projection', 'expectation', 'estimate', 'future', 'operations', 'crocs', 'caution', 'statement', 'subject', 'number', 'risk', 'uncertainty', 'describe', 'factor', 'section', 'company', 'annual', 'report', 'file', 'february', 'security', 'exchange', 'commission'] 232 232 ['accordingly', 'actual', 'result', 'could', 'differ', 'materially', 'describe', 'listening', 'advise', 'refer', 'crocs', 'annual', 'report', '10-k.', 'document', 'file', 'additional', 'discussion', 'risk', 'factor', 'crocs', 'intend', 'forward', 'looking', 'statement', 'protect', 'harbor', 'provisions', 'security', 'exchange', 'crocs', 'obligate', 'update', 'forward', 'looking', 'statement', 'reflect', 'impact', 'future', 'event', 'would', 'mccarvel', 'chief', 'executive', 'officer', 'crocs', 'please', 'ahead'] 233 233 ['mccarvel', 'president', 'crocs', 'thank', 'operator', 'welcome', 'everyone', 'joining', 'third', 'quarter', 'earnings', 'today', 'hammer', 'chief', 'financial', 'officer', 'please', 'deliver', 'another', 'quarter', 'solid', 'result', 'recent', 'success', 'broad', 'base', 'speak', 'progress', 'diversify', 'business', 'terms', 'product', 'collection', 'distribution', 'channels', 'geography', 'area', 'business', 'contribute', 'growth', 'performance', 'product', 'fueling', 'current', 'momentum', 'result', 'quarter', 'encourage', 'ahead', 'thought', 'would', 'return', 'company', 'profitable', 'growth', 'achieve', 'level', 'earnings', 'point', 'company', 'development', 'importantly', 'performance', 'across', 'board', 'sales', 'tracking', 'ahead', 'expectation', 'distribution', 'channels', 'wholesale', 'retail', 'internet', 'geographic', 'region', 'america', 'europe', 'quarter', 'productive', 'summer', 'school', 'selling', 'season', 'wholesale', 'partner', 'report', 'weekly', 'performance', 'spring', 'summer', 'collection', 'throughout', 'august', 'trend', 'repeat', 'school', 'later', 'quarter', 'small', 'double', 'number', 'school', 'feature', 'three', 'campaign', 'cartoon', 'network', 'nickelodeon', 'network', 'amongst', 'others', 'please', 'first', 'attempt', 'capitalize', 'selling', 'period'] 234 234 ['build', 'performance', 'broad', 'assortment', 'product', 'america', 'wholesale', 'backlog', 'spring', 'double', 'growth', 'spread', 'across', 'broad', 'cross', 'section', 'wholesale', 'account', 'account', 'include', 'sport', 'good', 'better', 'department', 'store', 'family', 'footwear', 'approximately', 'wholesale', 'business', 'still', 'coming', 'independent', 'reflection', 'restore', 'relationship', 'success', 'visual', 'merchandising', 'program', 'additional', 'area', 'focus', 'crocs', 'america', 'first', 'development', 'crocs', 'draft', 'program', 'customer', 'program', 'provide', 'customer', 'access', 'crocs', 'product', 'internet', 'order', 'ship', 'direct', 'distribution', 'operation', 'initial', 'partner', 'experience', 'extraordinary', 'demand', 'crocs', 'product', 'model', 'exceed', 'projection', 'traditional', 'business', 'model', 'today', 'draft', 'partner', 'extensive'] 235 235 236 236 237 237 ['product', 'perform', 'company', 'own', 'retail', 'store', 'increase', 'global', 'retail', 'location', 'couple', 'store', 'fuel', 'increase', 'global', 'retail', 'sales', 'third', 'quarter', 'certainly', 'please', 'store', 'sales', 'third', 'quarter', 'however', 'think', 'undue', 'amount', 'attention', 'recently', 'focus', 'point', 'retail', 'larger', 'percentage', 'total', 'business', 'approximately', 'reporting', 'store', 'sales', 'result', 'retail', 'footprint', 'comprise', 'multiformats', 'include', 'cart', 'kiosk', 'mall', 'outlet', 'store', 'store', 'shop', 'major', 'retailer', 'street', 'store', 'globally'] 238 238 ['provide', 'result', 'really', 'provide', 'truly', 'accurate', 'picture', 'overall', 'retail', 'performance', 'believe', 'better', 'retail', 'business', 'growth', 'retail', 'location', 'couple', 'overall', 'retail', 'revenue', 'growth', 'review', 'financials', 'return', 'outline', 'growth', 'initiative'] 239 239 240 240 ['sales', 'increase', 'million', 'compare', 'million', 'sales', 'europe', 'increase', 'million', 'versus', 'million', 'sales', 'outside', 'unite', 'state', 'reflect', 'strong', 'global', 'reach', 'crocs', 'brand', 'average', 'selling', 'price', 'third', 'quarter', 'increase', '18.23', '17.69', 'product', 'continue', 'diversify', 'period', 'sales', 'coming', 'product', 'include', 'popular', 'collection', 'classic', 'represent', 'sales', 'respectively'] 241 241 242 242 243 243 244 244 ['turning', 'balance', 'sheet', 'end', '143.1', 'million', 'increase', 'million', 'september', 'company', 'compliance', 'covenant', 'important', 'amend', 'agreement', 'september', 'extend', 'maturity', 'september', 'decrease', 'interest', 'amend', 'certain', 'restrict', 'covenant', 'favorable', 'company', 'inventory', '142.5', 'million', 'september', '113.7', 'million', 'september', 'increase', 'result', 'multiple', 'factor', 'include', 'increase', 'backlog', 'september', 'increase', 'retail', 'location', 'strong', 'product', 'support', 'anticipate', 'higher', 'revenue', 'quarter', 'end', 'september', 'inventory', 'turnover', 'annualized', 'basis'] 245 245 246 246 247 247 ['mccarvel', 'thanks', 'state', 'earlier', 'ahead', 'schedule', 'multiyear', 'turnaround', 'outline', 'spring', 'still', 'amount', 'seasonality', 'business', 'base', 'backlog', 'million', 'september', 'expect', 'better', 'holiday', 'selling', 'season', 'evidence', 'increase', 'guidance', 'fourth', 'quarter', 'backlog', 'october', 'million', 'begin', 'momentum'] 248 248 ['recently', 'improve', 'result', 'combine', 'future', 'order', 'bolster', 'confidence', 'right', 'things', 'right', 'piece', 'place', 'drive', 'business', 'forward', 'continue', 'invest', 'things', 'perpetuate', 'recovery', 'beginning', 'product', 'design', 'development', 'building', 'success', 'collection', 'product', 'portfolio', 'comprise', 'several', 'style', 'innovative', 'collection', 'believe', 'broaden', 'brand', 'appeal', 'attract', 'consumer', 'crocs', 'continue', 'expand', 'customer', 'direct', 'business', 'component', 'invigorate', 'topline', 'create', 'strong', 'emotional', 'connection', 'consumer', 'worldwide', 'anticipate', 'ending', 'approximately', 'company', 'own', 'retail', 'location', 'initial', 'plan', 'include', 'roughly', 'location', 'growth', 'majority', 'location', 'outside', 'include', 'combination', 'price', 'store', 'shop', 'outlet', 'store'] 249 249 250 250 251 251 252 252 ['klinefelter', 'analyst', 'piper', 'jaffray', 'thanks', 'congratulations', 'sound', 'encourage', 'outlook', 'could', 'little', 'booking', 'looking', 'going', 'maybe', 'putting', 'context', 'dollar', 'value', 'versus', 'think', 'business', 'wholesale', 'piece', 'business', 'running', 'roughly', 'majority', 'shipping', 'first', 'quarter', 'think', 'flowing', 'first', 'couple', 'quarters'] 253 253 254 254 ['klinefelter', 'terms', 'retail', 'retail', 'business', 'focus', 'promotional', 'environment', 'looking', 'fourth', 'quarter', 'particularly', 'promotional', 'chain', 'business', 'bake', 'guidance', 'point', 'point', 'terms', 'retail', 'direct', 'business'] 255 255 256 256 257 257 258 258 ['klinefelter', 'terrific', 'others', 'congratulations'] 259 259 260 260 261 261 262 262 ['mccarvel', 'think', 'touch', 'quarter', 'desire', 'comfort', 'level', 'would', 'really', 'business', 'range', 'remains', 'target', 'sales', 'force', 'comfort', 'discuss', 'crocs', 'business'] 263 263 ['duffy', 'hopeful', 'retail', 'growth', 'mention', 'growth', 'number', 'think', 'square', 'footage', 'growth', 'mention', 'majority', 'growth', 'internationally', 'smaller', 'store', 'correct'] 264 264 265 265 ['duffy', 'respect', 'backlog', 'increase', 'backlog'] 266 266 267 267 268 268 269 269 270 270 ['chartier', 'analyst', 'monness', 'crespi', 'hardt', 'afternoon'] 271 271 272 272 273 273 274 274 ['chartier', 'impact', 'third', 'quarter', 'gross', 'margin', 'higher', 'labor', 'costs'] 275 275 276 276 277 277 278 278 ['chartier', 'forward'] 279 279 ['hammer', 'tax', '-forward', 'going', 'fourth', 'quarter', 'level'] 280 280 281 281 ['hammer', 'welcome'] 282 282 ['operator', 'poser', 'sterne'] 283 283 ['poser', 'analyst', 'sterne', 'afternoon', 'question', 'store', 'backlog', 'first', 'ask', 'mention', 'million', 'fourth', 'quarter', 'catch', 'total', 'dollar', 'amount', 'backlog'] 284 284 ['mccarvel', 'million'] 285 285 ['poser', 'alright'] 286 286 287 287 288 288 289 289 290 290 ['hammer', 'right'] 291 291 292 292 ['poser', 'store', 'opening', 'comp', 'feel', 'move', 'target', 'giving', 'square', 'footage', 'margin', 'square', 'footage', 'information', 'least', 'gauge', 'productivity'] 293 293 ['mccarvel', 'really', 'create', 'difficult', 'model', 'revenue', 'square', 'footage', 'look', 'kiosk', 'versus', 'look', 'retail', 'store', 'boston', 'completely', 'different', 'try', 'confuse'] 294 294 295 295 ['hammer', 'think', 'strategy', 'explain', 'convert', 'cart', 'kiosk', 'store', 'mislead', 'calculation', 'taking', 'square', 'footage', 'comping', 'cart', 'kiosk', 'convert', 'think', 'conversion', 'years', 'probably', 'another', 'couple', 'mislead', 'right', 'thing', 'store', 'growth', 'location', 'revenue', 'drive', 'higher', 'margin', 'business', 'mention', 'earlier'] 296 296 ['poser', 'going', 'store', 'growth', 'revenue', 'thinking', 'seem', 'square', 'footage', 'number'] 297 297 ['hammer', 'think', 'store', 'growth', 'mention', 'middle', 'planning', 'cycle', 'right', 'february', 'complete', 'plan', 'cycle', 'color', 'retail', 'growth'] 298 298 ['mccarvel', 'communicate', 'possible', 'understand', 'happening', 'business', 'consistent', 'methodology', 'metric', 'going', 'communicate'] 299 299 ['poser', 'question', 'couple', 'question', 'include', 'backlog', 'vendor', 'manage', 'program', 'going', 'sport', 'authority', 'selling', 'good', 'channel', 'backlog'] 300 300 301 301 ['poser', 'lastly', 'break', 'classics', 'basis', 'saying', 'classics', 'versus', 'versus', 'versus', 'maybe', 'sales'] 302 302 303 303 304 304 ['mccarvel', 'product', 'introduce', 'example', 'santa', 'product'] 305 305 ['poser', 'thank'] 306 306 307 307 308 308 ['anderson', 'analyst', 'davidson'] 309 309 ['mccarvel'] 310 310 311 311 312 312 313 313 ['mccarvel', 'thought', 'count', 'probably', 'think', 'terms', 'style', 'today', 'different', 'style', 'product', 'certain', 'style', 'customize', 'different', 'channels', 'slowly', 'methodically', 'return', 'older', 'product', 'different', 'methodology', 'come', 'building', 'product', 'consumer', 'still', 'looking', 'favorite', 'still', 'available', 'retail', 'store', 'online', 'think', 'probably', 'growth', 'style'] 314 314 315 315 316 316 ['anderson', 'looking', 'thought', 'would', 'gross', 'margin', 'move', 'around', 'want', 'probably', 'niche', 'factor', 'factor', 'generally', 'speaking', 'sense', 'things', 'thinking'] 317 317 318 318 319 319 ['mccarvel', 'thanks'] 320 320 321 321 ['operator', 'steven', 'martin', 'slater', 'capital', 'management'] 322 322 ['steven', 'martin', 'analyst', 'slater', 'capital', 'management', 'congratulations', 'great', 'turnaround'] 323 323 ['hammer', 'thanks', 'steve'] 324 324 325 325 ['mccarvel', 'steve', 'point', 'beginning', 'start', 'engage', 'select', 'product', 'select', 'store', 'little', 'right', 'sometimes', 'think', 'people', 'crocs', 'looking', 'little', 'impact', 'consumer', 'shop', 'think', 'channels', 'talk', 'call', 'channel', 'crocs', 'business', 'channel', 'overall', 'wholesale', 'business', 'important', 'customer', 'relationship', 'build', 'really', 'impact', 'overall', 'wholesale', 'business', 'overall', 'business'] 326 326 ['steven', 'martin', 'talking', 'customer', 'discuss', 'possibility', 'target', 'somebody', 'channel', 'anything', 'discus', 'still', 'works'] 327 327 ['mccarvel', 'actually', 'provide', 'target', 'jibbitz', 'brand', 'replace', 'similar', 'clogg', 'product', 'selling', 'manufacture', 'merchandising', 'jibbitz', 'jibbitz', 'accessory', 'shoes', 'lower', 'price', 'point', 'croslite', 'material', 'still', 'softness', 'durability', 'think', 'crocs', 'product', 'today', 'available', 'target', 'store', 'start', 'first', 'quarter'] 328 328 329 329 330 330 ['steven', 'martin', 'question', 'croslite', 'start', 'produce'] 331 331 ['mccarvel', 'actually', 'build', 'product', 'starting', 'first', 'base', 'output', 'material'] 332 332 333 333 334 334 335 335 ['mccarvel', 'anything', 'build'] 336 336 ['steven', 'martin', 'particular', 'purpose'] 337 337 338 338 339 339 ['mccarvel', 'thanks'] 340 340 ['hammer', 'thanks', 'steve'] 341 341 342 342 343 343 ['klinefelter', 'couple', 'quick', 'follow', 'backlog', 'rather', 'increase', 'going', 'little', 'color', 'major', 'three', 'major', 'geographic', 'region'] 344 344 345 345 346 346 ['klinefelter', 'percentage', 'total', 'increase', 'across', 'three'] 347 347 ['hammer', 'america', 'around', 'million', 'europe', 'million', 'million', 'think', 'important', 'first', 'program', 'three', 'program', 'apple', 'apple', 'million', 'backlog'] 348 348 349 349 350 350 ['klinefelter', 'thing', 'inventory', 'planning', 'purpose', 'expectation', 'going', 'forward', 'would', 'running', 'inventory', 'adjust', 'own', 'manufacture', 'mexico', 'balancing', 'facility', 'would', 'expect', 'inventory', 'future', 'sales', 'growth', 'would', 'sales', 'growth', 'think', 'going'] 351 351 ['mccarvel', 'think', 'getting', 'relative', 'sales', 'growth', 'internal', 'target', 'continue', 'inventory', 'times', 'better', 'working', 'planning'] 352 352 ['klinefelter', 'great', 'thank'] 353 353 354 354 355 355 356 356 ['operator', 'conclude', 'conference', 'today', 'thank', 'joining'] 357 357 358 358 ['conference', 'call', 'event', 'transcript', 'base', 'company', 'projection', 'forward', 'looking', 'statement', 'regard', 'variety', 'item', 'forward', 'looking', 'statement', 'base', 'current', 'expectation', 'involve', 'risk', 'uncertainty', 'actual', 'result', 'differ', 'materially', 'state', 'forward', 'looking', 'statement', 'base', 'number', 'important', 'factor', 'risk', 'specifically', 'identify', 'company', 'recent', 'filing', 'although', 'company', 'indicate', 'believe', 'assumption', 'underlie', 'forward', 'looking', 'statement', 'reasonable', 'assumption', 'could', 'prove', 'inaccurate', 'incorrect', 'therefore', 'assurance', 'result', 'contemplate', 'forward', 'looking', 'statement', 'realize'] 359 359 360 361 361 ['november'] 362 363 363 364 365 365 366 367 367 368 369 370 370 371 371 ['right', 'reserve'] 372 372 373 373 374 375 375 ['return'] 376 377 377 ['focus', 'document'] 378 379 380 380 ['disclosure'] 381 382 382 ['september', 'tuesday'] 383 384 384 ['crocs', 'credit', 'suisse', 'group', 'small', 'conference', 'final'] 385 386 386 387 388 388 389 389 ['hammer', 'crocs', 'chief', 'financial', 'officer'] 390 390 391 391 ['unidentified', 'participant', 'afternoon', 'welcome', 'lunch', 'please', 'crocs', 'management', 'today', 'represent', 'hammer', 'probably', 'assume', 'crocs', 'company', 'brand', 'need', 'little', 'introduction', 'anyway', 'given', 'appeal', 'popularity', 'imitation', 'flattery', 'company', 'flatter'] 392 392 ['course', 'flattery', 'replication', 'marketplace', 'create', 'skepticism', 'around', 'story', 'skepticism', 'crocs', 'another', 'address', 'running', 'course', 'look', 'rapid', 'consumer', 'adaption', 'follow', 'competitive', 'entrant', 'slow', 'growth', 'quick', 'decline'] 393 393 ['currently', 'follow', 'stock', 'rating', 'skepticism', 'generally', 'lead', 'opportunity', 'think', 'looking', 'closer', 'company', 'surface', 'business', 'early', 'stage', 'establish', 'establish', 'major', 'player', 'global', 'footwear', 'landscape', 'opportunity', 'brand', 'extension', 'beyond', 'traditional', 'style', 'familiar'] 394 394 395 395 396 396 ['hammer', 'chief', 'financial', 'officer', 'crocs', 'afternoon', 'everybody', 'think', 'quote', 'friend', 'former', 'company', 'rumor', 'demise', 'greatly', 'exaggerate'] 397 397 398 398 ['looking', 'review', 'afternoon', 'history', 'company', 'think', 'people', 'perception', 'crocs', 'really', 'represent', 'crocs', 'profitable', 'growth', 'going', 'review', 'company', 'today', 'region', 'think', 'important', 'global', 'nature', 'crocs', 'going', 'channels', 'particular', 'going', 'spend', 'talking', 'retail', 'retail', 'strategy', 'review', 'successful', 'marketing', 'campaign'] 399 399 ['first', 'history', 'crocs', 'relatively', 'short', 'crocs', 'develop', 'original', 'beautiful', 'global', 'footwear', 'company', 'establish', 'country', 'approximately', 'global', 'style', 'bring', 'profile', 'comfort', 'innovation', 'world', 'strong', 'statement', 'challenge', 'think', 'moment', 'someone', 'think'] 400 400 ['robust', 'product', 'several', 'pick', 'product', 'catalogue', 'visit', 'website', 'visit', 'store', 'faneuil', 'three', 'block', 'robust', 'product', 'profound', 'comfort', 'become', 'repeat', 'customer'] 401 401 ['looking', 'history', 'company', 'crocs', 'basically', 'company', 'sales', 'perspective', 'public', 'first', 'meaningful', 'revenue', 'brand', 'million', 'globally', 'recognize', 'country', 'establish', 'sustain', 'growth', 'drive', 'global', 'consumer', 'demand', 'casual', 'comfort'] 402 402 ['little', 'history', 'recovery', 'importantly', 'building', 'solid', 'foundation', 'company', 'strong', 'balance', 'sheet', 'continue', 'generate', 'build', 'work', 'building', 'focus', 'wholesale', 'customer', 'relationship', 'globally'] 403 403 ['reduce', 'inventory', 'successful', 'direct', 'consumer', 'global', 'expansion', 'retail', 'internet', 'exit', 'marginal', 'distribution', 'channels', 'strengthen', 'expand', 'product', 'importantly', 'streamline', 'operational', 'structure', 'leading', 'profitability'] 404 404 ['profitable', 'growth', 'strong', 'crocs', 'global', 'brand', 'please', 'progress', 'execute', 'strategy', 'return', 'profitable', 'growth'] 405 405 ['product', 'driving', 'growth', 'growth', 'drive', 'average', 'selling', 'price', 'improvement', 'introduce', 'product', 'higher', 'price', 'significant', 'gross', 'margin', 'improvement', 'leverage', 'execute', 'profitability', 'plan', 'invest', 'system', 'process', 'people', 'return', 'significant', 'second', 'quarter', 'sales', 'million', 'million', 'continue', 'build', 'generate'] 406 406 407 407 ['consumer', 'someone', 'someone', 'crocs', 'around', 'clock', 'morning', 'walking', 'getting', 'newspaper', 'afternoon', 'golfing', 'golfer', 'show', 'weekend', 'night', 'casual', 'whether', 'crocs', 'around', 'clock', 'woman', 'child'] 408 408 409 409 410 410 ['healthy', 'growth', 'global', 'internet', 'channel', 'represent', 'approximately', 'global', 'portfolio'] 411 411 ['expect', 'three', 'region', 'region', 'revenue', 'generate', 'internationally', 'region', 'america', 'include', 'canada', 'south', 'america', 'account', 'business', 'account', 'business', 'europe', 'business', 'strong', 'double', 'digit', 'growth', 'first', 'region', 'america', 'europe'] 412 412 ['channels', 'starting', 'global', 'wholesale', 'global', 'wholesale', 'strong', 'growth', 'region', 'america', 'europe', 'drive', 'strong', 'global', 'acceptance', 'product', 'portfolio', 'strong'] 413 413 ['spring', 'summer', 'book', 'early', 'finish', 'encourage', 'early', 'indication'] 414 414 ['retail', 'advantage', 'couple', 'retail', 'store', 'example', 'right', 'third', 'party', 'store', 'malaysia', 'retail', 'presence', 'around', 'world', 'substantial', 'retail', 'sales', 'growth', 'total', 'total', 'company', 'operate', 'retail', 'location', 'price', 'store', 'outlet', 'store', 'store', 'kiosk'] 415 415 ['third', 'party', 'partner', 'store', 'total', 'global', 'retail', 'location', 'expect', 'company', 'own', 'operate', 'retail', 'location', 'approximately', 'state', 'earnings'] 416 416 ['advantage', 'direct', 'consumer', 'retail', 'advantage', 'guarantee', 'access', 'consumer', 'second', 'guarantee', 'consumer', 'access', 'portfolio', 'instead', 'model', 'think', 'driving', 'increase'] 417 417 418 418 ['focus', 'third', 'quarter', 'expansion', 'retail', 'recently', 'successfully', 'mobile', 'commerce', 'internet', 'channel', 'advantage', 'guarantee', 'access', 'consumer', 'guarantee', 'consumer', 'access', 'portfolio'] 419 419 ['moment', 'retail', 'first', 'color', 'regard', 'retail', 'business', 'mention', 'earlier', 'global', 'retail', 'global', 'sales', 'location', 'outside', 'unite', 'state', 'global', 'retail', 'country', 'europe', 'america', 'obviously', 'subset'] 420 420 421 421 422 422 423 423 ['comp', 'report', 'include', 'impair', 'sales', 'history', 'grow', 'every', 'quarter', 'first', 'quarter', 'second', 'quarter', 'quarter', 'august', 'result', 'encourage', 'industry', 'performance', 'perspective', 'performance', 'experience', 'seeing', 'comp', 'throughs', 'strong'] 424 424 425 425 426 426 427 427 ['example', 'brazil', 'direct', 'couple', 'years', 'acceleration', 'market', 'years', 'normally', 'take', 'couple', 'years', 'direct', 'channel', 'setting', 'wholesale', 'retail', 'internet', 'business', 'establish', 'brand'] 428 428 429 429 430 430 431 431 ['streamline', 'supply', 'chain', 'system', 'transition', 'booking', 'touch', 'store', 'distribution', 'center', 'direct', 'factory', 'balance', 'manufacturing', 'third', 'party', 'contractor', 'versus', 'internal', 'capability', 'example', 'manufacturing', 'mexico', 'small', 'plant', 'italy', 'mexico', 'facility', 'give', 'strategic', 'advantage', 'quick', 'delivery', 'south', 'american', 'market', 'bypass', 'import', 'duty', 'china', 'implement', 'brazil', 'give', 'advantage'] 432 432 ['manufacturing', 'source', 'third', 'party', 'variable', 'continue', 'improvement', 'distribution', 'globally'] 433 433 434 434 ['share', 'spring', 'product', 'sample', 'product', 'lining', 'customer', 'product', 'introduction', 'successful', 'robust', 'excite', 'product', 'lineup', 'spring', 'summer', 'sample', 'spring', 'summer', 'collection', 'line', 'global', 'account'] 435 435 436 436 437 437 ['small', 'example', 'collection', 'spring', 'receive', 'customer', 'wholesale', 'retail', 'channels', 'throughout', 'world', 'excite', 'book', 'spring', 'summer'] 438 438 ['product', 'great', 'design', 'leadership', 'around', 'world', 'design', 'resource', 'italy', 'japan', 'reason', 'successful', 'globally', 'collaborate', 'design', 'design', 'process', 'global', 'collaboration', 'input', 'region', 'culture', 'leverage', 'trend', 'occur', 'region'] 439 439 ['spring', 'product', 'introduction', 'strength', 'growth', 'marketing', 'campaign', 'change', 'sponsorship', 'formally', 'sponsor', 'volleyball', 'sponsorship', 'around', 'world', 'direct', 'consumer', 'marketing'] 440 440 ['little', 'spring', 'summer', 'advertising', 'campaign', 'success', 'school', 'advertising', 'campaign', 'success', 'drive', 'business', 'wholesale', 'consumer', 'direct', 'retail', 'internet', 'channels', 'significant', 'product', 'channels', 'wholesale', 'retail', 'consumer', 'direct', 'result', 'advertising', 'campaign'] 441 441 ['investment', 'highlight', 'crocs', 'unique', 'strong', 'balance', 'global', 'business', 'model', 'business', 'outside', 'rely', 'region', 'channel', 'balance', 'wholesale', 'retail', 'internet', 'three', 'region', 'europe', 'america', 'balance', 'large', 'loyal', 'consumer', 'faneuil', 'first', 'crocs', 'buy', 'become', 'repeat', 'customer', 'correlation'] 442 442 ['diversify', 'sales', 'contribution', 'mention', 'terms', 'channels', 'geography', 'demographic', 'product', 'style', 'balance', 'model', 'piece', 'business', 'others', 'highly', 'leverage', 'piece'] 443 443 ['enhance', 'product', 'design', 'integrate', 'marketing', 'strategy', 'moment', 'driving', 'growth', 'opportunity', 'channel', 'segmentation', 'robust', 'expand', 'product', 'portfolio', 'strategic', 'investment', 'continue', 'create', 'industry', 'leading', 'margin', 'expansion', 'reduction'] 444 444 ['little', 'marketing', 'campaign', 'campaign', 'create', 'wonder', 'everybody', 'think', 'crocs', 'first', 'mention', 'standing', 'brand', 'alienate', 'audience', 'know', 'love', 'iconic'] 445 445 446 446 447 447 ['video', 'playing'] 448 448 ['hammer', 'spring', 'product', 'wheel', 'spring', 'march', 'april', 'beginning', 'fuel', 'wholesale', 'customer', 'retail', 'store', 'internet', 'running', 'commercial', 'throughs', 'product', 'comp', 'dramatically'] 449 449 ['school', 'crocs', 'traditionally', 'product', 'school', 'take', 'eight', 'product', 'school', 'feature', 'three', 'product', 'formerly', 'crocs', 'always', 'school', 'hole', 'teacher', 'concern', 'people', 'drop', 'pencil', 'school', 'boards', 'could', 'crocs'] 450 450 451 451 452 452 ['video', 'playing'] 453 453 ['hammer', 'three', 'product', 'first', 'little', 'internet', 'shoes', 'leaf', 'second', 'third', 'sneaker', 'three', 'since', 'launch', 'third', 'quarter'] 454 454 455 455 456 456 ['unidentified', 'audience', 'member', 'stock', 'aware', 'volatile', 'could', 'comment', 'rumor', 'sales', 'surround'] 457 457 ['hammer', 'question', 'volatility', 'stock', 'think', 'business', 'discussion', 'retail', 'comp', 'direct', 'straightforward', 'think', 'need', 'analysis', 'really', 'means', 'impair', 'sales', 'august', 'september', 'comparison', 'mathematics', 'sales', 'going', 'meaningful', 'measurement'] 458 458 459 459 460 460 461 461 462 462 463 463 464 464 465 465 466 466 ['unidentified', 'audience', 'member', 'inaudible', 'question', 'microphone', 'inaccessible'] 467 467 468 468 469 469 470 470 471 471 472 472 ['unidentified', 'audience', 'member', 'inaudible', 'question', 'microphone', 'inaccessible'] 473 473 ['hammer', 'question', 'could', 'invest', 'address', 'investment', 'marketing', 'marketing', 'investment', 'result', 'strong', 'strong', 'product', 'think', 'continue', 'investment', 'market', 'think', 'crucial', 'build', 'region', 'country', 'continue', 'investment', 'marketing', 'direct', 'consumer', 'strong', 'correlation', 'bottom', 'marketing', 'investment', 'direct', 'consumer'] 474 474 ['anybody'] 475 475 476 476 477 477 ['thomson', 'financial', 'reserves', 'right', 'change', 'document', 'content', 'information', 'without', 'obligation', 'notify', 'person', 'change'] 478 478 479 479 ['information', 'contain', 'event', 'transcript', 'textual', 'representation', 'applicable', 'company', 'conference', 'effort', 'provide', 'accurate', 'transcription', 'material', 'error', 'omission', 'inaccuracy', 'reporting', 'substance', 'conference', 'call', 'thomson', 'financial', 'applicable', 'company', 'applicable', 'company', 'assume', 'responsibility', 'investment', 'decision', 'base', 'information', 'provide', 'event', 'transcript', 'user', 'advise', 'review', 'applicable', 'company', 'conference', 'applicable', 'company', 'filing', 'making', 'investment', 'decision'] 480 481 481 482 483 483 ['language', 'english'] 484 485 485 486 487 487 488 489 490 490 ['copyright'] 491 491 ['right', 'reserve'] 492 492 ['copyright'] 493 493 ['right', 'reserve'] 494 495 495 ['return'] 496 497 497 ['focus', 'document'] 498 499 500 500 501 502 502 ['august', 'thursday'] 503 504 504 ['crocs', 'earnings', 'conference', 'final'] 505 506 506 ['length', 'words'] 507 508 508 ['corporate', 'participant'] 509 509 510 510 ['conference', 'participant'] 511 511 512 512 ['presentation'] 513 513 ['operator', 'welcome', 'crocs', 'incorporate', 'fiscal', 'second', 'quarter', 'earnings', 'conference', 'participant', 'listen', 'following', 'presentation', 'conduct', 'question', 'answer', 'session', 'would', 'remind', 'everyone', 'conference', 'record'] 514 514 515 515 516 516 ['listening', 'advise', 'refer', 'crocs', 'annual', 'report', 'document', 'file', 'additional', 'discussion', 'factor', 'crocs', 'intend', 'forward', 'looking', 'statement', 'protect', 'harbor', 'provision', 'security', 'exchange', 'crocs', 'obligate', 'update', 'forward', 'looking', 'statement', 'reflect', 'impact', 'future', 'event'] 517 517 ['would', 'mccarvel', 'chief', 'executive', 'officer', 'crocs', 'please', 'ahead'] 518 518 ['mccarvel', 'chief', 'executive', 'officer', 'crocs', 'thank', 'operator', 'afternoon', 'thank', 'joining', 'second', 'quarter', 'earnings', 'today', 'hammer', 'chief', 'financial', 'officer', 'please', 'announce', 'better', 'expect', 'operate', 'result', 'second', 'quarter'] 519 519 ['clearly', 'seeing', 'financial', 'benefit', 'executing', 'strategic', 'share', 'earnings', 'call', 'striving', 'develop', 'global', 'brand', 'balance', 'business', 'model'] 520 520 521 521 ['second', 'performance', 'customer', 'direct', 'channel', 'reflect', 'solid', 'growth', 'expansion', 'store', 'sales', 'example', 'store', 'sales', 'market', 'third', 'operate', 'margin', 'region', 'reflect', 'effort', 'talented', 'global', 'operations', 'evolve', 'business', 'model', 'continue', 'develop', 'unique', 'season', 'replenishment', 'system'] 522 522 ['fourth', 'costs', 'align', 'business', 'model', 'increase', 'marketing', 'spend', 'quarter', 'million', 'million', 'drive', 'brand', 'awareness', 'product', 'introduction', 'channel', 'sales', 'wholesale', 'customer', 'globally', 'striving', 'develop', 'balance', 'business', 'globally', 'working', 'minimize', 'seasonality', 'product', 'portfolio'] 523 523 ['revenue', 'increase', 'million', 'adjust', 'revenue', 'million', 'report', 'second', 'quarter', 'exclude', 'million', 'previously', 'impair', 'product', 'sales', 'report', 'international', 'sales', 'account', 'total', 'revenue', 'continue', 'believe', 'strategic', 'strength', 'crocs', 'encourage', 'development', 'middle', 'market'] 524 524 ['please', 'resurgence', 'wholesale', 'business', 'channel', 'invest', 'significant', 'management', 'effort', 'methodically', 'rebuild', 'wholesale', 'business', 'especially', 'market', 'sales', 'crocs', 'product', 'major', 'retail', 'partner', 'department', 'store', 'family', 'channels', 'sport', 'good', 'independent', 'consistently', 'early', 'customer', 'return', 'retailer', 'actively', 'looking', 'brand'] 525 525 526 526 527 527 528 528 529 529 530 530 531 531 532 532 ['would'] 533 533 ['hammer', 'chief', 'financial', 'officer', 'crocs', 'thanks', 'thanks', 'everyone', 'joining', 'today', 'listening', 'webcast', 'begin', 'review', 'income', 'statement', 'starting', 'revenue', 'total', 'revenue', 'second', 'quarter', 'increase', 'million', 'adjust', 'revenue', 'million', 'report', 'second', 'quarter', 'exclude', 'million', 'previously', 'impair', 'sales', 'state', 'would', 'recur', 'basis', 'revenue', 'increase'] 534 534 535 535 536 536 537 537 538 538 ['continue', 'great', 'success', 'collection', 'woman', 'footwear', 'three', 'style', 'school', 'collection'] 539 539 ['average', 'selling', 'price', 'second', 'quarter', 'increase', '17.76', '15.80', 'product', 'continue', 'diversify', 'period', 'sales', 'coming', 'spring', 'summer', 'product', 'include', 'popular', 'collection', 'classic', 'represent', 'sales', 'respectively', 'shift', 'towards', 'higher', 'percentage', 'product', 'higher', 'price', 'point', 'expect', 'continue', 'increase', 'future', 'period'] 540 540 ['gross', 'profit', 'gross', 'profit', 'increase', '131.9', 'million', 'compare', '101.1', 'million', 'gross', 'margin', 'basis', 'point', 'significant', 'improvement', 'gross', 'profit', 'result', 'effective', 'reduction', 'action', 'namely', 'consolidation', 'global', 'warehouse', 'footprint', 'efficient', 'supply', 'chain', 'include', 'greater', 'degree', 'direct', 'shipment', 'customer', 'increase', 'sales', 'contribution', 'consumer', 'direct', 'division', 'carry', 'higher', 'gross', 'margin', 'wholesale', 'channel'] 541 541 ['decrease', 'million', 'million', 'compare', '125.6', 'million', 'percentage', 'sales', 'decrease', 'quarter', 'reminder', 'retail', 'expense', 'include', 'occupancy', 'costs', 'store', 'labor', 'third', 'operate', 'budget', 'retail', 'relate', 'costs', 'include', 'million', 'million', 'remain', 'fairly', 'constant', 'percent', 'revenue'] 542 542 543 543 544 544 545 545 ['balance', 'sheet', 'end', 'million', 'increase', 'million', 'company', 'compliance', 'covenant'] 546 546 ['inventory', '113.6', 'million', 'slight', 'increase', 'inventory', '111.6', 'million', 'end', 'account', 'receivable', 'million', 'compare', 'million'] 547 547 ['guidance', 'expect', 'revenue', 'approximately', 'million', 'increase', 'third', 'quarter', 'adjust', 'revenue', 'million', 'exclude', 'million', 'impair', 'product', 'sales', 'state', 'would', 'reoccurring', 'basis', 'expect', 'third', 'quarter', 'revenue', 'approximately'] 548 548 549 549 ['expect', 'remainder', 'third', 'quarter', 'approximately', 'project', 'capital', 'expenditure', 'approximately', 'million'] 550 550 ['closing', 'comment'] 551 551 ['mccarvel', 'thanks', 'please', 'solid', 'growth', 'revenue', 'couple', 'effects', 'gross', 'margin', 'improvement', 'continue', 'manage', 'develop', 'brand', 'carefully', 'sustain', 'growth'] 552 552 ['conclusion', 'evidence', 'mount', 'crocs', 'turnover', 'irrefutably', 'underway', 'prematurely', 'publish', 'obituary', 'positive', 'achievement', 'company', 'brand', 'product', 'month'] 553 553 554 554 555 555 ['operator', 'thank', 'operator', 'instructions', 'first', 'question', 'anderson', 'davidson'] 556 556 ['anderson', 'analyst', 'davidson', 'afternoon', 'congratulations', 'another', 'quarter'] 557 557 558 558 ['anderson', 'welcome', 'thank', 'couple', 'question', 'first', 'focus', 'gross', 'margin', 'extraordinarily', 'versus', 'think', 'expect', 'probably', 'people', 'sense', 'comment', 'second', 'lower', 'relative', 'describe', 'level', 'seem', 'business', 'going', 'tracking', 'little', 'color', 'think', 'second'] 559 559 560 560 ['secondly', 'reduction', 'supply', 'chain', 'efficiency', 'working', 'month', 'continue', 'balance', 'sheet', 'really', 'direct', 'consumer', 'solid', 'quarter', 'especially', 'new', 'product', 'launch', 'talk', 'prior', 'call', 'higher', 'driving', 'better', 'margin'] 561 561 ['think', 'think', 'second', 'margin', 'expect', 'margin', 'difference', 'whole', 'process', 'think', 'important', 'point', 'factor', 'going', 'influence', 'margin', 'second', 'quarter', 'always', 'high', 'quarter', 'traditionally', 'high', 'quarter', 'going', 'little', 'lower', 'volume', 'going', 'impact', 'gross', 'margin'] 562 562 ['winter', 'product', 'slightly', 'lower', 'margin', 'compare', 'spring', 'summer', 'line', 'share', 'piece', 'industry', 'today', 'going', 'dynamic', 'asian', 'supply', 'partner', 'going', 'level', 'increase', 'impact', 'margin', 'level'] 563 563 564 564 565 565 ['anderson', 'figure', 'helpful', 'comment', 'store', 'sales', 'recall', 'tracking', 'april', 'acceleration', 'could', 'whether', 'marketing', 'promotion', 'might', 'kick', 'color'] 566 566 ['hammer', 'second', 'quarter', 'actually', 'strong', 'advertising', 'impact', 'product', 'little', 'short', 'consumer', 'direct', 'channels', 'could', 'wholesale', 'channels', 'first', 'another', 'point', 'comp', 'right', 'america', 'really', 'seeing', 'acceleration', 'direct', 'channels', 'comp', 'strong', 'exceed', 'expectation'] 567 567 ['anderson', 'terrific', 'somebody', 'talk', 'incremental', 'marketing', 'spend', 'obviously', 'seeing', 'comp', 'getting', 'benefit', 'direct', 'broadly', 'already', 'putting', 'marketing', 'dollar', 'going', 'things', 'incremental', 'spend'] 568 568 ['mccarvel', 'going', 'continue', 'wholesale', 'customer', 'program', 'third', 'quarter', 'thing', 'starting', 'tomorrow', 'school', 'video', 'start', 'multiple', 'channels', 'market', 'first', 'support', 'school', 'shoes', 'launching', 'book', 'shipping', 'wholesale', 'basis', 'three', 'model', 'today', 'running', 'tagline', 'nordstrom', 'product'] 569 569 570 570 571 571 572 572 ['anderson', 'great', 'thank', 'congratulations', 'everyone', 'terrific', 'quarter'] 573 573 ['hammer', 'thank'] 574 574 ['klinefelter', 'analyst', 'piper', 'jaffray', 'wholesale', 'business', 'think', 'digging', 'little', 'deep', 'success', 'turnaround', 'wholesale', 'using', 'example', 'drill', 'little', 'particular', 'strength', 'coming', 'think', 'volume', 'gain', 'versus', 'number', 'door', 'versus', 'number', 'style', 'sense', 'direction', 'wholesale', 'channel', 'taking', 'brand', 'break', 'level', 'understand', 'building', 'process', 'comment', 'actually', 'miss', 'comment', 'spring', 'booking', 'numbers', 'point'] 575 575 ['mccarvel', 'think', 'briefly', 'question', 'first', 'book', 'numbers', 'starting', 'book', 'august', 'cycle', 'start', 'week', 'think', 'talk', 'count', 'something', 'move', 'volume', 'really', 'indication', 'higher', 'level', 'maybe', 'channels', 'little', 'answer', 'question', 'color'] 576 576 577 577 578 578 579 579 ['klinefelter', 'helpful', 'terms', 'couple', 'housekeeping', 'modeling', 'question', 'spending', 'million', 'million', 'additional', 'marketing', 'given', 'initiative', 'place', 'offset', 'efficiency', 'realize', 'generally', 'speaking', 'think', 'dollar', 'think', 'terms', 'dollar', 'growth', 'point'] 580 580 ['giving', 'specific', 'guidance', 'given', 'seasonality', 'business', 'thinking', 'early', 'going', 'quarter'] 581 581 582 582 583 583 584 584 ['mccarvel', 'wholesale', 'direct', 'business', 'tough', 'quarter', 'product', 'standpoint', 'working', 'overcome', 'right', 'break', 'marginally', 'profitable', 'accelerate', 'spring', 'summer', 'product'] 585 585 586 586 587 587 588 588 ['market', 'place', 'really', 'differ', 'information', 'going', 'retail', 'season', 'upcoming', 'christmas', 'holiday', 'season', 'economy', 'going', 'election', 'coming', 'november', 'think', 'sensitive', 'happen', 'discount', 'effect', 'sales'] 589 589 ['klinefelter', 'great', 'thanks', 'congratulations', 'someone'] 590 590 ['mccarvel', 'thanks'] 591 591 592 592 ['duffy', 'analyst', 'stifel', 'nicolaus', 'thank', 'great', 'quarter', 'everyone', 'understanding', 'business', 'mention', 'increase', 'backlog', 'could', 'repeat', 'book', 'business', 'statistic--'] 593 593 ['hammer', 'second', 'wholesale', 'business', 'book'] 594 594 595 595 ['hammer', 'spring', 'summer', 'book', 'ship', 'heavy', 'second', 'quarter', 'large', 'quarter', 'seasonality', 'standpoint', 'please', 'strength', 'book', 'right', 'backlog'] 596 596 ['mccarvel', 'think', 'point', 'portion', 'presentation', 'healthier', 'position', 'going', 'almost', 'million'] 597 597 ['duffy', 'great', 'book', 'element', 'progress', 'direction', 'still', 'navigate', 'business', 'towards'] 598 598 599 599 600 600 601 601 ['hammer', 'guidance', 'would', 'assume', 'comp', 'quarter', 'would'] 602 602 603 603 604 604 605 605 606 606 ['hammer', 'thanks'] 607 607 ['operator', 'mitch', 'kummetz', 'robert', 'baird'] 608 608 ['kevin', 'analyst', 'robert', 'baird', 'actually', 'kevin', 'calling', 'mitch', 'think', 'break', 'growth', 'rates', 'wholesale', 'retail', 'within', 'geographical', 'region', 'would', 'quarter'] 609 609 610 610 ['kevin', 'think', 'mention', 'within', 'wholesale', 'channel', 'family', 'sport', 'good', 'department', 'store', 'independent', 'quarter', 'confirm', 'specifically', 'within', 'family', 'channel', 'think', 'comment', 'famous', 'footwear', 'door', 'looking', 'expand', 'plan', 'remainder'] 611 611 ['mccarvel', 'kevin', 'think', 'growth', 'marketplace', 'wholesale', 'growth', 'account', 'overall', 'revenue', 'wholesale', 'important', 'especially', 'specific', 'account', 'famous', 'footwear', 'carnival', 'dillard', 'number', 'growth', 'clear', 'count', 'number', 'today', 'specific', 'store'] 612 612 613 613 ['kevin', 'terms', 'product', 'increase', 'going', 'expect', 'going', 'forward', 'quantify', 'second', 'possibly', 'seeing', 'first'] 614 614 615 615 ['kevin', 'thanks'] 616 616 617 617 ['chartier', 'analyst', 'monness', 'crespi', 'hardt', 'afternoon', 'couple', 'quick', 'question', 'first', 'sg&a.', 'believe', 'guide', 'million', 'prior', 'add', 'million', 'million', 'wonder', 'spending', 'million', 'million', 'number'] 618 618 619 619 620 620 ['mccarvel', 'right', 'happen', 'happening', 'little', 'within', 'shifting', 'number', 'shop', 'short', 'store', 'going', 'rapid', 'previously', 'discuss', 'add', 'incremental', 'price', 'retail', 'store', 'incremental', 'outlet', 'store', 'mainly'] 621 621 ['chartier', 'margin', 'better', 'price', 'store', 'shop'] 622 622 623 623 624 624 625 625 626 626 627 627 628 628 629 629 ['chartier', 'then--'] 630 630 631 631 632 632 ['mccarvel', 'move', 'especially', 'northern', 'portion', 'japan', 'korea', 'china', 'really', 'rainy', 'weather', 'early', 'china', 'store', 'japan', 'store', 'quarter', 'quarter', 'store', 'southern', 'portion', 'northern', 'hemisphere', 'singapore', 'southern', 'store', 'comp', 'equal', 'think', 'impact', 'weather', 'japan', 'still', 'difficult', 'retail', 'climate', 'happy', 'nominally', 'comp', 'market'] 633 633 ['chartier', 'improvement', 'trend', 'better', 'weather'] 634 634 635 635 ['chartier', 'store', 'comping', 'positively'] 636 636 ['mccarvel'] 637 637 ['chartier', 'great', 'thanks'] 638 638 639 639 640 640 641 641 642 642 ['mccarvel', 'think', 'standpoint', 'believe', 'inventory', 'position', 'shortage', 'consumer', 'demand', 'outstrip', 'selling', 'product', 'expect', 'inventory', 'quarter', 'quarter', 'really', 'drive', 'replenishment', 'model', 'times', 'times', 'company', 'product', 'shortage', 'especially', 'selling', 'product'] 643 643 644 644 ['mccarvel', 'crocslite', 'material', 'start', 'product', 'performance', 'similar', 'exist', 'material', 'consumer', 'standpoint', 'really', 'change', 'product', 'performance'] 645 645 646 646 ['mccarvel', 'better', 'yield', 'factory', 'higher', 'production', 'benefit', 'derive', 'material', 'production', 'standpoint'] 647 647 ['steven', 'martin', 'alright', 'least', 'stand', 'restructure', 'process', 'issue', 'space', 'facility', 'people', 'system', 'cetera', 'shedding', 'excess'] 648 648 649 649 ['think', 'footprint', 'position', 'going', 'forward', 'transition', 'quarter', 'distribution', 'center', 'basically', 'restructure', 'around', 'manufacturing', 'distribution', 'logistics', 'office', 'globally', 'complete', 'continue', 'invest', 'rapid', 'system', 'support', 'three', 'channel', 'sales', 'strategy', 'move', 'fairly', 'rapid', 'start', 'stability', 'system', 'month', 'start', 'drive', 'additional', 'efficiency', 'headcount', 'efficiency', 'standpoint'] 650 650 651 651 ['operator', 'operator', 'instructions', 'question', 'conference', 'speaker', 'closing', 'remark'] 652 652 653 653 654 654 ['thomson', 'financial', 'reserves', 'right', 'change', 'document', 'content', 'information', 'without', 'obligation', 'notify', 'person', 'change'] 655 655 656 656 657 658 658 ['august'] 659 660 660 ['language', 'english'] 661 662 662 ['transcript', '080510a3255376.776'] 663 664 664 ['publication', 'transcript'] 665 666 667 667 ['copyright'] 668 668 ['right', 'reserve'] 669 669 670 670 ['right', 'reserve'] 671 672 672 673 674 674 675 676 677 677 678 679 679 680 681 681 ['crocs', 'piper', 'jaffray', 'consumer', 'conference', 'final'] 682 683 683 684 685 685 ['corporate', 'participant'] 686 686 687 687 688 688 ['klinefelter', 'piper', 'jaffray', 'analyst'] 689 689 690 690 691 691 692 692 ['hammer', 'crocs', 'international', 'hiding'] 693 693 ['klinefelter', 'finance', 'planning', 'perhaps', 'could', 'couple', 'general', 'comment', 'maybe', 'recent', 'quarter', 'report', 'guidance', 'primary', 'strategic', 'objective', 'question'] 694 694 ['hammer', 'think', 'afternoon', 'everybody', 'think', 'maybe', 'little', 'color', 'first', 'quarter', 'earnings', 'update', 'launch', 'pretty', 'major', 'marketing', 'campaign', 'traditionally', 'sponsorship', 'event', 'advertising', 'nascar', 'truck', 'really', 'target', 'market', 'target', 'market', 'female', 'population', 'nascar', 'truck'] 695 695 ['change', 'advertising', 'hire', 'cramer', 'krasselt', 'chicago', 'consumer', 'focus', 'marketing', 'launch', 'bus', 'billboard', 'asking', 'analyst', 'meeting', 'morning', 'actually', 'television', 'advertisement', 'gear', 'lady', 'show', 'watch', 'interest', 'actually', 'commercial', 'number'] 696 696 ['store', 'comp', 'showing', 'april', 'minutes', 'first', 'always', 'cautious', 'right', 'marketing', 'marketing', 'campaign', 'nothing', 'memorial', 'weekend', 'weather', 'marketing', 'right'] 697 697 ['pretty', 'please', 'showing', 'several', 'people', 'breakout', 'sessions', 'expand', 'europe', 'second', 'first', 'quarter', 'going', 'expand', 'advertising', 'campaign', 'second', 'get', 'response'] 698 698 699 699 ['question', 'answer'] 700 700 ['klinefelter', 'start', 'anyone', 'question', 'ahead'] 701 701 702 702 703 703 ['hammer'] 704 704 ['unidentified', 'audience', 'member', 'inaudible', 'question', 'microphone', 'inaccessible'] 705 705 ['hammer', 'question', 'maybe', 'years', 'would', 'think', 'count'] 706 706 707 707 ['talk', 'analyst', 'revenue', 'getting', 'model', 'collect', 'model', 'nordstrom', 'model', 'revenue', 'mislead', 'information', 'comparable', 'information', 'outside', 'first', 'thing', 'stop', 'giving', 'door', 'think', 'meaningful', 'industry', 'measurement', 'think', 'lead', 'confuse', 'information'] 708 708 709 709 710 710 ['start', 'thinking', 'count', 'going'] 711 711 712 712 713 713 ['unidentified', 'audience', 'member', 'inaudible', 'question', 'microphone', 'inaccessible'] 714 714 ['hammer', 'great', 'question'] 715 715 716 716 717 717 718 718 719 719 720 720 ['working', 'custom', 'design', 'shoes', 'store', 'looking', 'still', 'working'] 721 721 ['unidentified', 'audience', 'member', 'inaudible', 'question', 'microphone', 'inaccessible'] 722 722 723 723 724 724 725 725 ['sport', 'good', 'channel', 'moment', 'narrow', 'carry', 'inventory', 'position', 'selloff', 'beginning', 'crocs', 'display', 'right', 'middle', 'aisle', 'walk', 'right', 'department'] 726 726 727 727 728 728 729 729 730 730 ['mccarvel', 'great', 'want', 'chase', 'growth', 'growth', 'sustainable', 'growth', 'high', 'profit', 'region', 'great', 'future', 'going', 'door', 'working', 'sustainable', 'showing', 'replace', 'merchandise', 'going', 'door', 'example', 'various', 'channels'] 731 731 ['europe', 'change', 'taking', 'distributor', 'france', 'spain', 'germany', 'going', 'direct', 'market', 'going', 'direct', 'salesforce', 'calling', 'wholesale', 'account', 'expand', 'retail', 'europe', 'europe', 'large', 'footwear', 'market', 'opportunity', 'better', 'think', 'control', 'destiny', 'direct', 'access', 'consumer'] 732 732 ['going', 'expand', 'retail', 'europe', 'happening', 'second', 'start', 'impact', 'changeover', 'distributor', 'country', 'mention', 'give', 'ability', 'direct', 'wholesale', 'account'] 733 733 ['mention', 'south', 'america', 'market', 'phenomenal', 'brazil', 'china', 'growing', 'rapidly', 'brazil', 'triple', 'since', 'join', 'company', 'little', 'years', 'china', 'growing', 'nicely'] 734 734 ['generally', 'take', 'three', 'years', 'market', 'mature', 'point', 'distribution', 'point', 'presence', 'making', 'logistics', 'country', 'proper', 'right', 'marketing', 'exposure', 'brand', 'perspective'] 735 735 736 736 ['australia', 'singapore', 'malaysia', 'philippines', 'direct', 'australia', 'direct', 'korea', 'malaysia', 'philippines', 'indonesia', 'thailand', 'distributor', 'market', 'first', 'quarter', 'region', 'double', 'digit', 'first', 'quarter', 'please', 'sales', 'growth'] 737 737 738 738 739 739 740 740 741 741 742 742 ['unidentified', 'audience', 'member', 'inaudible', 'question', 'microphone', 'inaccessible'] 743 743 ['hammer'] 744 744 745 745 746 746 747 747 748 748 749 749 ['hammer', 'guess', 'answer', 'words', 'place', 'think', 'anything', 'country', 'third', 'recognize', 'footwear', 'brand', 'globally', 'country', 'million', 'seventh', 'existence', 'three', 'years', 'public', 'consumer', 'unbelievable', 'loyal', 'people', 'crocs', 'phenomenal', 'statistic'] 750 750 751 751 ['unidentified', 'audience', 'member', 'inaudible', 'question', 'microphone', 'inaccessible'] 752 752 ['hammer', 'buy', 'crocs', 'everyone', 'know', 'brand', 'call', 'heir', 'grace', 'acquire', 'lovely', 'name', 'samantha', 'australia', 'designer', 'shoes', 'actually', 'store', 'open', 'couple', 'week', 'high', 'sellers', 'selling', 'store', 'sales', 'crocs', 'selling', 'wear', 'country', 'designer', 'shoes', 'comfortable', 'dance', 'swell'] 753 753 ['unidentified', 'audience', 'member', 'inaudible', 'question', 'microphone', 'inaccessible'] 754 754 ['hammer', 'right', 'beach', 'cayman', 'longer', 'legally', 'look', 'porsche', 'classic', 'sales', 'think', 'company', 'tremendously', 'successful', 'refresh', 'product', 'product', 'refresh', 'product', 'yukon', 'right', 'leather', 'upper', 'beach', 'cayman', 'refresh', 'third', 'generation'] 755 755 ['classic', 'crocband', 'replace', 'crocband', 'catalog', 'popular', 'right', 'hot', 'selling', 'product', 'crocband', 'crocband', 'crocband', 'lady', 'higher', 'price', 'point', 'right', 'percent', 'portfolio', 'classics', 'become', 'smaller', 'piece', 'replace', 'model', 'higher', 'price'] 756 756 ['strategy', 'think', 'mention', 'conference', 'going', 'gradually', 'bring', 'product', 'continually', 'raise', 'price', 'gradually', 'introduce', 'actually', 'kicking', 'could', 'take', 'crocband', 'higher', 'popular', 'right', 'santa', 'another', 'popular'] 757 757 ['klinefelter', 'terms', 'strength', 'china', 'particular', 'position', 'appropriately', 'knockoff', 'target', 'particularly', 'country', 'transpire', 'terms', 'pricing', 'positioning', 'brand'] 758 758 759 759 ['little', 'price', 'careful', 'point', 'distribution', 'agent', 'distributor', 'third', 'factory', 'mold', 'knockoff', 'focusing', 'enforcement', 'enforcement', 'design', 'every', 'country', 'every', 'model', 'think', 'years', 'correct', 'wrong', 'spend', 'million', 'legal', 'defense', 'chase', 'place', 'chase', 'chase', 'factory', 'making', 'mold', 'enforcement'] 760 760 761 761 ['price', 'little', 'cheap', 'world', 'china', 'incur', 'shipping', 'costs', 'market', 'afford', 'margin', 'pretty', 'close', 'charge', 'little', 'price', 'people', 'really', 'product', 'china', 'knockoff', 'store', 'china', 'walk', 'beautiful', 'store', 'nice', 'knockoff', 'store', 'store', 'week', 'later'] 762 762 ['pretty', 'successful', 'enforcement', 'common', 'question', 'get', 'ruling', 'first', 'quarter', 'receive', 'design', 'infringement', 'battle', 'couple', 'years', 'august', 'finalize', 'ruling', 'already', 'ruling', 'favor', 'design', 'import', 'knockoff', 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890 890 891 891 892 892 893 893 ['jeffrey', 'klinefelter', 'question', 'someone'] 894 894 895 895 896 896 ['maybe', 'first', 'question', 'efficiency', 'drive', 'within', 'manufacturing', 'model', 'today', 'talk', 'things', 'manufacturing', 'operations', 'bringing', 'second', 'generation', 'material', 'think', 'neutral', 'going', 'forward', 'manufacturing', 'standpoint', 'things', 'think', 'everybody', 'know', 'capacity', 'getting', 'little', 'tight', 'especially', 'china', 'footwear', 'company', 'structure', 'change', 'china', 'direct', 'manufacturer', 'going', 'think', 'internal', 'efficiency', 'offset'] 897 897 898 898 ['jeffrey', 'klinefelter', 'great', 'thank'] 899 899 900 900 ['operator', 'question', 'duffy', 'thomas', 'weisel', 'partner'] 901 901 902 902 ['duffy', 'analyst', 'thomas', 'weisel', 'partner', 'sorry', 'start'] 903 903 904 904 905 905 906 906 907 907 908 908 ['duffy'] 909 909 910 910 911 911 912 912 913 913 914 914 915 915 ['european', 'wholesale', 'numbers', 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['return'] 39 40 40 ['document'] 41 42 43 43 ['disclosure'] 44 45 45 ['wednesday'] 46 47 47 48 49 49 50 51 51 52 52 ['mickey', 'foster'] 53 53 54 54 ['smith'] 55 55 56 56 ['glenn'] 57 57 58 58 [] 59 59 ['fedex', 'corporation'] 60 60 61 61 ['fedex', 'corporation', 'president', 'fedex', 'express'] 62 62 63 63 ['fedex', 'corporation', 'president', 'fedex', 'freight'] 64 64 ['henry', 'maier'] 65 65 ['fedex', 'corporation', 'president', 'fedex', 'ground'] 66 66 ['carter'] 67 67 ['fedex', 'corporation', 'fedex', 'information', 'services'] 68 68 ['conference', 'participant'] 69 69 ['hoexter'] 70 70 ['merrill', 'lynch', 'analyst'] 71 71 72 72 ['deutsche', 'analyst'] 73 73 74 74 ['william', 'blair', 'company', 'analyst'] 75 75 76 76 77 77 78 78 79 79 ['scott', 'schneeberger'] 80 80 81 81 ['atkins'] 82 82 83 83 ['allison', 'landry'] 84 84 85 85 86 86 87 87 ['william', 'greene'] 88 88 ['morgan', 'stanley', 'analyst'] 89 89 90 90 91 91 ['david'] 92 92 ['stifel', 'nicolaus', 'analyst'] 93 93 94 94 95 95 96 96 ['barclays', 'capital', 'analyst'] 97 97 98 98 ['capital', 'market', 'analyst'] 99 99 ['david', 'vernon'] 100 100 ['sanford', 'bernstein', 'company', 'analyst'] 101 101 102 102 103 103 104 104 105 105 106 106 ['mickey', 'foster', 'fedex', 'corporation', 'morning', 'welcome', 'fedex', 'corporation', 'fourth', 'quarter', 'earnings', 'conference', 'fourth', 'quarter', 'earnings', 'release', '31-page', 'website', 'broadcast', 'website', 'replay', 'podcast', 'available'] 107 107 ['joining', 'today', 'member', 'medium', 'question', 'answer', 'session', 'caller', 'limited', 'question', 'order', 'allow', 'accommodate', 'would', 'participate'] 108 108 ['listening', 'webcast', 'submit', 'question', 'message', 'please', 'include', 'contact', 'information', 'question', 'ir@fedex.com', 'address'] 109 109 ['question', 'please', 'include', 'fedex', 'message', 'preference', 'given', 'inquiry', 'strategic', 'nature'] 110 110 111 111 112 112 ['extent', 'disclose', 'financial', 'measure', 'please', 'refer', 'investor', 'relations', 'portion', 'website', 'reconciliation', 'measure', 'directly', 'comparable', 'measure'] 113 113 114 114 ['chairman', 'smith', 'share', 'view', 'quarter'] 115 115 ['smith', 'chairman', 'fedex', 'corporation', 'morning', 'everyone', 'course', 'quarterly', 'earnings', 'fedex', 'business', 'issue', 'quarter', 'experience', 'unprecedented', 'inexplicable', 'tragedy'] 116 116 ['first', 'highway', 'crash', 'california', 'fedex', 'freight', 'vehicle', 'student', 'result', 'worst', 'accident', 'history', 'fatality', 'others', 'injure', 'shooting', 'fedex', 'ground', 'facility', 'atlanta', 'trouble', 'young', 'commit', 'suicide', 'people', 'seriously', 'wounded'] 117 117 118 118 119 119 ['summer', 'serving', 'fine', 'executive', 'retire', 'cathy', 'chief', 'financial', 'officer', 'fedex', 'express', 'leaving', 'years', 'fedex', 'corporate', 'president', 'retire', 'years', 'company', 'would', 'thank', 'cathy', 'service', 'contribution', 'fedex', 'nothing', 'retirement'] 120 120 ['glenn', 'economic', 'forecast', 'comment', 'result', 'outlook'] 121 121 [] 122 122 123 123 124 124 ['expectation', 'economic', 'growth', 'remainder', 'actually', 'improve', 'somewhat', 'expect', 'industrial', 'production', 'growth', 'calendar'] 125 125 ['global', 'economy', 'recover', 'setback', 'slowdown', 'china', 'steadily', 'improve', 'expect', 'global', 'growth', 'calendar', 'calendar'] 126 126 ['couple', 'comment', 'company', 'yield', 'performance', 'segment', 'exclude', 'impact', 'express', 'domestic', 'package', 'yield', 'increase', 'fourth', 'quarter', 'increase', 'drive', 'weight', 'product'] 127 127 ['ground', 'package', 'yield', 'increase', 'fourth', 'quarter', 'exclude', 'impact', 'increase', 'drive', 'discount', 'product', 'extra', 'service'] 128 128 129 129 ['rates', 'however', 'improve', 'quarter', 'change', 'shipment', 'characteristic', 'include', 'higher', 'weight', 'shipment', 'result', 'decline', 'yield', 'hundredweight', 'contribute', 'margin', 'improvement'] 130 130 131 131 ['fedex', 'corporation', 'thank'] 132 132 133 133 ['ground', 'play', 'prominent', 'success', 'quarter', 'operate', 'margin', 'freight', 'income', 'impressive', 'versus', 'adjust', 'income', 'segment', 'increase', 'operate', 'income', 'adjust', 'basis', 'despite', 'fewer', 'operate'] 134 134 ['express', 'solid', 'quarter', 'express', 'operate', 'income', 'versus', 'adjust', 'income', 'operate', 'margin', 'improve', 'despite', 'significant', 'negative', 'impact', 'quarter'] 135 135 136 136 137 137 ['turning', 'ground', 'segment', 'ground', 'achieve', 'operate', 'margin', 'benefit', 'higher', 'average', 'daily', 'volume', 'increase', 'revenue', 'package', 'smartpost', 'volume', 'decline', 'quarter', 'volume', 'increase', 'exclude', 'change', 'shipping', 'pattern', 'large', 'customer', 'overall', 'yield', 'increase', 'smartpost'] 138 138 ['fedex', 'freight', 'excellent', 'quarter', 'operate', 'income', 'increase', 'million', 'versus', 'adjust', 'income', 'freight', 'truckload', 'average', 'daily', 'shipment', 'increase', 'demand', 'priority', 'service'] 139 139 ['fedex', 'repurchase', 'million', 'share', 'approximately', 'billion', 'million', 'acquire', 'fourth', 'quarter'] 140 140 141 141 142 142 ['ground', 'apply', 'dimensional', 'weight', 'pricing', 'shipment', 'effective', 'january', 'currently', 'ground', 'apply', 'weight', 'pricing', 'package', 'cubic', 'change', 'better', 'align', 'pricing', 'deliver'] 143 143 ['turning', 'outlook', 'base', 'economic', 'outlook', 'talk', 'momentum', 'project', 'earnings', 'dilute', 'share'] 144 144 ['outlook', 'assume', 'impact', 'include', 'approximately', 'benefit', 'share', 'buyback', 'substantially', 'complete', 'total', 'million', 'share', 'remain', 'exist', 'share', 'repurchase', 'authorization', 'complete', 'share', 'repurchase'] 145 145 ['laser', 'focus', 'improve', 'operate', 'result', 'operate', 'segment', 'anticipate', 'revenue', 'earnings', 'growth', 'ongoing', 'improvement', 'transportation', 'segment', 'moderate', 'global', 'economic', 'growth', 'driving', 'volume', 'yield', 'increase'] 146 146 ['overarch', 'achieve', 'annual', 'double', 'digit', 'operate', 'margin', 'total', 'company', 'future', 'expect', 'revenue', 'earnings', 'increase', 'express', 'primarily', 'improve', 'domestic', 'international', 'yield', 'continue', 'focus', 'revenue', 'quality', 'ongoing', 'execution', 'profit', 'improvement', 'program', 'great', 'management'] 147 147 148 148 ['ground', 'segment', 'revenue', 'operate', 'income', 'expect', 'volume', 'growth', 'across', 'major', 'services', 'market', 'share', 'gain', 'anticipate', 'yield', 'growth', 'yield', 'management', 'program', 'include', 'recently', 'announce', 'dimensional', 'weight', 'rating', 'change'] 149 149 150 150 151 151 152 152 ['mention', 'finance', 'executive', 'leaving', 'cathy', 'replace', 'elise', 'jordan', 'position', 'senior', 'strategic', 'financial', 'planning', 'analysis', 'express', 'elise', 'years', 'experience', 'express', 'although', 'cathy', 'elise', 'fantastic'] 153 153 154 154 155 155 ['pension', 'plan', 'substantial', 'funds', 'expect', 'benefit', 'payment', 'fund', 'strong', 'asset', 'return', 'expect', 'lower', 'retirement', 'costs'] 156 156 ['capex', 'projection', 'total', 'billion', 'project', 'defer', 'capex', 'expect', 'increase', 'approximately', 'billion', 'deferral', 'plan', 'aircraft', 'delivery', 'support', 'fleet', 'modernization', 'program', 'profit', 'improvement', 'program', 'continue', 'expansion', 'ground', 'network'] 157 157 158 158 159 159 ['question', 'answer'] 160 160 ['operator', 'operator', 'instructions'] 161 161 162 162 ['hoexter', 'analyst', 'merrill', 'lynch', 'great', 'morning', 'congrats', 'double', 'digit', 'margin', 'fourth', 'quarter'] 163 163 164 164 165 165 ['significantly', 'revise', 'billion', 'still', 'working', 'still', 'generally', 'category'] 166 166 ['adjust', 'international', 'network', 'reach', 'goal', 'significantly', 'capacity', 'october', 'going', 'continue'] 167 167 ['bronczek', 'president', 'fedex', 'express', 'fedex', 'corporation', 'thanks', 'allen', 'thanks', 'question', 'comment', 'track', 'target', 'profit', 'improvement', 'running', 'importantly', 'track', 'target', 'track', 'target', 'profits', 'actually', 'talk'] 168 168 ['right', 'though', 'actually', 'different', 'makeup', 'different', 'better', 'management', 'partly', 'global', 'shift', 'business', 'defer', 'traffic', 'enter', 'marketplace', 'network', 'quite', 'frankly'] 169 169 170 170 171 171 172 172 173 173 174 174 175 175 ['operator', 'salmon', 'deutsche'] 176 176 177 177 ['thank', 'fedex', 'ground', 'change', 'extension', 'dimensional', 'weight', 'pricing', 'policy', 'place', 'dimensional', 'weight', 'pricing', 'common', 'industry', 'practice', 'place', 'ground', 'package', 'measuring', 'cubic', 'several', 'years'] 178 178 179 179 180 180 181 181 182 182 ['operator', 'brochmann', 'william', 'blair', 'company'] 183 183 184 184 185 185 186 186 ['bronczek', 'bronczek', 'enter', 'international', 'priority', 'question'] 187 187 ['first', 'important', 'fedex', 'express', 'international', 'priority', 'global', 'network', 'represent', 'international', 'revenue', 'always', 'always', 'prominent', 'dominant', 'network', 'point', 'quarter', 'yield', 'quarter'] 188 188 189 189 190 190 ['basically', 'spending', 'capital', 'major', 'initiative', 'first', 'growth', 'ground', 'network', 'continue', 'exploit', 'great', 'improvement', 'ground', 'place', 'decade'] 191 191 192 192 193 193 194 194 ['operator', 'chris', 'wetherbee'] 195 195 196 196 197 197 198 198 ['great', 'discussion', 'board', 'subject', 'focus', 'going', 'commit', 'anything', 'point', 'right', 'front', 'objective', 'continue', 'along', 'getting', 'double', 'digit', 'corporate', 'margin'] 199 199 200 200 201 201 ['think', 'direction', 'smartpost', 'going', 'forward', 'density', 'improve', 'desire', 'reduce', 'reliance', 'smartpost', 'especially', 'postal', 'rates', 'increase', 'think'] 202 202 ['henry', 'maier', 'president', 'fedex', 'ground', 'fedex', 'corporation', 'kelly', 'henry', 'maier', 'volume', 'comp', 'smartpost', 'really', 'impact', 'customer', 'change', 'distribution', 'model', 'earlier', 'exclude', 'customer', 'smartpost', 'roughly', 'still', 'pretty', 'business'] 203 203 204 204 ['think', 'disconnect', 'customer', 'increasingly', 'telling', 'option', 'services', 'portfolio', 'think'] 205 205 206 206 207 207 208 208 ['operator', 'atkins', 'stephen'] 209 209 ['atkins', 'analyst', 'stephen', 'great', 'thanks', 'morning', 'shifting', 'fedex', 'freight', 'segment', 'moment', 'could', 'maybe', 'drove', 'strength', 'daily', 'shipment', 'quarter', 'especially', 'priority'] 210 210 211 211 ['smith', 'thank', 'first', 'comment', 'competitive', 'pricing', 'strategy', 'could', 'speculate', 'regard', 'others', 'might', 'regard'] 212 212 213 213 214 214 215 215 216 216 ['really', 'seeing', 'please', 'continue', 'strategy'] 217 217 ['operator', 'allison', 'landry', 'credit', 'suisse'] 218 218 219 219 ['wonder', 'could', 'sensitivity', 'around', 'change', 'might', 'impact', 'earnings', 'example', 'price', 'higher', 'lower', 'would', 'benefit', 'profits'] 220 220 ['allison', 'volatile', 'business', 'short', 'really', 'depend', 'timing', 'happen', 'price', 'surcharge', 'versus', 'happen', 'timing', 'price', 'surcharge'] 221 221 222 222 ['years', 'thrill', 'impact', 'saying', 'guidance', 'right', 'expect', 'corporation', 'happen'] 223 223 ['course', 'things', 'going', 'middle', 'want', 'call', 'possible', 'opportunity'] 224 224 225 225 226 226 ['keith', 'schoonmaker', 'analyst', 'morningstar', 'thanks', 'aspect', 'growth', 'strategy', 'would', 'please', 'explain', 'importance', 'recent', 'investment', 'national', 'mexico', 'comment', 'growth', 'driver', 'attractive', 'market', 'please'] 227 227 228 228 229 229 230 230 231 231 232 232 233 233 ['along', 'line', 'weight', 'something', 'address', 'annual', 'price', 'increase', 'change', 'something', 'place', 'years', 'really', 'affect', 'pricing', 'beyond', 'thank'] 234 234 ['glenn', 'first', 'would', 'difficult', 'speculate', 'impact', 'ground', 'dimensional', 'weight', 'price', 'change', 'mention', 'things', 'working', 'right', 'helping', 'customer', 'utilize', 'efficient', 'packaging', 'think', 'receive', 'package', 'whether', 'cookie', 'grandma', 'commerce', 'package', 'always', 'pack', 'efficiently'] 235 235 ['sufficient', 'opportunity', 'customer', 'better', 'packaging', 'decision', 'would', 'obviously', 'significantly', 'impact', 'extent', 'weight', 'change', 'actually', 'apply', 'terms', 'billing', 'certainly', 'speculate', 'would', 'speculate', 'bottom', 'impact', 'dimensional', 'weight', 'change', 'constantly', 'evaluate', 'pricing', 'policy'] 236 236 237 237 238 238 239 239 240 240 ['smith', 'smith', 'comment', 'context', 'broad', 'issue', 'initiative', 'behalf', 'entire', 'ground', 'parcel', 'industry', 'federal', 'standard', 'trailer', 'standard', 'sector', 'increase'] 241 241 ['times', 'general', 'medium', 'talks', 'quote', 'trucking', 'industry', 'course', 'divide', 'parts', 'truckload', 'sector', 'trailer'] 242 242 ['oftentimes', 'trailer', 'heavy', 'loads', 'controversial', 'terms', 'repair', 'forth', 'ground', 'parcel', 'business', 'business', 'case', 'weight'] 243 243 244 244 245 245 ['price', 'today', 'industry', 'everything', 'efficiently', 'utilize', 'cubic', 'space', 'weight', 'limit', 'limit'] 246 246 247 247 ['thomas', 'analyst', 'goldman', 'sachs', 'thanks', 'question', 'henry', 'ground', 'margin', 'expand', 'fast', 'sequential', 'years', 'rates', 'still', 'slightly', 'level', 'try', 'understand', 'couple', 'things'] 248 248 249 249 250 250 251 251 ['discipline', 'standpoint', 'hurdles', 'approve', 'project', 'could', 'answer', 'question'] 252 252 ['outset', 'simply', 'satisfy', 'anything', 'margin', 'teens', 'fedex', 'ground', 'operations', 'works', 'control', 'expense', 'design', 'facility', 'particularly', 'include', 'state', 'materially', 'handling', 'equipment', 'reduce', 'costs', 'thanks'] 253 253 254 254 255 255 ['second', 'technology', 'particularly', 'corporate', 'culture', 'third', 'overpay', 'reason', 'overpay', 'something', 'thereby', 'decrease', 'margin', 'earnings', 'comment'] 256 256 257 257 ['think', 'great', 'acquisition', 'years', 'flying', 'tiger', 'caliber', 'ground', 'probably', 'ebitda'] 258 258 259 259 ['street', 'always', 'continue', 'always'] 260 260 261 261 ['david', 'analyst', 'stifel', 'nicolaus', 'morning', 'everyone', 'pricing', 'things', 'pricing', 'fedex', 'freight', 'density', 'base', 'pricing', 'chatter', 'getting', 'classification', 'system', 'move', 'dimensional', 'pricing'] 262 262 263 263 264 264 ['leader', 'industry', 'terms', 'revenue', 'volume', 'certainly', 'clear', 'market', 'conditions', 'consider', 'opportunity', 'efficiently', 'price', 'service', 'think', 'important', 'class', 'system', 'today', 'overly', 'complicate'] 265 265 266 266 267 267 268 268 ['number', 'help', 'classification', 'current', 'pricing', 'exist', 'business', 'importantly', 'build', 'costing', 'file', 'really', 'forward', 'renegotiations', 'contractor', 'forth', 'better', 'actual', 'costing'] 269 269 270 270 271 271 272 272 273 273 ['lastly', 'strong', 'yield', 'growth', 'smartpost', 'would', 'exclusively', 'customer', 'action', 'largely', 'impact', 'thanks'] 274 274 275 275 ['regard', 'yield', 'focus', 'yield', 'smartpost', 'confident', 'replace', 'customer', 'volume', 'volume', 'higher', 'yielding', 'margin', 'business'] 276 276 ['extent', 'believe', 'volume', 'end', 'fedex', 'network'] 277 277 278 278 279 279 280 280 ['secondly', 'want', 'follow', 'conversation', 'around', 'reaching', 'billion', 'looking', 'better', 'domestic', 'international', 'trade', 'growth'] 281 281 282 282 ['bronczek', 'first', 'going', 'comment', 'talk', 'profit', 'improvement', 'want', 'target'] 283 283 284 284 ['international', 'trade', 'multiple', 'global', 'pass'] 285 285 286 286 287 287 ['smith', 'regard', 'question', 'internet', 'michael', 'mathay', 'alliancebernstein', 'ask', 'color', 'provide', 'update', 'osaka', 'impact', 'express', 'business'] 288 288 ['strategy', 'express', 'business', 'reiterate', 'operate', 'unduplicated', 'backbone', 'priority', 'network', 'allow', 'people', 'express', 'shipment', 'parcel', 'light', 'freight', 'almost', 'point', 'planet', 'within', 'business', 'dissimilar', 'freight', 'ground', 'offer', 'economy', 'service', 'move', 'people', 'network', 'extra', 'process', 'customer', 'choice', 'priority', 'economy'] 289 289 ['delivery', 'operation', 'information', 'technology', 'scanning', 'forth', 'think', 'winning', 'strategy'] 290 290 ['osaka', 'extraordinarily', 'important', 'piece', 'puzzle', 'going', 'comment', 'opening', 'airplane', 'osaka', 'straight', 'major', 'unite', 'state', 'everyday', 'europe'] 291 291 ['fast', 'possible', 'service', 'latest', 'possible', 'ability', 'point', 'network', 'without', 'transpacific', 'frequency', 'integral', 'strategy', 'comment', 'recently'] 292 292 ['bronczek', 'thanks', 'exactly', 'right', 'nothing', 'short', 'spectacular', 'april', 'ribbon', 'cutting'] 293 293 294 294 295 295 ['defer', 'traffic', 'container', 'flight'] 296 296 297 297 298 298 299 299 ['kevin', 'sterling', 'analyst', 'capital', 'market', 'thank', 'morning', 'gentleman', 'outlook', 'relate', 'fedex', 'trade', 'network', 'growth', 'curious', 'think', 'ocean', 'relate', 'fedex', 'trade', 'network', 'thank'] 300 300 ['bronczek', 'want', 'comment', 'whole', 'portfolio', 'significant', 'customer', 'small', 'looking', 'overnight'] 301 301 ['defer', 'ocean', 'forwarding', 'business', 'fedex', 'trade', 'network', 'importantly', 'customer', 'bundle', 'whole', 'portfolio', 'could', 'successful'] 302 302 ['smith', 'want', 'comment', 'international', 'transportation', 'segment', 'three', 'speech', 'winter', 'publish', 'fedex', 'website'] 303 303 ['think', 'problem', 'sometimes', 'people', 'comment', 'international', 'trade', 'cargo', 'business', 'specifically', 'break', 'granular', 'sector', 'basis', 'really', 'understand', 'terms', 'express', 'segment', 'general', 'cargo', 'segment', 'ocean', 'freight', 'segment'] 304 304 305 305 ['continue', 'people', 'kind', 'things', 'include', 'relocate', 'things', 'mexico', 'several', 'years', 'buy', 'wonderful', 'company', 'mexico', 'uniquely', 'position', 'cross', 'border', 'nafta', 'trade'] 306 306 307 307 308 308 309 309 310 310 311 311 ['unite', 'state', 'listening', 'want', 'thank', 'congratulate', 'international', 'importantly', 'unite', 'state', 'express'] 312 312 ['david', 'want', 'technology', 'unbelievable', 'productivity', 'driving', 'efficiency', 'driving', 'great', 'technology', 'developing', 'making', 'impact', 'productivity', 'issue'] 313 313 ['could', 'without', 'frankly', 'getting', 'traction', 'every', 'partner', 'carter'] 314 314 ['carter', 'fedex', 'information', 'services', 'fedex', 'corporation', 'elements', 'profit', 'improvement', 'program', 'technology', 'whether', 'taking', 'technology', 'deploy', 'efficient', 'modern', 'technology', 'across', 'board', 'helping', 'operate', 'friend', 'operate', 'business', 'effectively', 'great', 'technology'] 315 315 ['proud', 'improvement', 'making', 'significant', 'investment', 'modernize', 'simplify', 'technology', 'improve', 'speed', 'market'] 316 316 ['operator', 'kaufman', 'buckingham', 'research'] 317 317 318 318 319 319 320 320 ['offset', 'merit', 'increase', 'healthcare', 'increase', 'hopefully', 'company', 'better', 'going', 'rebuild', 'annual', 'incentive', 'pool', 'higher', 'level'] 321 321 ['going', 'pension', 'additional', 'program', 'employee', 'guidance'] 322 322 323 323 324 324 325 325 326 326 327 327 ['information', 'contain', 'event', 'transcript', 'textual', 'representation', 'applicable', 'company', 'conference', 'effort', 'provide', 'accurate', 'transcription', 'material', 'error', 'omission', 'inaccuracy', 'reporting', 'substance', 'conference', 'call', 'thomson', 'financial', 'applicable', 'company', 'applicable', 'company', 'assume', 'responsibility', 'investment', 'decision', 'base', 'information', 'provide', 'event', 'transcript', 'user', 'advise', 'review', 'applicable', 'company', 'conference', 'applicable', 'company', 'filing', 'making', 'investment', 'decision'] 328 329 329 [] 330 331 331 ['language', 'english'] 332 333 333 334 335 335 ['publication', 'transcript'] 336 337 337 ['copyright'] 338 338 ['right', 'reserve'] 339 340 340 341 342 342 343 344 344 ['document'] 345 346 347 347 ['disclosure'] 348 349 349 350 351 351 352 353 353 ['length', '10193', 'words'] 354 355 355 356 356 357 357 ['fedex', 'corporation'] 358 358 ['smith'] 359 359 360 360 ['glenn'] 361 361 ['fedex', 'corporation', 'president', 'fedex', 'services'] 362 362 363 363 364 364 365 365 366 366 367 367 368 368 369 369 370 370 ['carter'] 371 371 372 372 373 373 ['salmon'] 374 374 375 375 ['brochmann'] 376 376 ['william', 'blair', 'company', 'analyst'] 377 377 378 378 ['robert', 'baird', 'analyst'] 379 379 ['chris', 'wetherbee'] 380 380 ['citigroup', 'analyst'] 381 381 382 382 ['wolfe', 'research', 'analyst'] 383 383 ['hoexter'] 384 384 385 385 ['kelly', 'dougherty'] 386 386 387 387 ['scott', 'schneeberger'] 388 388 389 389 390 390 ['stephen', 'analyst'] 391 391 ['wadewitz'] 392 392 393 393 394 394 395 395 396 396 397 397 398 398 399 399 400 400 401 401 ['presentation'] 402 402 403 403 ['mickey', 'foster', 'fedex', 'corporation', 'morning', 'welcome', 'fedex', 'corporation', 'third', 'quarter', 'earnings', 'conference', 'third', 'quarter', 'earnings', 'release', '31-page', 'website', 'broadcast', 'website', 'replay', 'podcast', 'available'] 404 404 405 405 ['listening', 'webcast', 'submit', 'question', 'email', 'message', 'email', 'please', 'include', 'contact', 'information', 'question', 'address', 'question', 'please', 'include', 'message', 'preference', 'given', 'inquiry', 'strategic', 'nature'] 406 406 ['remind', 'listener', 'fedex', 'corporation', 'desire', 'advantage', 'harbor', 'provision', 'private', 'security', 'litigation', 'reform', 'certain', 'statement', 'conference', 'consider', 'forward', 'looking', 'statement', 'within', 'meaning', 'forward', 'looking', 'statement', 'subject', 'risk', 'uncertainty', 'factor', 'could', 'cause', 'actual', 'result', 'differ', 'materially', 'express', 'imply', 'forward', 'looking', 'statement'] 407 407 408 408 ['joining', 'today', 'smith', 'chairman', 'executive', 'president', 'glenn', 'president', 'fedex', 'services', 'chris', 'richards', 'executive', 'president', 'general', 'counsel', 'secretary', 'carter', 'executive', 'president', 'fedex', 'information', 'services', 'bronczek', 'president', 'fedex', 'express', 'henry', 'maier', 'president', 'fedex', 'ground', 'logue', 'president', 'fedex', 'freight'] 409 409 410 410 ['smith', 'chairman', 'president', 'fedex', 'corporation', 'thank', 'mickey', 'morning', 'everyone', 'welcome', 'discussion', 'result', 'third', 'quarter', 'fiscal', 'first', 'would', 'behalf', '300,000', 'fedex', 'member', 'around', 'world', 'deeply', 'sadden', 'disappearance', 'malaysian', 'airline', 'flight', 'extend', 'deep', 'concern', 'family', 'friend', 'aboard'] 411 411 412 412 413 413 ['delivery', 'metrics', 'shipping', 'season', 'among', 'might', 'thanks', 'unique', 'fedex', 'culture', 'base', 'purple', 'promise', 'every', 'fedex', 'experience', 'outstanding', 'fedex', 'strategy', 'maintain', 'separate', 'ground', 'express', 'network', 'multiple', 'prove', 'especially', 'important', 'season', 'advantage', 'customer', 'severe', 'weather', 'shipping', 'season'] 414 414 415 415 416 416 417 417 ['would', 'attention', 'recent', 'speech', 'global', 'trade', 'transportation', 'company', 'ocean', 'transport', 'professional', 'presentation', 'post', 'investor', 'relations', 'website', 'think', 'overall', 'market'] 418 418 ['closing', 'would', 'congratulate', 'entire', 'fedex', 'making', 'fortune', 'world', 'admire', 'company', 'fedex', 'rank', 'number', 'eight', 'overall', 'number', 'delivery', 'industry'] 419 419 420 420 ['glenn', 'president', 'fedex', 'services', 'fedex', 'corporation', 'thank', 'brief', 'comment', 'regard', 'economic', 'outlook', 'yield', 'performance', 'quarter'] 421 421 422 422 423 423 ['international', 'export', 'express', 'segment', 'exclude', 'yield', 'increase', 'primarily', 'change', 'service', 'fedex', 'freight', 'segment', 'exclude', 'impact', 'yield', 'hundredweight', 'decline', 'discount', 'improve', 'quarter', 'weight', 'shipment', 'increase'] 424 424 425 425 426 426 427 427 ['result', 'third', 'quarter', 'include', 'negative', 'impact', 'headwind', 'partially', 'offset', 'benefit', 'across', 'transportation', 'segment', 'additional', 'operate', 'reduce', 'growth', 'salary', 'benefit', 'revenue', 'increase', 'billion', 'primarily', 'higher', 'volume', 'ground', 'freight', 'mention', 'yield', 'increase', 'fedex', 'ground'] 428 428 429 429 ['express', 'operate', 'income', 'operate', 'margin', 'increase', 'strong', 'international', 'export', 'package', 'business', 'lower', 'pension', 'expense', 'partially', 'offset', 'lower', 'freight', 'revenue', 'estimate', 'million', 'negative', 'impact', 'operate', 'income', 'winter', 'weather', 'higher', 'depreciation', 'expense', 'addition', 'operate', 'income', 'benefit', 'additional', 'operate', 'inclusion', 'costs', 'associate', 'business', 'realignment', 'program', 'prior', 'result', 'operate', 'income', 'reflect', 'negative', 'impact'] 430 430 431 431 ['average', 'daily', 'volume', 'ground', 'increase', 'smartpost', 'volume', 'ground', 'segment', 'operate', 'income', 'increase', 'million', 'drive', 'higher', 'decline', 'yield', 'operate', 'income', 'include', 'estimate', 'million', 'negative', 'impact', 'winter', 'weather', 'ground', 'addition', 'increase', 'operate', 'income', 'partially', 'offset', 'higher', 'network', 'expansion', 'costs', 'continue', 'invest', 'heavily', 'growing', 'fedex', 'ground', 'fedex', 'smartpost', 'business', 'negative', 'impact'] 432 432 ['ground', 'segment', 'result', 'benefit', 'delay', 'start', 'holiday', 'shipping', 'season', 'fiscal', 'additional', 'operate', 'decline', 'operate', 'margin', 'primarily', 'attributable', 'negative', 'impact', 'severe', 'winter', 'weather', 'negative', 'impact'] 433 433 434 434 435 435 ['outlook', 'remind', 'everyone', 'february', 'approximately', 'employee', 'accept', 'voluntary', 'buyout', 'vacate', 'position', 'remain', 'depart', 'third', 'quarter', 'result', 'include', 'benefit', 'voluntary', 'severance', 'program', 'additional', 'benefit', 'realize', 'voluntary', 'severance', 'program', 'continue', 'fiscal', 'progress'] 436 436 ['expect', 'earnings', 'growth', 'continue', 'fourth', 'quarter', 'drive', 'ongoing', 'improvement', 'result', 'transportation', 'segment', 'expect', 'result', 'fourth', 'quarter', 'continue', 'constrain', 'moderate', 'growth', 'global', 'economy', 'continue', 'challenge', 'demand', 'shift', 'trend', 'priority', 'international', 'services', 'economy', 'international', 'services', 'fedex', 'express'] 437 437 ['project', 'earnings', 'dilute', 'share', 'fourth', 'quarter', 'dilute', 'share', 'fiscal', 'reducing', 'earnings', 'share', 'guidance', 'largely', 'result', 'weather', 'impact', 'beginning', 'outlook', 'assume', 'market', 'outlook', 'price', 'continue', 'moderate', 'economic', 'growth'] 438 438 439 439 440 440 441 441 442 442 ['happy', 'answer', 'question'] 443 443 ['question', 'answer'] 444 444 ['operator', 'operator', 'instructions', 'justin', 'yagerman', 'deutsche'] 445 445 446 446 ['happy', 'start', 'conversation', 'comment'] 447 447 ['think', 'please', 'profit', 'improvement', 'program', 'management', 'express', 'really', 'across', 'fedex', 'corporation', 'outstanding', 'seeing', 'traction', 'pretty', 'excite', 'going', 'deliver', 'particularly', 'toward', 'outgo', 'business', 'planning', 'cycle', 'right', 'think', 'going', 'track', 'probably', 'ahead'] 448 448 ['allude', 'opening', 'comment', 'seeing', 'strong', 'international', 'trade', 'global', 'growth', 'right', 'anticipate', 'october', 'going', 'continue', 'rightsizing', 'network', 'going', 'match', 'strategy', 'embrace', 'international', 'economy', 'going', 'really', 'traction', 'month'] 449 449 450 450 451 451 ['unite', 'state', 'numbers', 'decline', 'salary', 'wages', 'benefit', 'spite', 'weather', 'forth', 'making', 'tremendous', 'progress', 'really', 'across', 'board', 'pillar', 'profit', 'improvement'] 452 452 ['issue', 'osaka', 'actually', 'affect', 'improve', 'profit', 'improvement', 'international', 'excite', 'april', 'ribbon', 'cutting', 'customer', 'joining', 'give', 'tremendous', 'amount', 'flexibility', 'volume', 'increase', 'decrease', 'quite', 'frankly', 'flexibility', 'change', 'gauge', 'operations', 'pacific', 'coming', 'unite', 'state', 'please', 'allow', 'flexibility'] 453 453 454 454 ['operator', 'brochmann', 'william', 'blair', 'company'] 455 455 ['brochmann', 'analyst', 'william', 'blair', 'company', 'morning', 'everyone', 'thank', 'taking', 'question', 'little', 'clearly', 'network', 'disruption', 'revenue', 'quarter', 'break', 'little', 'terms', 'revenue', 'impact', 'rebate', 'might', 'service', 'disruption', 'holiday', 'versus', 'costs', 'going', 'quarter', 'seeing', 'big', 'impact', 'try', 'adjustment', 'thank'] 456 456 ['start', 'operate', 'company', 'comment', 'really', 'unprecedented', 'winter', 'weather', 'winter', 'fiscal', 'advance', 'productive', 'today', 'million', 'impact', 'really', 'beyond', 'realm', 'believable', 'almost'] 457 457 458 458 ['christmas', 'henry', 'seven', 'customer', 'demand', 'service', 'level', 'though', 'impact', 'please', 'perform', 'would', 'unbelievable', 'quarter', 'weather', 'headwind'] 459 459 460 460 461 461 462 462 ['safety', 'always', 'priority', 'linehaul', 'loads', 'unsafe', 'conditions', 'closure', 'behind', 'causing', 'times', 'extend', 'stations', 'behind', 'require', 'hours', 'recover', 'seven', 'month', 'january', 'february', 'weekend', 'operation', 'running', 'somewhere', 'every', 'single', 'weekend'] 463 463 ['impact', 'weather', 'margin', 'quarter', 'roughly', 'point', 'thanks', 'incredible', 'dedication', 'professionalism', 'fedex', 'ground', 'people', 'provide', 'reliable', 'service', 'despite', 'worst', 'weather', 'years'] 464 464 465 465 466 466 ['would', 'perspective', 'challenge', 'winter', 'event', 'event', 'weekly', 'always', 'event', 'every', 'challenge', 'linehaul', 'network', 'constant', 'event', 'weekly', 'overall', 'think', 'fabulous', 'working', 'situation'] 467 467 ['operator', 'hartford', 'baird'] 468 468 469 469 470 470 ['largely', 'timing', 'continue', 'scrub', 'purchase', 'better', 'things', 'moderate', 'economy', 'growth', 'frankly', 'would', 'opinion', 'weak', 'recovery', 'recession', 'reason', 'enable', 'delay', 'things', 'still', 'commit', 'refleeting', 'express', 'expansion', 'ground', 'think', 'great', 'improvement', 'freight', 'please', 'expect', 'great', 'things', 'couple', 'years'] 471 471 ['probably', 'pretty', 'range', 'billion', 'determine', 'timing', 'whether', 'plane', 'deliver', 'obviously', 'impact', 'anything', 'pushing', 'timing', 'issue', 'right', 'still', 'commit', 'every', 'replace', 'million', 'annual', 'positive', 'impact', 'despite', 'higher', 'depreciation', 'going', 'continue'] 472 472 473 473 474 474 475 475 ['basically', 'earlier', 'program', 'working', 'exactly', 'design', 'better', 'productivity', 'improvement', 'although', 'totally', 'mask', 'weather', 'think', 'range', 'pretty', 'heroic', 'exit'] 476 476 ['bronczek', 'right', 'expense', 'initiative', 'performing', 'exceptionally', 'recall', 'billion', 'profit', 'improvement', 'incremental', 'revenue', 'mostly', 'expense', 'challenge', 'revenue', 'course', 'revenue', 'deteriorate', 'opportunity', 'expense', 'balancing', 'mention', 'several', 'times', 'review'] 477 477 ['performing', 'area', 'expense', 'global', 'economy', 'thought', 'would', 'looking', 'opportunity', 'expense'] 478 478 ['global', 'economy', 'little', 'better'] 479 479 ['operator', 'scott', 'group', 'wolfe', 'research'] 480 480 ['scott', 'group', 'analyst', 'wolfe', 'research', 'thanks', 'morning', 'want', 'ground', 'segment', 'first', 'volume', 'quarter', 'issue', 'cyber', 'getting', 'push', 'quarter', 'better', 'volume', 'quarter', 'weather', 'think', 'think', 'ground', 'volume', 'going', 'forward', 'double', 'digit', 'volume', 'growth', 'unreasonable'] 481 481 ['along', 'line', 'ground', 'think', 'reasonable', 'think', 'ground', 'margin', 'positive'] 482 482 483 483 484 484 ['think', 'release', 'weather', 'volume', 'perform', 'exactly', 'expect', 'weather', 'considerably', 'expect', 'think', 'seeing', 'quarter', 'drive', 'severe', 'weather', 'situation', 'quarter', 'nobody', 'ground', 'express', 'looking', 'forward', 'spring', 'coming'] 485 485 ['respect', 'margin', 'expect', 'margin', 'midteens', 'anybody', 'ground', 'would', 'satisfy', 'anything'] 486 486 ['operator', 'hoexter', 'america'] 487 487 488 488 ['order', 'double', 'digit', 'margin', 'target', 'guess', 'profit', 'improvement', 'still', 'execute', 'still', 'fiscal', 'target'] 489 489 ['try', 'anymore', 'change', 'course', 'strategic', 'change', 'exit', 'although', 'business', 'going', 'going', 'continue', 'build', 'still', 'exit', 'people', 'take', 'burden', 'services', 'expense'] 490 490 ['work', 'fairly', 'significant', 'number', 'annual', 'basis', 'hopeful', 'average', 'benefit', 'couple', 'years'] 491 491 492 492 493 493 ['thing', 'major', 'always', 'reverse', 'incredibly', 'difficult', 'expense', 'mask', 'talk', 'weather', 'third', 'quarter', 'dwarf'] 494 494 495 495 ['still', 'growing', 'international', 'economy', 'growing', 'strong', 'continue', 'continue', 'manage', 'structure', 'accelerate', 'profit', 'improvement', 'program'] 496 496 497 497 ['kelly', 'dougherty', 'analyst', 'macquarie', 'security', 'thanks', 'taking', 'question', 'want', 'throw', 'bigger', 'picture', 'question', 'change', 'landscape', 'commerce', 'hear', 'suggestion', 'fedex', 'enough', 'nimble', 'enough', 'need', 'rely', 'regional', 'delivery', 'company', 'want', 'thought', 'suggestion', 'maybe', 'adapt', 'change', 'commerce', 'obviously', 'bringing', 'spike', 'peak', 'things'] 498 498 499 499 500 500 ['operations', 'residential', 'sector', 'carefully', 'manage', 'think', 'reason', 'great', 'season', 'sales', 'solution', 'group', 'colleran', 'contracting', 'customer', 'overpromise', 'things'] 501 501 ['launch', 'fedex', 'delivery', 'henry', 'involve', 'recall', 'important', 'traffic', 'demographic', 'certain', 'weight', 'package', 'certain', 'revenue', 'profitable'] 502 502 ['challenge', 'commerce', 'world', 'deliver', 'lightweight', 'item', 'residence', 'amazon', 'talks', 'constantly', 'postal', 'service', 'getting', 'business', 'various', 'source', 'commerce', 'probably', 'big', 'challenge', 'business', 'come', 'short', 'period', 'obviously', 'possible', 'enormous', 'capital', 'investment', 'three', 'week'] 503 503 504 504 ['innovative', 'solution', 'regard', 'thing', 'clear', 'information', 'system', 'consumer', 'drive', 'mobile', 'society', 'today', 'important', 'package', 'commerce', 'shipper', 'anonymous', 'going', 'satisfy', 'coming', 'indefinite', 'delivery', 'window', 'actively', 'process', 'ship', 'redirect', 'location', 'incredible', 'capability', 'going', 'become', 'bigger', 'bigger', 'feature'] 505 505 ['landscape', 'thing', 'roll', 'discipline', 'approach', 'presence', 'business', 'clearly', 'break', 'try', 'deliver', 'noncompensatory', 'package', 'people', 'home'] 506 506 507 507 508 508 509 509 510 510 ['smith', 'might', 'carter', 'comment', 'incredible', 'demand', 'consumer', 'place', 'carrier', 'commerce', 'sector'] 511 511 512 512 ['shopping', 'phenomenon', 'certainly', 'tracking', 'accountability', 'delivery', 'today', 'consumer', 'world', 'technology', 'equip'] 513 513 514 514 ['think', 'change', 'round', 'eliminate', 'think', 'angst', 'people', 'place', 'order', 'think', 'underway', 'actually', 'tender', 'carrier', 'going', 'close', 'people', 'better', 'visibility', 'actually', 'going'] 515 515 516 516 517 517 ['follow', 'could', 'address', 'capacity', 'issue', 'trans', 'pacific', 'update', 'thank'] 518 518 519 519 520 520 521 521 ['container', 'business', 'continue', 'change', 'commodity', 'airfreight', 'consolidation', 'going', 'generally', 'airport', 'airport', 'cohort', 'squeeze', 'express', 'urgent', 'critical', 'move', 'priority', 'network', 'opening', 'osaka', 'terrific', 'regard', 'giving', 'unprecedented', 'transit', 'times', 'customer', 'willing', 'another', 'couple', 'transit', 'pickup', 'delivery', 'interface', 'customs', 'clearance', 'forth', 'move', 'prolific', 'underbelly'] 522 522 523 523 524 524 ['operator', 'adkins', 'stephen'] 525 525 ['atkins', 'analyst', 'stephen', 'guess', 'focus', 'question', 'curious', 'could', 'maybe', 'comment', 'abnormal', 'weather', 'impact', 'assume', 'fourth', 'quarter', 'guidance', 'could', 'maybe', 'quantify', 'negative', 'impact', 'consolidate', 'operate', 'income', 'relative', 'expectation', 'third', 'quarter', 'thank'] 526 526 ['guidance', 'third', 'quarter', 'guidance', 'always', 'anticipate', 'would', 'negative', 'impact', 'going', 'quantify'] 527 527 528 528 529 529 ['operator', 'wadewitz', 'jpmorgan'] 530 530 ['wadewitz', 'analyst', 'jpmorgan', 'morning', 'quarter', 'early', 'really', 'fiscal', 'already', 'mention', 'planning', 'wonder', 'perhaps', 'could', 'provide', 'broad', 'comment', 'guidance', 'fourth', 'quarter', 'believe', 'inaudible', 'adjust', 'number', 'something', 'earnings', 'growth', 'street', 'consensus', 'imply', 'fiscal', 'imply', 'something', 'growth'] 531 531 ['clearly', 'street', 'expect', 'acceleration', 'would', 'think', 'primarily', 'initiative', 'maybe', 'little', 'implicit', 'improvement', 'economy', 'wonder', 'given', 'broadly', 'think', 'unrealistic', 'terms', 'would', 'coming', 'could', 'offer', 'broad', 'comment', 'expectation', 'versus', 'might', 'fiscal', 'thank'] 532 532 ['exactly', 'right', 'early', 'really', 'others', 'number', 'assume', 'accelerate', 'share', 'repurchase', 'program', 'positive', 'impact', 'largely', 'fiscal', 'maybe', 'first', 'quarter', 'impact', 'think', 'terms', 'reduction', 'program', 'improve'] 533 533 534 534 ['operator', 'hatfield', 'raymond', 'james'] 535 535 ['hatfield', 'analyst', 'raymond', 'james', 'associate', 'going', 'could', 'assume', 'fourth', 'quarter', 'guidance', 'assume', 'storm', 'memphis', 'first', 'march', 'point', 'quantify', 'impact', 'fourth', 'quarter', 'finally', 'dilute', 'share', 'count'] 536 536 ['sorry', 'answer', 'question', 'earlier', 'beginning', 'march', 'another', 'fourth', 'quarter', 'probably', 'going', 'significant', 'going', 'impact', 'try', 'ass', 'right', 'looking', 'methodology'] 537 537 538 538 ['share', 'count', 'share', 'count', 'three', 'month', 'end', 'quarter', 'average', 'dilute', 'share', 'million', 'versus', 'million', 'obviously', 'happening', 'share', 'count', 'buying', 'share', 'increase', 'stock', 'price', 'bring', 'calculation', 'previously', 'dilutive', 'option'] 539 539 ['million', 'impact', 'quarter', 'share', 'buyback'] 540 540 541 541 542 542 543 543 ['factor', 'obviously', 'productivity', 'certain', 'lane', 'versus', 'backhaul', 'freight', 'business', 'utilize', 'configure', 'network', 'international', 'stretch', 'imagination', 'operate', 'company', 'operate', 'company', 'service', 'service', 'closely', 'operate', 'company'] 544 544 ['think', 'yield', 'performance', 'given', 'situation', 'economy', 'quite', 'solid', 'continue', 'focus', 'yield', 'improvement', 'important', 'profit', 'improvement', 'plan', 'focus', 'regular', 'basis', 'confident', 'ability', 'execute'] 545 545 ['sales', 'outstanding', 'negotiate', 'customer', 'making', 'appropriate', 'yield', 'service', 'provide', 'continue', 'focus', 'discipline', 'process', 'around', 'operate', 'company', 'manage', 'yield', 'continue', 'focus'] 546 546 ['operator', 'greene', 'morgan', 'stanley'] 547 547 548 548 549 549 550 550 ['closely', 'customer', 'commitment', 'traffic', 'going', 'carry', 'obviously', 'daily', 'dialogue', 'customer', 'season', 'happen', 'excess', 'capacity', 'three', 'customer', 'little', 'volume', 'going', 'level', 'negotiate'] 551 551 552 552 553 553 ['smith', 'smith', 'speaking', 'would', 'comment', 'season', 'press', 'report', 'issue', 'commerce', 'forth', 'times', 'would', 'fedex', 'caller', 'story', 'reality', 'historical', 'standard', 'terrific', 'express', 'company', 'fantastic', 'measure', 'relative', 'years', 'think', 'reason', 'discipline', 'approach', 'talk', 'network', 'design', 'incredible', 'commitment', 'purple', 'promise', 'volunteer', 'christmas', 'cleaning', 'anything', 'network', 'weather', 'forth'] 554 554 555 555 556 556 ['could', 'proud', 'folks', 'disappoint', 'getting', 'ping', 'problem', 'commerce', 'would', 'saying', 'thing', 'interest', 'commerce', 'world', 'commerce', 'world', 'grow', 'people', 'try', 'demand', 'quite', 'frankly', 'process', 'commerce', 'folks', 'quality', 'issue', 'package', 'ordain', 'damage', 'pack', 'label', 'affix', 'package', 'mention', 'earlier', 'commerce', 'shipment', 'advice', 'shipment', 'actually', 'tender', 'carrier'] 557 557 ['promise', 'customer', 'going', 'tolerate', 'type', 'things', 'commerce', 'shipper', 'succeed', 'going', 'folks', 'improve', 'process', 'quality', 'service', 'want', 'order', 'something', 'internet', 'three', 'christmas', 'smash', 'label', 'come', 'package', 'ether'] 558 558 559 559 ['operator', 'susquehanna', 'financial'] 560 560 ['analyst', 'susquehanna', 'financial', 'thank', 'comment', 'march', 'pretty', 'detail', 'remark', 'choose', 'isolate', 'protectionalism', 'something', 'hamper', 'world', 'trade', 'wonder', 'dashboard', 'item', 'coming', 'depend', 'break', 'either', 'favorable', 'unfavorable', 'fedex', 'specifically'] 561 561 562 562 ['smith', 'first', 'high', 'accolade', 'ambassador', 'michael', 'froman', 'effort', 'underway', 'multiple', 'front', 'agreement', 'trade', 'facilitation', 'great', 'accomplishment', 'first', 'agreement', 'existence', 'conclude', 'nature', 'words', 'trade', 'improvement', 'agree', 'signatory', 'forever', 'place', 'least', 'agreement'] 563 563 564 564 ['years', 'partially', 'determine', 'american', 'political', 'leadership', 'country', 'really', 'push', 'thing', 'beginning', 'world', 'stick', 'congress', 'unite', 'state', 'today', 'willing', 'famously', 'note', 'press', 'senate', 'majority', 'leader', 'consummate', 'taking', 'trade', 'promotion', 'authority', 'consummate', 'trade', 'agreement', 'without', 'negotiate', 'partner', 'simply', 'seriously', 'engage', 'think', 'congress', 'going', 'renegotiate', 'agreement', 'trade', 'conclude'] 565 565 ['try', 'every', 'possible', 'venue', 'things', 'forward', 'purpose', 'speech', 'audience', 'getting', 'involve', 'growth', 'trade', 'world', 'growth', 'roughly', 'parity', 'endeavor', 'human', 'history', 'lift', 'people', 'poverty', 'opening', 'world', 'market', 'particularly', 'unite', 'state', 'leadership', 'opening', 'often', 'permit', 'country', 'trade', 'mercantilistic', 'basis'] 566 566 ['hopefully', 'midterm', 'election', 'administration', 'congress', 'light', 'think', 'particularly', 'important', 'respond', 'strong', 'position', 'take', 'prime', 'minister', 'canada', 'president', 'mexico', 'negotiate', 'nafta', 'fantastic', 'success', 'trade', 'nafta', 'country', 'billion', 'trillion', 'years', 'question', 'local', 'place', 'overall', 'opening', 'market', 'strong'] 567 567 ['concern', 'express', 'speech', 'behalf', 'company', 'prescription', 'appreciate', 'giving', 'chance', 'remark', 'sophisticate', 'group', 'issue'] 568 568 ['operator', 'thank', 'conclude', 'today', 'question', 'answer', 'session', 'would', 'conference', 'mickey', 'foster', 'additional', 'closing', 'remark'] 569 569 570 570 ['operator', 'conclude', 'today', 'presentation', 'thank', 'participation'] 571 571 ['thomson', 'financial', 'reserves', 'right', 'change', 'document', 'content', 'information', 'without', 'obligation', 'notify', 'person', 'change'] 572 572 573 573 574 575 575 ['march'] 576 577 577 ['language', 'english'] 578 579 579 ['transcript', '031914a5115104.704'] 580 581 581 582 583 583 ['copyright'] 584 584 585 586 586 587 588 588 ['return'] 589 590 590 591 592 593 593 ['disclosure'] 594 595 595 596 597 597 598 599 599 ['length', 'words'] 600 601 601 ['corporate', 'participant'] 602 602 ['mickey', 'foster'] 603 603 ['fedex', 'corporation'] 604 604 605 605 ['fedex', 'corporation', 'chairman'] 606 606 607 607 608 608 609 609 610 610 611 611 ['fedex', 'corporation', 'president', 'fedex', 'express'] 612 612 613 613 ['fedex', 'corporation', 'president', 'fedex', 'ground'] 614 614 ['logue'] 615 615 ['fedex', 'corporation', 'president', 'fedex', 'freight'] 616 616 617 617 ['hatfield'] 618 618 619 619 620 620 ['jpmorgan', 'chase', 'analyst'] 621 621 622 622 ['stephen', 'analyst'] 623 623 ['scott', 'schneeberger'] 624 624 ['oppenheimer', 'analyst'] 625 625 626 626 627 627 628 628 ['robert', 'baird', 'analyst'] 629 629 ['chris', 'wetherbee'] 630 630 631 631 632 632 ['wolfe', 'research', 'analyst'] 633 633 634 634 ['credit', 'suisse', 'analyst'] 635 635 ['william', 'greene'] 636 636 ['morgan', 'stanley', 'analyst'] 637 637 638 638 ['barclays', 'capital', 'analyst'] 639 639 ['helane', 'becker'] 640 640 ['cowen', 'company', 'analyst'] 641 641 ['david'] 642 642 ['stifel', 'nicolaus', 'analyst'] 643 643 ['thomas'] 644 644 645 645 646 646 ['hedgeye', 'analyst'] 647 647 648 648 ['buckingham', 'research', 'group', 'analyst'] 649 649 ['david', 'vernon'] 650 650 ['bernstein', 'research', 'analyst'] 651 651 652 652 ['morningstar', 'analyst'] 653 653 ['anthony', 'gallo'] 654 654 ['wells', 'fargo', 'security', 'analyst'] 655 655 656 656 657 657 ['mickey', 'foster', 'fedex', 'corporation', 'morning', 'welcome', 'fedex', 'corporation', 'second', 'quarter', 'earnings', 'conference', 'earnings', 'release', 'website', 'broadcast', 'website', 'replay', 'podcast', 'available'] 658 658 659 659 ['listening', 'webcast', 'submit', 'question', 'email', 'message', 'email', 'please', 'include', 'contact', 'information', 'question', 'ir@fedex.com', 'address', 'question', 'please', 'include', 'message', 'preference', 'given', 'inquiry', 'strategic', 'nature'] 660 660 661 661 662 662 663 663 664 664 665 665 666 666 ['would', 'thank', '300,000', 'member', 'around', 'world', 'working', 'challenge', 'weather', 'deliver', 'holiday', 'customer', 'three', 'monday', 'december', 'record', 'average', 'daily', 'volume', 'monday', 'setting', 'record', 'million', 'package', 'glenn', 'following'] 667 667 668 668 669 669 670 670 ['ground', 'package', 'yield', 'increase', 'exclude', 'impact', 'increase', 'drive', 'discount', 'improvement', 'increase', 'extra', 'services', 'charge', 'exclude', 'international', 'export', 'express', 'package', 'yield', 'increase', 'primarily', 'service'] 671 671 672 672 673 673 674 674 675 675 ['international', 'priority', 'revenue', 'package', 'increase', 'average', 'daily', 'volume', 'decline', 'important', 'within', 'category', 'average', 'daily', 'volume', 'lower', 'yielding', 'distribution', 'services', 'decline', 'average', 'daily', 'volume', 'exclude', 'distribution', 'services', 'increase', 'international', 'economy', 'average', 'daily', 'volume'] 676 676 677 677 ['turning', 'ground', 'segment', 'revenue', 'increase', 'billion', 'operate', 'income', 'increase', 'million', 'volume', 'yield', 'growth', 'ground', 'volume', 'growth', 'smartpost', 'average', 'daily', 'volume', 'ground', 'increase', 'continue', 'growth', 'commercial', 'business', 'delivery', 'service'] 678 678 679 679 ['seasonal', 'increase', 'volume', 'revenue', 'operate', 'income', 'relate', 'cyber', 'realize', 'third', 'quarter', 'versus', 'second', 'quarter', 'ground', 'delivery', 'implement', 'average', 'price', 'increase', 'effective', 'january', 'smartpost', 'rates', 'increase'] 680 680 681 681 682 682 683 683 ['continue', 'execute', 'profit', 'improvement', 'program', 'announce', 'october', 'majority', 'benefit', 'profit', 'improvement', 'program', 'occur', 'greater', 'extent'] 684 684 685 685 ['lastly', 'remember', 'monday', 'present', 'overnight', 'deliver', 'christmas', 'business', 'question'] 686 686 687 687 ['operator', 'operator', 'instructions', 'hatfield'] 688 688 ['hatfield', 'analyst', 'raymond', 'james', 'associate', 'morning', 'everyone', 'category', 'could', 'discus', 'reduction', 'volume', 'distribution', 'services', 'something', 'focus', 'reduce', 'exposure', 'could', 'think', 'going', 'forward', 'modeling', 'thinking', 'volume', 'segment', 'forward', 'thank'] 689 689 ['glenn', 'glenn', 'specific', 'decision', 'elect', 'participate', 'product', 'release', 'would', 'travel', 'distribution', 'services', 'capability', 'decision', 'drive', 'revenue', 'management', 'yield', 'improvement', 'program', 'primary', 'issue', 'affect', 'volume', 'quarter'] 690 690 691 691 692 692 ['wadewitz', 'analyst', 'jpmorgan', 'chase', 'morning', 'want', 'little', 'ground', 'margin', 'commentary', 'terms', 'second', 'offer', 'medium', 'comment', 'think', 'thought', 'ground', 'margin', 'sometimes', 'maximum', 'volume', 'going', 'actually', 'stretch', 'network', 'sometimes', 'little', 'margin', 'headwind'] 693 693 ['guess', 'characterize', 'cyber', 'timing', 'factor', 'margin', 'second', 'quarter', 'maybe', 'help', 'going', 'forward', 'wonder', 'could', 'little', 'perspective', 'ground', 'margin', 'think', 'medium', 'stable', 'teens', 'however', 'comment', 'thank'] 694 694 ['henry', 'maier', 'president', 'fedex', 'ground', 'fedex', 'corporation', 'thanks', 'question', 'henry', 'maier', 'little', 'color', 'going', 'first', 'think', 'important', 'realize', 'commerce', 'increase', 'volume', 'making', 'holiday', 'volume', 'spike', 'peakier', 'understand', 'period', 'business', 'typically', 'doubles'] 695 695 696 696 697 697 698 698 699 699 700 700 ['things', 'mention', 'atypical', 'every', 'thing', 'different', 'timing', 'cyber', 'monday', 'begin', 'typically', 'reflect', 'busy', 'volume', 'throughout', 'compress', 'three', 'week', 'rather'] 701 701 702 702 ['operator', 'atkins', 'stephen'] 703 703 ['atkins', 'analyst', 'stephen', 'morning', 'thanks', 'think', 'pretty', 'clear', 'result', 'making', 'significant', 'progress', 'profit', 'improvement', 'guess', 'course', 'billion', 'expect', 'generate', 'incremental', 'profit', 'costs', 'take', 'business', 'incremental', 'profit', 'business'] 704 704 ['track', 'think', 'could', 'express', 'result', 'making', 'significant', 'progress', 'manage', 'business', 'mention', 'bucket', 'talk', 'october', 'likely', 'going', 'change', 'still', 'commit', 'number'] 705 705 706 706 707 707 ['scott', 'schneeberger', 'analyst', 'oppenheimer', 'thanks', 'morning', 'early', 'delivery', 'manager', 'would', 'commentary', 'progress', 'quantification', 'would', 'great', 'thanks'] 708 708 ['glenn', 'glenn', 'please', 'response', 'delivery', 'manager', 'course', 'enabler', 'commerce', 'allow', 'consignee', 'really', 'control', 'shipment', 'manage', 'signature', 'requirement', 'redirect', 'location', 'schedule', 'future', 'delivery'] 709 709 710 710 ['still', 'relatively', 'please', 'response', 'customer', 'convenience', 'simplicity', 'service', 'expect', 'future', 'positive', 'response', 'excite', 'opportunity', 'commerce', 'especially', 'important'] 711 711 ['operator', 'hoexter', 'merrill', 'lynch'] 712 712 ['unidentified', 'participant', 'great', 'morning', 'smartpost', 'upper', 'single', 'digit', 'guess', 'second', 'double', 'digit', 'growth', 'quarters', 'change', 'impact', 'margin', 'ground', 'little'] 713 713 ['henry', 'maier', 'thanks', 'henry', 'maier', 'volume', 'smartpost', 'affect', 'calendar', 'later', 'start', 'holiday', 'shipping', 'season', 'yield', 'impact', 'lower', 'quarter', 'everything', 'historically', 'calendar'] 714 714 ['operator', 'justin', 'yagerman', 'deutsche'] 715 715 716 716 ['think', 'growth', 'quarter', 'growth', 'volume', 'quarter', 'thinking', 'growth', 'product', 'going', 'forward', 'capability', 'terms', 'offload', 'third', 'party', 'network'] 717 717 718 718 719 719 720 720 721 721 ['thought', 'aggressive', 'second', 'quarter', 'accumulate', 'million', 'share', 'quarter', 'alone', 'specific', 'frame', 'completion', 'continue', 'buying', 'share', 'dividend', 'policy', 'course', 'board', 'decision', 'board', 'generally', 'take', 'decision', 'meeting', 'several', 'years', 'expectation', 'address'] 722 722 723 723 ['chris', 'wetherbee', 'analyst', 'thanks', 'morning', 'could', 'little', 'capacity', 'international', 'lane', 'stand', 'progress', 'towards', 'third', 'party', 'capacity', 'particularly', 'trans', 'pacific', 'route', 'guess', 'relative', 'volume', 'flow', 'right', 'anymore', 'short'] 724 724 ['bronczek', 'please', 'capacity', 'right', 'customer', 'mention', 'several', 'quarters', 'transpacific', 'adjustment', 'going', 'forward', 'things', 'right', 'please', 'network'] 725 725 ['operator', 'scott', 'group', 'wolfe', 'research'] 726 726 727 727 ['bronczek', 'bronczek', 'answer', 'first', 'question', 'customer', 'services', 'looking', 'express', 'balance', 'network', 'right', 'achieve', 'goal', 'customer'] 728 728 729 729 ['scott', 'first', 'question', 'address', 'continue', 'continue', 'international', 'network', 'take', 'trans', 'flight', 'since', 'announcement', 'profit', 'improvement', 'program', 'going', 'eight'] 730 730 731 731 ['capex', 'happy', 'capex', 'strong', 'balance', 'sheet', 'important', 'things', 'mostly', 'capital', 'fleet', 'modernization', 'continue', 'express', 'integral', 'profit', 'improvement', 'program', 'seeing', 'significant', 'benefit', 'second', 'quarter', 'particularly', 'maintenance', 'going', 'continue', 'continue'] 732 732 ['piece', 'continue', 'expand', 'ground', 'network', 'process', 'building', 'three', 'major', 'several', 'years', 'going', 'going', 'continue', 'ground', 'growth', 'maintain', 'teens', 'margin', 'important'] 733 733 734 734 ['operator', 'allison', 'landry', 'credit', 'suisse'] 735 735 736 736 ['glenn', 'clearly', 'customer', 'impact', 'typically', 'smaller', 'customer', 'lighter', 'weight', 'shipment', 'short', 'length', 'successful', 'diversify', 'customer', 'certainly', 'impact', 'certainly', 'yield', 'hundredweight', 'change', 'traffic'] 737 737 ['strong', 'growth', 'customer', 'segment', 'strong', 'anticipate', 'provide', 'opportunity', 'yield', 'management', 'activity', 'initiate', 'conducting', 'going', 'forward', 'think', 'handle', 'yield', 'hundredweight', 'lever', 'manage', 'along', 'fedex', 'freight', 'operate', 'company', 'going', 'forward', 'continue', 'improve', 'margin'] 738 738 739 739 ['operator', 'william', 'greene', 'morgan', 'stanley'] 740 740 ['william', 'greene', 'analyst', 'morgan', 'stanley', 'morning', 'comment', 'little', 'evolution', 'commerce', 'space', 'times', 'discussion', 'amazon', 'could', 'become', 'transportation', 'company', 'logistics', 'effort', 'try', 'speak', 'amazon', 'space', 'evolve', 'player', 'world', 'become', 'competitor', 'guard', 'outcome', 'thank'] 741 741 ['smith', 'smith', 'going', 'couple', 'comment', 'going', 'amplify', 'maybe', 'partner', 'henry', 'whomever', 'subject', 'quite', 'frankly', 'think', 'mythology', 'press', 'anything', 'commerce', 'space'] 742 742 ['first', 'thing', 'would', 'enormous', 'transportation', 'network', 'build', 'around', 'move', 'light', 'package', 'freight', 'fedex', 'scale', 'operations', 'almost', 'amuse', 'comment', 'deliver', 'item', 'drone', 'drone', 'expert', 'staff', 'carter', 'actually', 'drone', 'report', 'operate', 'eight', 'minutes', 'carry', 'budweiser', 'beer'] 743 743 744 744 745 745 ['certain', 'situation', 'large', 'tailer', 'unquestionably', 'local', 'delivery', 'choose', 'think', 'various', 'local', 'delivery', 'option', 'today', 'majority', 'product', 'move', 'almost', 'certain', 'going', 'deliver', 'move', 'three', 'large', 'network', 'smaller', 'regional', 'player', 'amplify'] 746 746 ['glenn', 'would', 'important', 'point', 'understand', 'commerce', 'runway', 'domestically', 'internationally', 'fedex', 'poise', 'benefit', 'clearly', 'commerce', 'growing', 'multiple', 'overall', 'retail', 'sales', 'base', 'forrester', 'research', 'online', 'sales', 'represent', 'total', 'revenue'] 747 747 ['still', 'iceberg', 'terms', 'commerce', 'potential', 'think', 'another', 'issue', 'driver', 'mobile', 'devices', 'account', 'online', 'transactions', 'shipping', 'transactions', 'smartpost', 'particularly', 'poise', 'advantage'] 748 748 ['tremendous', 'amount', 'emerge', 'trend', 'commerce', 'looking', 'retailer', 'starting', 'respond', 'picking', 'store', 'level', 'facilitate', 'efficient', 'delivery', 'effective', 'basis', 'fedex', 'position', 'advantage'] 749 749 ['would', 'though', 'tremendous', 'amount', 'commerce', 'still', 'early', 'stage', 'development', 'channel', 'right', 'sweet', 'talk', 'delivery', 'manager', 'earlier', 'enable', 'consignee', 'really', 'control', 'transaction', 'retail', 'network', 'enable', 'people', 'package', 'technology', 'working', 'facilitate'] 750 750 ['fedex', 'extremely', 'position', 'broad', 'portfolio', 'think', 'important', 'point', 'early', 'overall', 'stage', 'channel', 'would', 'refer', 'forrester', 'research', 'state', 'reach', 'point', 'retail', 'sales', 'generate', 'online', 'runway', 'position', 'advantage'] 751 751 ['bronczek', 'express', 'point', 'obviously', 'globalization', 'commerce', 'global', 'powerhouse', 'network', 'around', 'world', 'country', 'customer', 'global', 'reaching', 'synchronization', 'around', 'world', 'successfully', 'decade'] 752 752 753 753 ['brandon', 'oglenski', 'analyst', 'barclays', 'capital', 'morning', 'everyone', 'discussion', 'around', 'capital', 'priority', 'especially', 'light', 'share', 'repurchase', 'announcement', 'october', 'really', 'change', 'strategic', 'direction', 'company', 'aircraft', 'renewal', 'couple', 'years', 'beyond', 'fiscal', 'think', 'capex', 'relative', 'revenue', 'thinking', 'longer', 'going', 'trend', 'closer', 'range', 'rather', 'running', 'today'] 754 754 ['opportunity', 'terms', 'ground', 'growth', 'along', 'express', 'profit', 'improvement', 'program', 'certainly', 'probably', 'couple', 'years', 'ability', 'couple', 'things', 'around', 'plane', 'come', 'instead', 'could', 'change', 'numbers'] 755 755 756 756 ['operator', 'helane', 'becker', 'cowen'] 757 757 ['helane', 'becker', 'analyst', 'cowen', 'company', 'thanks', 'operator', 'gentleman', 'thanks', 'think', 'might', 'mention', 'continue', 'expand', 'ground', 'operations', 'building', 'think', 'mention', 'three', 'couple', 'years', 'wonder', 'comfortable', 'expand', 'operations', 'enough', 'ahead', 'change', 'taking', 'place', 'delivery', 'requirement', 'still', 'chase', 'change', 'thank'] 758 758 ['helane', 'start', 'henry', 'great', 'things', 'company', 'operations', 'engineering', 'group', 'group', 'brilliant', 'determine', 'forecast', 'future', 'traffic', 'flow', 'going', 'capacity'] 759 759 ['though', 'significantly', 'step', 'investment', 'continue', 'ground', 'growth', 'going', 'remain', 'tight', 'going', 'remain', 'tight', 'design', 'handle', 'increase', 'henry', 'talk', 'three-', 'period', 'running', 'fairly', 'close', 'henry', 'information'] 760 760 ['henry', 'maier', 'henry', 'maier', 'manage', 'estate', 'project', 'typically', 'seven-', 'marketplace', 'facility', 'careful', 'capacity', 'month', 'month', 'december', 'operate', 'expense', 'handle', 'volume', 'surge', 'dismantle', 'volume', 'leaf', 'essentially', 'company', 'years', 'work'] 761 761 762 762 ['operator', 'david', 'stifel'] 763 763 ['david', 'analyst', 'stifel', 'nicolaus', 'morning', 'everyone', 'could', 'reacceleration', 'fedex', 'freight', 'shipment', 'volume', 'drive', 'bundling', 'increase', 'sales', 'force', 'going', 'growth', 'couple', 'years'] 764 764 ['logue', 'david', 'obviously', 'please', 'volume', 'growth', 'earlier', 'across', 'segment', 'small', 'medium', 'large', 'customer', 'focusing', 'priority', 'economy', 'volume', 'coming', 'segment', 'really', 'showing', 'value', 'kicking', 'couple', 'quarters', 'volume', 'challenge', 'quarters'] 765 765 ['really', 'respond', 'bring', 'excellent', 'volume', 'forward', 'always', 'double', 'digit', 'margin', 'really', 'balance', 'volume', 'yield', 'focus', 'going', 'forward'] 766 766 767 767 768 768 ['operator', 'thomas', 'goldman', 'sachs'] 769 769 ['thomas', 'analyst', 'goldman', 'sachs', 'thanks', 'couple', 'question', 'regard', 'express', 'first', 'guide', 'airfreight', 'demand', 'outlook', 'region', 'base', 'forward', 'booking', 'discussion', 'customer', 'would', 'follow', 'regard', 'earlier', 'question', 'regard', 'third', 'party', 'capacity', 'utilization', 'sense', 'percentage', 'going', 'plane', 'versus', 'third', 'party', 'capacity', 'terms', 'relative', 'context', 'beginning', 'versus', 'think', 'might', 'thanks'] 770 770 ['bronczek', 'bronczek', 'mention', 'international', 'report', 'quarter', 'europe', 'little', 'distribution', 'services', 'primarily', 'release', 'product', 'launch', 'though', 'clearly', 'across', 'world', 'volume', 'yield', 'network', 'capacity', 'please', 'quarter'] 771 771 772 772 773 773 ['sciver', 'analyst', 'hedgeye', 'morning', 'looking', 'intercompany', 'charge', 'different', 'segment', 'express', 'seeing', 'decline', 'relative', 'sales', 'ground', 'freight', 'probably', 'progress', 'slight', 'increase', 'expect', 'share', 'overhead', 'second', 'fiscal'] 774 774 775 775 ['intersegment', 'charge', 'complicate', 'directly', 'base', 'revenue', 'would', 'explain', 'little', 'ground', 'getting', 'little', 'express', 'getting', 'little', 'others', 'directly', 'charge', 'others', 'using', 'basic', 'accounting', 'arrive', 'appropriate'] 776 776 ['things', 'company', 'great', 'debate', 'subject', 'right', 'amount', 'tension', 'think', 'make', 'focus', 'possible', 'total'] 777 777 778 778 ['kauffman', 'analyst', 'buckingham', 'research', 'group', 'thank', 'congratulations', 'quarter', 'focus', 'little', 'capital', 'ground', 'fleet', 'fleet', 'mention', 'taking', 'capacity', 'fewer', 'trans', 'pack', 'bring', 'aircraft', 'question'] 779 779 ['md-11', 'might', 'using', 'market', 'planning', 'taking', 'plane', 'system', 'base', 'release'] 780 780 781 781 782 782 783 783 784 784 785 785 ['focus', 'improvement', 'fedex', 'freight', 'aerodynamics', 'fedex', 'express', 'lighter', 'smaller', 'pickup', 'delivery', 'vehicle', 'company', 'electrification', 'think', 'almost', 'maybe', 'electric', 'hybrid', 'ground', 'pioneer', 'things', 'hydraulic', 'vehicle', 'forth'] 786 786 787 787 788 788 ['contract', 'fedex', 'freight', 'instance', 'biodiesel', 'chips', 'believe', 'produce', 'refinery', 'columbus', 'mississippi', 'present', 'large', 'scale', 'biofuels', 'available', 'suspect', 'probably', 'change', 'going', 'progress'] 789 789 790 790 791 791 792 792 793 793 ['regard', 'network', 'fedex', 'express', 'current', 'system', 'eight', 'transpacific', 'flight', 'seven', 'transatlantic', 'flight', 'course', 'europe', 'operations', 'likelihood', 'going', 'materially', 'change', 'period', 'network', 'design', 'offer', 'competitively', 'superior', 'times', 'transit', 'times', 'performing'] 794 794 795 795 ['anticipate', 'base', 'customer', 'telling', 'probably', 'relatively', 'growth', 'sector', 'customer', 'opt', 'longer', 'transit', 'international', 'economy', 'sector', 'priority', 'economy', 'three', 'flavor', 'package', 'freight'] 796 796 797 797 ['important', 'mention', 'product', 'actually', 'growing', 'yield', 'going', 'money', 'product'] 798 798 ['think', 'going', 'change', 'backbone', 'network', 'growth', 'economy', 'traffic', 'lend', 'underbelly', 'going', 'accord', 'report', 'capacity', 'going', 'going', 'tremendous', 'amount', 'underbelly', 'capacity', 'attractive', 'terms', 'pound', 'effectively', 'utilize', 'plan'] 799 799 800 800 ['bronczek', 'thanks', 'exactly', 'right', 'osaka', 'open', 'april', 'really', 'excite', 'backbone', 'network', 'without', 'add', 'network', 'change', 'gauge', 'flight', 'feeding', 'world', 'osaka', 'going', 'terrific'] 801 801 802 802 ['operator', 'keith', 'schoonmaker', 'morningstar'] 803 803 804 804 805 805 ['going', 'forward', 'continue', 'network', 'growth', 'purchase', 'trans', 'growth', 'increase', 'coming', 'tweak', 'adjust', 'network', 'appropriate', 'efficient', 'business'] 806 806 ['henry', 'maier', 'keith', 'henry', 'maier', 'little', 'throughout', 'month', 'december', 'usage', 'jump', 'think', 'month', 'mile', 'would', 'include', 'ground', 'smartpost', 'make', 'sense', 'degrade', 'service', 'think', 'network'] 807 807 808 808 809 809 810 810 ['operator', 'conclude', 'question', 'answer', 'session', 'would', 'conference', 'mickey', 'foster', 'additional', 'closing', 'remark'] 811 811 ['mickey', 'foster', 'thank', 'participate', 'fedex', 'corporation', 'second', 'quarter', 'earnings', 'release', 'conference', 'anyone', 'investor', 'relations', 'additional', 'question', 'fedex', 'thank'] 812 812 813 813 814 814 815 815 ['information', 'contain', 'event', 'transcript', 'textual', 'representation', 'applicable', 'company', 'conference', 'effort', 'provide', 'accurate', 'transcription', 'material', 'error', 'omission', 'inaccuracy', 'reporting', 'substance', 'conference', 'call', 'thomson', 'financial', 'applicable', 'company', 'applicable', 'company', 'assume', 'responsibility', 'investment', 'decision', 'base', 'information', 'provide', 'event', 'transcript', 'user', 'advise', 'review', 'applicable', 'company', 'conference', 'applicable', 'company', 'filing', 'making', 'investment', 'decision'] 816 817 817 818 819 819 ['language', 'english'] 820 821 821 ['transcript', '121813a5052627.727'] 822 823 823 824 825 825 ['copyright'] 826 826 ['right', 'reserve'] 827 828 828 ['copyright'] 829 830 830 831 832 832 833 834 835 835 ['disclosure'] 836 837 837 ['september', 'wednesday'] 838 839 839 840 841 841 842 843 843 844 844 ['mickey', 'foster'] 845 845 846 846 ['smith'] 847 847 848 848 849 849 850 850 851 851 852 852 ['bronczek'] 853 853 854 854 855 855 ['fedex', 'president', 'fexex', 'ground'] 856 856 857 857 858 858 ['conference', 'participant'] 859 859 ['justin', 'yagerman'] 860 860 ['deutsche', 'analyst'] 861 861 862 862 863 863 ['hartford'] 864 864 ['robert', 'baird', 'analyst'] 865 865 ['unidentified', 'participant'] 866 866 867 867 868 868 ['wolfe', 'research', 'analyst'] 869 869 ['hoexter'] 870 870 ['merrill', 'lynch', 'analyst'] 871 871 ['brandon', 'oglenski'] 872 872 ['barclays', 'capital', 'analyst'] 873 873 ['thomas'] 874 874 ['goldman', 'sachs', 'analyst'] 875 875 ['kelly', 'dougherty'] 876 876 ['macquarie', 'research', 'equity', 'analyst'] 877 877 ['scott', 'schneeberger'] 878 878 879 879 880 880 881 881 882 882 883 883 ['william', 'greene'] 884 884 885 885 ['allison', 'landry'] 886 886 ['credit', 'suisse', 'analyst'] 887 887 ['wadewitz'] 888 888 ['jpmorgan', 'chase', 'analyst'] 889 889 890 890 891 891 ['kevin', 'sterling'] 892 892 ['capital', 'market', 'analyst'] 893 893 894 894 ['sanford', 'bernstein', 'company', 'analyst'] 895 895 ['brian', 'jacoby'] 896 896 897 897 898 898 899 899 900 900 ['thompson', 'davis', 'company', 'analyst'] 901 901 902 902 903 903 ['presentation'] 904 904 905 905 906 906 907 907 908 908 909 909 ['fedex', 'express', 'skillfully', 'executing', 'profit', 'improvement', 'plan', 'earlier', 'month', 'fedex', 'express', 'delivery', 'first', 'boeing', 'freighter', 'offer', 'least', 'operate', 'md-10', 'replace', 'reaffirm', 'forecast', 'earnings', 'share', 'growth', 'adjust', 'result', 'believe', 'fedex', 'position', 'continue', 'growth', 'success', 'customer', 'around', 'world', 'realize', 'value', 'portfolio', 'solution'] 910 910 911 911 ['glenn', 'market', 'development', 'corporate', 'communications', 'fedex', 'thank', 'fedex', 'economic', 'forecast', 'call', 'continue', 'moderate', 'growth', 'global', 'economy', 'growth', 'forecast', 'calendar', 'point', 'versus', 'quarter', 'calendar', 'represent', 'change', 'versus', 'quarter', 'industrial', 'production', 'expect', 'growth', 'calendar', 'point', 'versus', 'quarter', 'calendar', 'point', 'versus', 'quarter', 'important', 'historical', 'revision', 'account', 'reduction', 'calendar', 'growth', 'rates', 'policy', 'risk', 'remain', 'sign', 'improvement', 'europe', 'china', 'global', 'forecast', 'calendar', 'point', 'versus', 'quarter', 'calendar', 'point', 'versus', 'quarter'] 912 912 913 913 [] 914 914 915 915 ['turning', 'ground', 'operate', 'income', 'despite', 'negative', 'impact', 'higher', 'network', 'expansion', 'costs', 'incur', 'continue', 'invest', 'heavily', 'growing', 'ground', 'smartpost', 'business', 'improvement', 'ground', 'drive', 'higher', 'volume', 'despite', 'fewer', 'operate', 'higher', 'revenue', 'package', 'freight', 'operate', 'income', 'increase', 'slightly', 'despite', 'fewer', 'operate', 'higher', 'weight', 'shipment', 'yield', 'average', 'daily', 'shipment', 'improve', 'income', 'freight', 'freight', 'continue', 'optimize', 'linehaul', 'network', 'increase', 'utilization', 'lower', 'quarter', 'total', 'linehaul', 'mile'] 916 916 917 917 ['question', 'answer'] 918 918 ['operator', 'thank'] 919 919 920 920 ['first', 'question', 'justin', 'yagerman', 'deutsche'] 921 921 922 922 923 923 924 924 ['bruce', 'analyst', 'stifel', 'nicolaus', 'actually', 'bruce', 'david', 'curious', 'trade', 'network', 'hear', 'forwarders', 'transpack', 'volume', 'summer', 'volume', 'limited', 'optimism', 'wonder', 'outlook', 'expect', 'something', 'little', 'rosy', 'rosy', 'taking', 'share', 'whether', 'price', 'relate', 'product', 'offering', 'relate', 'thank'] 925 925 926 926 927 927 ['hartford', 'analyst', 'robert', 'baird', 'could', 'together', 'could', 'sense', 'maybe', 'believe', 'network', 'relation', 'need', 'divert', 'lower', 'yielding', 'freight', 'aircraft', 'third', 'party', 'capacity', 'get', 'front', 'trade', 'phenomenon', 'discuss', 'still', 'incremental', 'progress', 'terms', 'putting', 'lower', 'yielding', 'package', 'appropriate', 'mode', 'provide', 'perspective'] 928 928 ['bronczek', 'great', 'question', 'affect', 'service', 'whatsoever', 'world', 'class', 'service', 'around', 'globe', 'adjust', 'capacity', 'move', 'right', 'traffic', 'right', 'network', 'upside', 'opportunity', 'growing', 'international', 'economy', 'financially', 'favorably', 'whereas', 'traffic', 'great', 'network', 'international', 'priority', 'around', 'world', 'upside', 'upside', 'international', 'economy', 'terrific', 'shift', 'match', 'happening', 'global', 'economy'] 929 929 ['operator', 'question', 'christian', 'wetherbee'] 930 930 ['unidentified', 'participant', 'analyst', 'chris', 'question', 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'billion', 'comfortable', 'saying', 'today', 'environment'] 936 936 ['operator', 'question', 'hoexter', 'america'] 937 937 938 938 939 939 ['bronczek', 'right', 'numbers', 'flight', 'hours', 'significantly', 'usage', 'significantly', 'backbone', 'network', 'expand', 'international', 'economy', 'traffic', 'network', 'actually', 'positive', 'thing', 'side', 'financial', 'equation', 'express', 'embracing', 'economy', 'service', 'traffic', 'cohort', 'upside', 'cap'] 940 940 ['operator', 'question', 'brandon', 'oglenski', 'barclays'] 941 941 942 942 943 943 ['bronczek', 'harden', 'expense', 'program', 'working', 'exactly', 'would', 'question', 'actually', 'around', 'world', 'expense', 'target', 'performance', 'exception', 'acquisition', 'add', 'layer', 'expense', 'revenue', 'quite', 'frankly', 'without', 'impact', 'quarter', 'significant', 'express', 'margin', 'operate', 'profit', 'improve', 'right', 'plan', 'achieve', 'achieve'] 944 944 945 945 946 946 ['capex', 'strategy', 'change', 'focus', 'replacement', 'modernization', 'aircraft', 'fleet', 'express', 'driving', 'already', 'seeing', 'notice', 'fiscal', 'years', 'fourth', 'quarter', 'significantly', 'reduce', 'retire', 'number', 'plane', 'shorten', 'depreciable', 'life', 'course', 'headwind', 'segment', 'replacement', 'capital', 'efficient', 'price', 'absolutely', 'mandatory', 'continue', 'going', 'billion', 'money', 'possibly', 'ground', 'going', 'continue', 'ground', 'margin', 'going', 'range', 'going', 'continue', 'market', 'share', 'freight', 'great', 'continue', 'tweak', 'operate', 'model', 'expect', 'freight', 'invest', 'capital', 'allocation', 'continue', 'strategic', 'level', 'anything', 'capital', 'allocation', 'today', 'post'] 947 947 ['operator', 'question', 'kelly', 'dougherty', 'macquarie'] 948 948 ['operator', 'instructions'] 949 949 ['kelly', 'dougherty', 'analyst', 'macquarie', 'research', 'equity'] 950 950 ['operator', 'please', 'proceed'] 951 951 952 952 ['quarter', '12-quarter', 'program', 'try', 'point', 'manage', 'business', 'things', 'change', 'whereas', 'looking', 'different', 'revenue', 'outlook', 'international', 'express', 'month', 'component', 'change', 'future', 'anticipate', 'probably', 'although', 'continue', 'change', 'structure', 'thought', 'might', 'little', 'equation', 'little', 'revenue', 'benefit', 'equation'] 953 953 954 954 955 955 956 956 957 957 958 958 ['operator', 'question', 'atkins', 'stephen'] 959 959 960 960 ['glenn', 'glenn', 'obviously', 'launch', 'change', 'product', 'move', 'marketplace', 'staging', 'inventory', 'going', 'international', 'front', 'oppose', 'using', 'expedite', 'change', 'regard', 'terms', 'product', 'move', 'inventory', 'certainly', 'benefit', 'launch', 'probably', 'greater', 'benefit', 'domestic', 'system', 'although', 'short', 'burst', 'though', 'traffic', 'short', 'period', 'potentially', 'although', 'certainly', 'benefit', 'accessory', 'things', 'backend', 'launch'] 961 961 962 962 963 963 ['glenn', 'clarify', 'calendar', 'economic', 'outlook', 'mention', 'historical', 'revision', 'really', 'driving', 'reduction', 'calendar', 'growth', 'rates', 'obviously', 'numbers', 'update', 'take', 'build', 'historical', 'trend', 'affect', 'forecast', 'going', 'forward', 'really', 'material', 'change', 'fundamentals', 'business', 'oppose', 'historical', 'revision', 'economic', 'forecast', 'handle', 'second'] 964 964 965 965 ['operator', 'question', 'come', 'william', 'greene', 'morgan', 'stanley'] 966 966 967 967 968 968 969 969 ['glenn', 'strategy', 'substantially', 'increase', 'amount', 'parcel', 'traffic', 'cover', 'terrific', 'three', 'years', 'component', 'revenue', 'management', 'program', 'traffic', 'impact', 'certainly', 'contract', 'still', 'place', 'today', 'lock', 'base', 'contract', 'annual', 'sales', 'pricing', 'science', 'phenomenal', 'working', 'customer', 'annual', 'increase', 'please', 'change', 'dimensional', 'weight', 'place', 'several', 'years', 'change', 'clearly', 'benefit', 'company', 'strategic', 'change', 'several', 'years'] 970 970 ['operator', 'question', 'come', 'allison', 'landry', 'credit', 'suisse'] 971 971 972 972 973 973 974 974 975 975 ['bronczek', 'thanks', 'great', 'question', 'actually', 'looking', 'issue', 'planning', 'talk', 'several', 'quarters', 'execute', 'flawlessly', 'terrific', 'customer', 'network', 'course', 'think', 'going', 'going', 'forward', 'think', 'opportunity', 'international', 'economy', 'international', 'economy', 'traffic', 'exist', 'linehaul', 'network', 'going', 'forward', 'opportunity', 'successfully', 'answer', 'question', 'plan', 'several', 'quarters', 'execute', 'flawlessly', 'excite'] 976 976 ['glenn', 'would', 'point', 'think', 'success', 'terrific', 'collaboration', 'sales', 'express', 'operate', 'terms', 'getting', 'customer', 'right', 'network', 'early', 'process', 'extremely', 'happy', 'result', 'terms', 'collaborate', 'right', 'solution', 'customer'] 977 977 ['operator', 'question', 'come', 'keith', 'schoonmaker', 'morningstar'] 978 978 ['keith', 'schoonmaker', 'analyst', 'morningstar', 'notice', 'pretty', 'strong', 'growth', 'international', 'domestic', 'volume', 'organic', 'mostly', 'folding', 'acquisition', 'relate', 'could', 'comment', 'international', 'region', 'particular', 'strength', 'please'] 979 979 ['bronczek', 'question', 'actually', 'acquisition', 'organic', 'european', 'organic', 'perform', 'outstandingly', 'thank', 'congratulate', 'open', 'stations', 'month', 'service', 'terrific', 'incremental', 'acquisition', 'add', 'domestic', 'international', 'volume'] 980 980 ['operator', 'question', 'come', 'kevin', 'sterling', 'capital', 'market'] 981 981 982 982 ['glenn', 'think', 'bigger', 'issue', 'kevin', 'dealing', 'normal', 'trade', 'already', 'customer', 'change', 'defer', 'services', 'think', 'talking', 'growth', 'story', 'going', 'forward', 'terms', 'growth', 'trade', 'story', 'terrific', 'opportunity', 'advantage', 'opportunity', 'network'] 983 983 984 984 985 985 ['operator', 'question', 'come', 'david', 'vernon', 'bernstein'] 986 986 987 987 ['bronczek', 'international', 'freight', 'talking', 'coming', 'around', 'world', 'move', 'different', 'network', 'network', 'around', 'world', 'instead', 'fedex', 'purple', 'tails', 'traffic', 'unite', 'state', 'service', 'requirement', 'customer', 'ground', 'freight', 'express'] 988 988 989 989 990 990 991 991 ['operator', 'question', 'come', 'brian', 'jacoby', 'goldman', 'sachs'] 992 992 ['brian', 'jacoby', 'analyst', 'goldman', 'sachs', 'thanks', 'taking', 'question', 'regard', 'future', 'aircraft', 'purchase', 'maybe', 'little', 'stand', 'respect', 'lease', 'versus', 'purchasing', 'aircraft', 'years', 'probably', 'leaning', 'towards', 'putting', 'aircraft', 'balance', 'sheet', 'pretty', 'position', 'investment', 'grade', 'world'] 993 993 994 994 995 995 996 996 ['sciver', 'analyst', 'hedgeye', 'thank', 'taking', 'question', 'looking', 'international', 'express', 'regional', 'market', 'position', 'outstanding', 'franchise', 'america', 'weak', 'position', 'europe', 'balance', 'margin', 'could', 'strengthen', 'presence', 'europe'] 997 997 ['bronczek', 'comment', 'earlier', 'think', 'talk', 'organic', 'european', 'expansion', 'add', 'layer', 'growth', 'improvement', 'europe', 'traffic', 'coming', 'around', 'world', 'europe', 'working', 'balance', 'think', 'point', 'tremendous', 'result', 'plan', 'place', 'month', 'expand', 'going', 'forward', 'fiscal'] 998 998 999 999 1000 1000 1001 1001 1002 1002 ['means', 'volatility', 'surcharge', 'think', 'talk', 'earlier'] 1003 1003 1004 1004 1005 1005 1006 1006 ['bronczek', 'bronczek', 'first', 'point', 'first', 'comment', 'actually', 'adjust', 'global', 'network', 'coming', 'quarter', 'similarly', 'quarter', 'right', 'adjust'] 1007 1007 ['glenn', 'begin', 'institute', 'higher', 'increase', 'reducing', 'surcharge', 'note', 'strategy', 'ensure', 'surcharge', 'index', 'properly', 'align', 'price', 'customer', 'predictability', 'rates', 'adjust', 'account', 'surcharge', 'obviously', 'volatility', 'would', 'sitting', 'surcharge', 'believe', 'index', 'today', 'place', 'since', 'january', 'inappropriate', 'current', 'environment', 'although', 'obviously', 'reevaluate', 'determine', 'whether', 'prior', 'practice', 'continue'] 1008 1008 ['operator', 'question', 'come', 'scott', 'group', 'wolfe', 'research'] 1009 1009 ['scott', 'group', 'thanks', 'follow', 'want', 'ground', 'bucket', 'margin', 'pressure', 'ground', 'capex', 'rollout', 'think', 'capex', 'spend', 'years', 'growth', 'point', 'going', 'capex', 'increase', 'ground', 'every'] 1010 1010 1011 1011 ['operator', 'question', 'come', 'derek', 'raymond', 'james'] 1012 1012 1013 1013 ['bronczek', 'derek', 'thank', 'appreciate', 'question', 'please', 'momentum', 'balance', 'yield', 'weight', 'shipment', 'volume', 'network', 'adjustment', 'quarter', 'business', 'please', 'progress', 'quarter', 'really', 'efficiency', 'balance', 'balance', 'overall', 'focus', 'balance', 'yield'] 1014 1014 ['operator', 'question', 'stifel', 'investment'] 1015 1015 1016 1016 ['henry', 'maier', 'henry', 'maier', 'ability', 'contract', 'postal', 'increase', 'always', 'impact', 'though', 'timing', 'customer', 'terms', 'quickly', 'realize', 'decision', 'switch', 'network', 'largely', 'customer', 'decision', 'drive'] 1017 1017 1018 1018 ['question', 'investment', 'fleet', 'three', 'years', 'purchase', 'transportation', 'offset', 'right', 'rates', 'move', 'move', 'combination', 'move', 'price', 'increase', 'purchase', 'transportation', 'seeing', 'offset', 'benefit', 'linehaul', 'look', 'investing', 'fleet', 'obviously', 'making', 'appropriate', 'equipment', 'running', 'efficiency', 'purchase', 'transportation', 'always', 'supplement', 'linehaul', 'objective', 'combination', 'come', 'purchase', 'transportation', 'bucket', 'linehaul', 'objective', 'improve', 'organization', 'great', 'benefit', 'leverage', 'going', 'forward', 'business'] 1019 1019 ['operator', 'thank', 'conclude', 'today', 'question', 'answer', 'session', 'foster', 'conference', 'additional', 'closing', 'remark'] 1020 1020 ['mickey', 'foster', 'thank', 'participation', 'fedex', 'corporation', 'first', 'quarter', 'earnings', 'release', 'conference', 'anyone', 'investor', 'relations', 'additional', 'question', 'fedex', 'thanks'] 1021 1021 ['operator', 'conclude', 'today', 'conference', 'lady', 'gentleman', 'would', 'thank', 'participation', 'disconnect'] 1022 1022 ['thomson', 'financial', 'reserves', 'right', 'change', 'document', 'content', 'information', 'without', 'obligation', 'notify', 'person', 'change'] 1023 1023 ['conference', 'call', 'event', 'transcript', 'base', 'company', 'projection', 'forward', 'looking', 'statement', 'regard', 'variety', 'item', 'forward', 'looking', 'statement', 'base', 'current', 'expectation', 'involve', 'risk', 'uncertainty', 'actual', 'result', 'differ', 'materially', 'state', 'forward', 'looking', 'statement', 'base', 'number', 'important', 'factor', 'risk', 'specifically', 'identify', 'company', 'recent', 'filing', 'although', 'company', 'indicate', 'believe', 'assumption', 'underlie', 'forward', 'looking', 'statement', 'reasonable', 'assumption', 'could', 'prove', 'inaccurate', 'incorrect', 'therefore', 'assurance', 'result', 'contemplate', 'forward', 'looking', 'statement', 'realize'] 1024 1024 ['information', 'contain', 'event', 'transcript', 'textual', 'representation', 'applicable', 'company', 'conference', 'effort', 'provide', 'accurate', 'transcription', 'material', 'error', 'omission', 'inaccuracy', 'reporting', 'substance', 'conference', 'call', 'thomson', 'financial', 'applicable', 'company', 'applicable', 'company', 'assume', 'responsibility', 'investment', 'decision', 'base', 'information', 'provide', 'event', 'transcript', 'user', 'advise', 'review', 'applicable', 'company', 'conference', 'applicable', 'company', 'filing', 'making', 'investment', 'decision'] 1025 1026 1026 1027 1028 1028 1029 1030 1030 ['transcript', '091813a5052623.723'] 1031 1032 1032 1033 1034 1034 ['copyright'] 1035 1035 1036 1037 1037 ['copyright'] 1038 0 1 2 3 4 4 5 5 ['request', 'friday', '13:36:10'] 6 7 7 8 9 9 ['university', 'liverpool'] 10 10 ['sydney', 'jones', 'library'] 11 11 [] 12 13 14 14 15 16 17 17 18 18 ['project'] 19 20 21 21 ['result'] 22 22 [] 23 23 ['earnings', 'conference', 'final', 'disclosure', 'february', 'friday'] 24 25 26 26 [] 27 27 ['earnings', 'conference', 'final', 'disclosure', 'november', 'tuesday', '11455', 'words'] 28 29 30 30 [] 31 31 32 33 34 34 35 35 36 37 38 38 [] 39 39 40 41 42 42 [] 43 43 44 45 46 46 47 48 48 49 50 51 51 52 53 53 54 55 55 56 57 57 58 58 59 59 60 60 61 61 62 62 63 63 64 64 65 65 66 66 67 67 ['herzog', 'thank', 'excellent', 'generate', 'property', 'performance', 'growth', 'raise', 'million', 'equity', 'proceeds', 'strengthen', 'balance', 'sheet', 'end', 'strong', 'credit', 'metrics', 'liquidity', 'years', 'accretively', 'acquire', 'million', 'participation', 'manor', 'first', 'mortgage', 'terminate', 'transition', 'sunrise', 'manage', 'assets', 'operator', 'asset', 'bringing', 'total', 'number', 'sunrise', 'property', 'transition', 'month', 'represent', 'approximately', 'quarter', 'total', 'sunrise', 'exposure'] 68 68 ['several', 'topic', 'discus', 'first', 'fourth', 'quarter', 'result', 'second', 'investment', 'disposition', 'transactions', 'third', 'balance', 'sheet', 'financing', 'activity', 'fourth', 'guidance', 'finally', 'dividend'] 69 69 70 70 ['previously', 'disclose', 'quarter', 'recognize', 'million', 'impairment', 'connection', 'bankruptcy', 'erickson', 'retirement', 'community', 'million', 'relate', 'anticipate', 'restructure', 'cirrus', 'remain', 'million', 'early', 'termination', 'lease', 'science', 'segment', 'share', 'approximately', 'million', 'share', 'impairment', 'litigation', 'provision', 'midpoint', 'guidance', 'share', 'impact', 'several', 'item', 'anticipate', 'original', 'guidance', 'include', 'gain', 'bond', 'purchase', 'price', 'adjustment', 'record', 'lease', 'termination', 'partially', 'offset', 'higher', 'legal', 'expense', 'lower', 'interest', 'income', 'relate', 'sales', 'bankruptcy', 'erickson'] 71 71 72 72 73 73 74 74 ['improve', 'fix', 'charge', 'coverage', 'times', 'times', 'maturity', 'million', 'modest', 'include', 'million', 'senior', 'unsecured', 'note', 'million', 'mortgage', 'end', 'billion', 'available', 'revolver', 'million', 'unrestricted', 'marketable', 'security'] 75 75 76 76 ['guidance', 'assume', 'significant', 'acquisition', 'disposition', 'estate', 'investment', 'include', 'following', 'growth', 'expense', 'million', 'inclusive', 'stock', 'base', 'compensation', 'million', 'floating', 'asset', 'exposure', 'remains', 'around', 'million', 'average', 'libor', 'basis', 'point', 'development', 'redevelopment', 'first', 'generation', 'capital', 'funding', 'approximately', 'million', 'include', 'capitalize', 'interest', 'million', 'second', 'generation', 'lease', 'commission', 'tenant', 'capital', 'improvement', 'million'] 77 77 78 78 79 79 ['gallagher', 'thank', 'straight', 'details', 'performance', 'portfolio', 'senior', 'housing', 'occupancy', 'current', 'quarter', 'store', 'senior', 'housing', 'platform', 'represent', 'basis', 'point', 'sequential', 'decline', 'prior', 'quarter', 'basis', 'decline', 'prior', 'occupancy', 'stabilization', 'sunrise', 'portfolio', 'appear', 'gain', 'traction', 'quarter', 'reporting', 'sunrise', 'portfolio', 'occupancy', 'decline', 'basis', 'point', 'sequentially', 'however', 'sunrise', 'portfolio', 'continue', 'underperform', 'quarter', 'occupancy', 'drop', 'basis', 'point', 'quarter', 'occupancy', 'stabilization', 'along', 'continue', 'expense', 'management', 'modest', 'increase', 'holding', 'coverage', 'steady', 'result', 'sequential', 'property', 'coverage', 'decline', 'basis', 'point', 'times', 'times'] 80 80 ['current', 'quarter', 'property', 'entire', 'senior', 'housing', 'platform', 'decline', 'sunrise', 'portfolio', 'continue', 'result', 'sunrise', 'portfolio', 'improvement', 'drive', 'normal', 'steps', 'sunrise', 'portfolio', 'decline', 'drive', 'insurance', 'credits', 'reduce', 'libor', 'base', 'rent', 'recent', 'example', 'active', 'asset', 'management', 'capability', 'terminate', 'nearly', 'quarter', 'sunrise', 'assets', 'transition', 'operator', 'month', 'operator', 'assign', 'lease', 'significantly', 'increase', 'repositioning', 'assets', 'operator', 'drive', 'strong', 'property', 'annual', 'growth', 'entire', 'senior', 'housing', 'sector', 'expect', 'range'] 81 81 82 82 ['hospital', 'property', 'coverage', 'basis', 'point', 'times', 'property', 'fourth', 'quarter', 'remain', 'drive', 'short', 'relief', 'hogue', 'irvine', 'hospital', 'note', 'hogue', 'begin', 'pay', 'partial', 'august', 'schedule', 'beginning', 'result', 'forecast', 'strong', 'pickup', 'hospital', 'property', 'annual', 'growth'] 83 83 ['lease', 'exposure', 'consist', 'north', 'shore', 'regional', 'medical', 'center', 'slidell', 'louisiana', 'currently', 'lease', 'tenant', 'expire', 'execute', 'definitive', 'agreement', 'hospital', 'private', 'profit', 'ochsner', 'health', 'system', 'project', 'close', 'april', 'simultaneously', 'ochsner', 'acquire', 'operations', 'hospital', 'tenant', 'acquisition', 'ochsner', 'operate', 'eight', 'hospital', 'southeast', 'louisiana'] 84 84 85 85 ['skilled', 'nursing', 'skilled', 'nursing', 'portfolio', 'continue', 'perform', 'nicely', 'fourth', 'quarter', 'increase', 'drive', 'contractual', 'increase', 'solid', 'coverage', 'times'] 86 86 87 87 88 88 89 89 ['expense', 'reduction', 'initiative', 'result', 'decrease', 'quarterly', 'controllable', 'operate', 'expense', 'million', 'annual', 'decrease', 'million', 'compare', 'prior', 'target', 'store', 'growth', 'drive', 'modest', 'increase', 'occupancy', 'contractual', 'growth', 'occupancy', 'fourth', 'quarter', 'basis', 'point', 'result', 'tenant', 'taking', 'occupancy', 'nashville', 'minneapolis', 'vega', 'offset', 'slightly', 'expiration', 'master', 'lease', 'place', 'tenant', 'become', 'direct', 'tenant'] 90 90 ['fourth', 'quarter', 'tenant', 'represent', '473,000', 'square', 'occupancy', '303,000', 'square', 'relate', 'previously', 'occupy', 'space', 'renewal', 'quarter', 'result', 'higher', 'market', 'rent', 'retention', 'finish', 'looking', 'forward', '2.325', 'million', 'square', 'schedule', 'expiration', 'include', '323,000', 'square', 'month', 'month', 'lease', 'pipeline', 'remains', 'strong', '428,000', 'square', 'execute', 'lease', 'commence', '552,000', 'square', 'active', 'negotiation'] 91 91 92 92 ['occupancy', 'entire', 'science', 'portfolio', 'quarter', 'decrease', 'occupancy', 'drive', '58,000', 'square', 'tenant', 'cease', 'operations', 'november', 'quarter', 'complete', '94,000', 'square', 'lease', '61,500', 'square', 'relate', 'previously', 'occupy', 'space', 'renew', 'average', 'renting', 'increase', 'approximately'] 93 93 94 94 ['lease', 'expiration', 'total', '306,000', 'square', 'represent', 'annualized', 'revenue', 'looking', '417,000', 'square', 'expiration', 'represent', 'annual', 'revenue', 'continue', 'pursue', 'pipeline', 'lease', 'prospect', 'excess', '550,000', 'square', 'exist', 'space', 'continue', 'monitor', 'larger', 'institutional', 'client', 'begin', 'space', 'accommodate', 'expansion', 'need', 'locate', 'function'] 95 95 96 96 ['science', 'portfolio', 'performance', 'remains', 'strong', 'despite', 'deteriorate', 'estate', 'fundamentals', 'experience', 'performance', 'large', 'quality', 'tenant', 'performance', 'larger', 'public', 'science', 'tenant', 'remains', 'strong', 'continue', 'earnings', 'growth', 'report', 'tenant', 'roche', 'genentech', 'amgen', 'dakota', 'marigenetics', 'nuvasive', 'addition', 'private', 'venture', 'back', 'tenant', 'raise', 'million', 'financing', 'additional', 'milestone', 'payment', 'total', 'billion', 'multiple', 'source', 'include', 'partnership', 'public', 'equity', 'venture', 'capital'] 97 97 ['overall', 'health', 'financing', 'environment', 'supporting', 'biotech', 'industry', 'rebound', 'strongly', 'biotech', 'raising', 'record', 'complete', 'nearly', 'billion', 'deal', 'liquidity', 'standpoint', 'science', 'tenant', 'month', 'represent', 'annualized', 'revenue', 'review', 'would'] 98 98 99 99 100 100 101 101 ['minute', 'onion', 'secret', 'sauce', 'diversify', 'business', 'model', 'nothing', 'forever', 'meaningful', 'emphasize', 'world', 'meaningful', 'diversification', 'across', 'sector', 'health', 'estate', 'provide', 'shareholder', 'stable', 'recur', 'source', 'growing', 'flow', 'understand', 'expect', 'outperformances', 'likely', 'challenge', 'sector', 'diversification', 'insulate', 'sustain', 'shareholder', 'concentrate', 'downturn', 'diversification', 'create', 'superior', 'universe', 'investment', 'opportunity', 'company'] 102 102 ['update', 'manor', 'fourth', 'quarter', 'performance', 'take', 'third', 'quarter', 'result', 'summarize', 'supplemental', 'disclosure', 'healthcare', 'analyst', 'today', 'doubt', 'aware', 'fourth', 'quarter', 'weakness', 'recently', 'report', 'publicly', 'trade', 'skilled', 'nursing', 'operator', 'somewhat', 'expect', 'fourth', 'quarter', 'first', 'period', 'medicare', 'reimbursement', 'reduction', 'occur'] 103 103 104 104 ['closing', 'remind', 'chinese', 'astrology', 'tiger', 'dynamic', 'powerful', 'tigers', 'celebrate', 'significant', 'milestone', 'november', 'honor', 'nareit', 'celebrate', 'birthday', 'president', 'eisenhower', 'brain', 'child', 'estate', 'investment', 'trust', 'closing', 'stock', 'exchange', 'recognition', 'anniversary', 'publicly', 'trade', 'company', 'earlier', 'conduct', 'first', 'investor', 'lower', 'manhattan'] 105 105 106 106 ['question', 'answer'] 107 107 ['operator', 'operator', 'instructions', 'first', 'question', 'come', 'habermann', 'goldman', 'sachs'] 108 108 ['jonathan', 'habermann', 'analyst', 'goldman', 'sachs', 'morning', 'everyone', 'starting', 'comment', 'obviously', 'change', 'expectation', 'obviously', 'delay', 'status', 'possible', 'cancellation', 'health', 'reform', 'altogether', 'number', 'opportunity', 'currently', 'looking', 'guess', 'segment', 'potential', 'return', 'looking', 'point'] 109 109 110 110 ['think', 'think', 'continue', 'expect', 'active', 'space', 'think', 'handicapped', 'activity', 'subsectors', 'previously', 'terms', 'active', 'least', 'active', 'would', 'probably', 'skilled', 'nursing', 'space', 'likely', 'active', 'sector', 'would', 'probably', 'science', 'towards', 'bottom', 'align', 'three', 'space', 'skilled', 'nursing', 'terms', 'active', 'would', 'probably', 'senior', 'housing', 'medical', 'office', 'hospital', 'basically', 'really', 'change', 'quarter', 'terms', 'deal', 'review', 'working', 'think', 'really', 'change', 'terms', 'perspective', 'terms'] 111 111 ['jonathan', 'habermann', 'base', 'return', 'profile', 'really', 'growth', 'outlook', 'couple', 'years'] 112 112 ['flaherty', 'think', 'largely', 'impact', 'return', 'profile', 'think', 'underlie', 'economic', 'fundamentals', 'important', 'aging', 'boomer', 'demographic', 'change', 'continue', 'think', 'drive', 'attractive', 'opportunity', 'couple', 'years', 'skilled', 'senior', 'housing', 'lesser', 'extent', 'science', 'really', 'unique'] 113 113 114 114 115 115 116 116 ['jonathan', 'habermann', 'likely'] 117 117 ['flaherty', 'tune'] 118 118 ['jonathan', 'habermann', 'final', 'question', 'update', 'today', 'talk', 'amount', 'coming', 'think', 'million', 'unsecured', 'think', 'issue', 'today'] 119 119 ['flaherty', 'terms', 'unsecured', 'market', 'minus', 'maturity', 'would', 'minus', '10-year', 'maturity', 'would'] 120 120 121 121 122 122 123 123 ['david', 'analyst', 'citigroup', 'morning', 'michael', 'bilerman', 'first', 'question', 'maybe', 'goal', 'respect', 'balance', 'sheet', 'perhaps', 'increase', 'liquidity', 'arbitrage', 'environment', 'priority', 'month'] 124 124 125 125 ['overall', 'leverage', 'comfortable', 'looking', 'lever', 'basis', 'leaning', 'direction', 'maybe', 'slightly', 'delever', 'comfortable', 'level'] 126 126 127 127 128 128 129 129 130 130 ['michael', 'bilerman', 'bring', 'something', 'house', 'try', 'think', 'think', 'transaction', 'activity', 'whether', 'could', 'expect', 'something'] 131 131 132 132 133 133 134 134 ['flaherty', 'acquisition', 'science', 'acquisition', 'investment', 'really', 'change', 'going', 'forward'] 135 135 ['michael', 'bilerman', 'guess', 'selection', 'assume', 'valentine', 'drinking', 'something'] 136 136 137 137 ['michael', 'bilerman'] 138 138 139 139 140 140 141 141 ['jerry', 'doctrow', 'right'] 142 142 ['flaherty', 'talking', 'additional'] 143 143 ['jerry', 'doctrow', 'thought', 'roche', 'facility', 'maybe', 'peninsula', 'talk', 'maybe', 'consolidate', 'research', 'operations', 'perhaps'] 144 144 145 145 ['still', 'could', 'change', 'suspect', 'probably', 'think', 'probably', 'driver', 'prospect', 'company', 'particularly', 'hitting', 'maybe', 'drug', 'things'] 146 146 147 147 ['jerry', 'doctrow', 'senior', 'housing', 'little', 'slippage', 'third', 'quarter', 'think', 'feedback', 'getting', 'operator', 'optimism', 'forward', 'try', 'sense', 'particularly', 'since', 'quarter', 'feeling', 'outlook', 'senior', 'housing', 'broadly'] 148 148 ['flaherty', 'correctly', 'point', 'numbers', 'cite', 'fourth', 'quarter', 'flash', 'fourth', 'quarter', 'numbers', 'pretty', 'think', 'meaningful', 'stabilization', 'comment', 'would', 'exclude', 'sunrise', 'component', 'going', 'forward', 'think', 'almost', 'decision', 'economic', 'environment', 'consistently', 'probably', 'listen', 'listen', 'morning', 'rubini', 'arian', 'increase', 'probability', 'double', 'recession', 'second'] 149 149 150 150 ['herzog', 'thing', 'would', 'senior', 'housing', 'exclude', 'sunrise', 'fourth', 'quarter', 'basis', 'property', 'performance', 'actually', 'right', 'range', 'would', 'expect', 'couple', 'sunrise', 'transactional', 'item', 'insurance', 'credits', 'funds', 'cause', 'sunrise', 'dramatically', 'expect', 'thereby', 'senior', 'housing', 'number', 'quite', 'smaller', 'basis', 'whole', 'senior', 'housing', 'exclude', 'sunrise', 'result'] 151 151 ['jerry', 'doctrow', 'thing', 'update', 'litigation', 'assume', 'nothing', 'dramatic', 'happen', 'maybe', 'remind', 'ventas', 'sunrise', 'terms', 'might', 'expect', 'something', 'happen'] 152 152 153 153 ['sunrise', 'litigation', 'precede', 'court', 'delaware', 'chancery', 'court', 'virginia', 'federal', 'district', 'court', 'proceedings', 'move', 'along', 'quickly', 'virginia', 'anticipate', 'going', 'trial', 'spring', 'particular', 'trial', 'involve', 'portfolio', 'property', 'virginia', 'believe', 'strong', 'prevail', 'trial'] 154 154 155 155 156 156 ['jerry', 'doctrow', 'thanks'] 157 157 158 158 159 159 ['richard', 'anderson', 'analyst', 'capital', 'market', 'morning', 'chinese', 'speaking', 'chinese', 'think', 'thank', 'think', 'mandarin', 'regard', 'science', 'think', 'store', 'growth', 'mention', 'lease', 'activity', 'market', 'rent', 'looking', 'note', 'limited', 'lease', 'expiration', 'forward', 'basis', 'wonder', 'miss', 'opportunity', 'thing', 'sense', 'maybe', 'potentially', 'lease', 'expiration', 'try', 'sense', 'marketplace', 'expiration'] 160 160 ['flaherty', 'think', 'light', 'environment', 'today', 'remember', 'history', 'agree', 'portfolio', 'occupy', 'indicate', 'street', 'years', 'performance', 'move', 'within', 'month', 'seeing', 'result', 'extraordinary', 'amount', 'successful', 'lease', 'activity', 'comment', 'think', 'miss', 'opportunity'] 161 161 162 162 ['richard', 'anderson', 'lease', 'lease', 'vacant', 'space', 'necessarily', 'rolling', 'already', 'occupy', 'space', 'opportunity'] 163 163 164 164 ['remember', 'think', 'nareit', 'conference', 'couple', 'years', 'particular', 'scratching', 'saying', 'getting', 'step', 'point', 'fortunate', 'performance', 'show', 'berkeschneider', 'platform', 'fantastic'] 165 165 ['richard', 'anderson', 'convert', 'conventional', 'office', 'correct'] 166 166 167 167 ['richard', 'anderson', 'turning', 'sunrise', 'feeling', 'motivate', 'transition', 'portfolio', 'think', 'sense', 'sunrise', 'starting', 'stabilization', 'operations', 'motivate'] 168 168 ['flaherty', 'think', 'responsibility', 'ensure', 'shareholder', 'getting', 'proper', 'return', 'quality', 'estate', 'portfolio', 'probably', 'glean', 'herzog', 'gallagher', 'comment', 'morning', 'drill', 'senior', 'housing', 'bifurcate', 'sunrise', 'portion', 'sunrise', 'portion', 'different', 'things', 'going', 'respect', 'performance'] 169 169 ['richard', 'anderson', 'right', 'though', 'guess', 'thinking', 'future', 'still', 'future', 'going', 'somewhat', 'mirror', 'image'] 170 170 171 171 ['obviously', 'number', 'assets', 'business', 'model', 'asset', 'light', 'begin', 'assets', 'light', 'assets', 'currently', 'vacant', 'chief', 'operate', 'officer', 'function', 'whole', 'transpire', 'improve', 'ability', 'focus', 'would', 'focus'] 172 172 ['richard', 'anderson', 'quick', 'science', '118,000', 'square', 'termination', 'quarter', 'think', 'comment', 'situation', 'individual', 'tenant'] 173 173 174 174 ['richard', 'anderson', 'model', 'total', 'income', 'inclusive', 'amount', 'million'] 175 175 176 176 ['richard', 'anderson', 'alright', 'thank'] 177 177 ['flaherty'] 178 178 ['operator', 'question', 'come', 'dustin', 'pizzo'] 179 179 180 180 181 181 182 182 183 183 184 184 185 185 ['dustin', 'pizzo'] 186 186 ['gallagher', 'normally', 'anywhere', 'normal', 'growth', 'share', 'increase', 'coming', 'renegotiate', 'contract', 'transfer', 'transfer', 'sunrise', 'regular', 'portfolio', 'significant', 'growth', 'reposition', 'assets'] 187 187 188 188 ['flaherty', 'efficient', 'operator', 'taking', 'quality', 'estate', 'dustin', 'additional', 'occupancy', 'gain', 'gravy'] 189 189 190 190 191 191 ['flaherty', 'dustin', 'taking', 'portfolio', 'different', 'senior', 'housing', 'largely', 'independent', 'living', 'oppose', 'majority', 'wholly', 'own', 'portfolio', 'heavily', 'assist', 'living', 'think', 'pretty', 'accept', 'within', 'senior', 'housing', 'sector', 'independent', 'living', 'probably', 'little', 'exposure', 'little', 'discretionary', 'oppose', 'need', 'drive', 'demand', 'going', 'assist', 'living', 'probably', 'little', 'expose', 'economic', 'downdraft'] 192 192 ['notwithstanding', 'horizon', 'terrific', 'operator', 'might', 'couple', 'week', 'metrics', 'portfolio', 'tracking', 'right', 'around', 'occupancy', 'operate', 'margin', 'metrics', 'continue', 'quite', 'continue', 'strong', 'supporter', 'management'] 193 193 194 194 ['unidentified', 'participant', 'analyst'] 195 195 ['flaherty'] 196 196 ['unidentified', 'participant', 'portfolio', 'increase', 'release', 'fourth', 'quarter'] 197 197 ['flaherty'] 198 198 199 199 ['flaherty', 'supplemental'] 200 200 ['unidentified', 'participant', 'lease'] 201 201 202 202 ['unidentified', 'participant', 'would', 'surface', 'column', 'obviously'] 203 203 ['herzog', 'right'] 204 204 ['unidentified', 'participant', 'question', 'commentary', 'terms', 'thinking', 'investment', 'front', 'think', 'little', 'interest', 'snips', 'science', 'lower', 'seeing', 'terms', 'return', 'profile', 'terms', 'pricing', 'seeking', 'investment', 'potential', 'growth', 'level', 'cause', 'ranking'] 205 205 206 206 ['environment', 'things', 'quite', 'frothy', 'recently', 'extend', 'period', 'first', 'recently', 'short', 'period', 'december', 'early', 'january', 'probably', 'reduce', 'competitive', 'advantage', 'think', 'advantage', 'market', 'little', 'choppy', 'people', 'things', 'capital', 'market', 'execution', 'hope', 'plan', 'might', 'sense', 'opportunity', 'likely', 'skilled', 'space', 'senior', 'housing', 'space', 'order', 'move', 'hospital', 'science', 'think', 'really', 'think', 'important', 'investing', 'particularly', 'sector', 'create', 'value'] 207 207 ['think', 'going', 'relative', 'advantage', 'maximize', 'things', 'happen', 'large', 'skilled', 'nursing', 'operate', 'own', 'private', 'equity', 'firm', 'think', 'large', 'think', 'private', 'private', 'equity', 'firm', 'horizon', 'going', 'looking', 'exit', 'investment', 'three', 'years', 'exit', 'occur', 'something', 'intrigue'] 208 208 ['senior', 'housing', 'current', 'supply', 'demand', 'think', 'fascinate', 'sector', 'underlie', 'growth', 'boomer', 'still', 'today', 'occupancy', 'nothing', 'supply', 'coming', 'return', 'really', 'project', 'think', 'could', 'opportunity', 'really', 'investment', 'consistent', 'medcap', 'slough', 'manor'] 209 209 ['unidentified', 'participant', 'thank'] 210 210 211 211 212 212 213 213 214 214 215 215 216 216 217 217 218 218 ['robert', 'main'] 219 219 ['flaherty', 'would', 'forward', 'thinking', 'would', 'move', 'unlike', 'profits', 'thought', 'interest', 'within', 'health', 'reform', 'whatever', 'delay', 'postpone', 'eliminate', 'quickly', 'reduce', 'equity', 'holder', 'investment', 'company', 'substantial', 'amount', 'dividend', 'oppose'] 220 220 221 221 ['robert', 'main', 'couple', 'clarification', 'looking', 'amortization', 'previously', 'defer', 'rent', 'million', 'deferral'] 222 222 ['herzog', 'previously', 'defer', 'rent', 'connection', 'assets', 'complete', 'number', 'direction'] 223 223 224 224 ['herzog', 'amount', 'balance', 'sheet', 'reverse', 'amortize', 'subsequent', 'period', 'longer', 'item', 'nature', 'defer', 'current', 'period', 'something', 'technically', 'neutralize', 'course', 'right', 'would', 'really', 'thing', 'describe'] 225 225 ['robert', 'main', 'become', 'tenant', 'improvement', 'defer', 'revenue', 'million', 'neighborhood', 'million', 'neighborhood'] 226 226 ['herzog', 'direction'] 227 227 ['robert', 'main'] 228 228 ['herzog', 'actually', 'defer', 'rent', 'amount', 'million', 'direction', 'longer', 'defer', 'assets', 'undergo', 'receive', 'rent', 'therefore', 'defer', 'amount', 'causing', 'adjustment', 'instead', 'opposite', 'direction', 'defer', 'amount', 'amortize'] 229 229 230 230 ['herzog', 'thereby', 'million', 'opposite', 'direction', 'million'] 231 231 232 232 ['herzog', 'switch'] 233 233 ['robert', 'main', 'guidance', 'fourth', 'quarter', 'level', 'guidance', 'suggest', 'sustain', 'something', 'around', 'level', 'product', 'particular', 'initiative'] 234 234 ['flaherty', 'slowly', 'steadily', 'costs', 'operate', 'platform', 'different', 'reason', 'acquire', 'obviously', 'duplication', 'think', 'deliberate', 'pleasant', 'surprise', 'substantial', 'amount', 'costs', 'slough', 'platform', 'assume', 'terms', 'recommendation', 'board', 'actually', 'negative', 'synergy', 'build', 'platform', 'substantial', 'recovery', 'annual', 'going', 'forward', 'basis', 'costs'] 235 235 ['think', 'continue', 'obviously', 'benefit', 'herzog', 'joining', 'middle', 'take', 'efficiency', 'department', 'substantial', 'variety', 'initiative', 'take', 'additional', 'costs', 'think', 'quite', 'frankly', 'migrate', 'first', 'experience', 'complete', 'organizational', 'structure', 'business', 'think', 'number', 'investor', 'client', 'september', 'chance', 'visit', 'directly', 'three', 'business', 'head', 'additional', 'synergy', 'think', 'hanging', 'fruit', 'think', 'think', 'consistently', 'become', 'efficient', 'mindful'] 236 236 ['robert', 'main', 'thanks', 'thanks'] 237 237 238 238 239 239 ['flaherty'] 240 240 ['omotayo', 'okusanya', 'couple', 'quick', 'question', 'supplemental', 'own', 'science', 'portfolio', 'change', 'rent', 'tend', 'mix', 'numbers', 'show', 'number', 'change', 'rent', 'wonder', 'specific', 'space', 'try', 'figure', 'difference', 'place', 'rent', 'versus', 'market', 'rent', 'would', 'number', 'apple', 'apple', 'comparison'] 241 241 ['herzog'] 242 242 ['omotayo', 'okusanya', 'looking', 'own', 'science', 'portfolio'] 243 243 ['herzog', 'right'] 244 244 245 245 246 246 247 247 ['herzog', 'right'] 248 248 249 249 250 250 251 251 ['herzog', 'think', 'would', 'probably', 'range', 'decline', 'remember', 'blend', 'extend', 'little', 'rollover', 'would', 'impact'] 252 252 253 253 254 254 ['omotayo', 'okusanya', 'helpful', 'second', 'thing', 'development', 'pipeline'] 255 255 256 256 ['omotayo', 'okusanya', 'right', 'development', 'pipeline', 'notice', 'estimate', 'total', 'investment', 'million', 'redevelopment', 'push', 'completion', 'date', 'assets', 'quarter'] 257 257 ['flaherty', 'mostly', 'coming'] 258 258 ['omotayo', 'okusanya', 'seven', 'could', 'update', 'regard', 'quarter', 'delay', 'higher', 'total', 'investment'] 259 259 ['flaherty', 'higher', 'investment', 'respect', 'delay', 'think', 'try', 'conservative', 'mention', 'traffic', 'pick', 'substantive', 'discussion', 'prospective', 'tenant', 'still', 'feeling', 'quite', 'ginger', 'terms', 'step', 'plate', 'making', 'certainly', 'lease', 'commitment', 'perspective', 'difference'] 260 260 ['gallagher', 'costs', 'think', 'would', 'around', 'things', 'going', 'asset', 'market', 'figure', 'high', 'probably', 'little', 'change', 'approach', 'concept', 'would'] 261 261 262 262 ['gallagher', 'would', 'similar'] 263 263 ['omotayo', 'okusanya', 'question', 'senior', 'housing', 'portfolio', 'talk', 'operator', 'concentration', 'talk', 'horizon', 'little', 'portfolio', 'names', 'ebitda', 'coverage', 'pretty', 'close', 'wonder', 'operator', 'aegis', 'harbor', 'retirement', 'going', 'assets'] 264 264 ['gallagher', 'think', 'aegis', 'something', 'acquire', 'believe', 'early', 'always', 'structure', 'higher', 'others', 'continue', 'perform', 'increase', 'generally', 'remain', 'right', 'around', 'break', 'coverage', 'couple', 'quarters', 'slight', 'couple', 'quarters', 'slightly', 'probably', 'expect'] 265 265 266 266 ['omotayo', 'okusanya'] 267 267 ['flaherty', 'principal', 'alignment', 'continue', 'ownership', 'stake'] 268 268 ['gallagher', 'particular', 'portfolio', 'operator', 'actually', 'better', 'occupancy', 'gain', 'across', 'board', 'expect', 'portfolio', 'better', 'going', 'forward', 'transition', 'couple', 'assets', 'particular', 'portfolio', 'overall', 'improve', 'efficiency', 'portfolio'] 269 269 270 270 271 271 272 272 ['gallagher'] 273 273 274 274 ['unidentified', 'participant', 'analyst', 'thanks', 'squeezing', 'quick', 'question', 'relate', 'show', 'savings', 'color', 'savings', 'quick', 'follow', 'assumption', 'continue', 'think', 'growth'] 275 275 ['flaherty', 'mention', 'question', 'slowly', 'steadily', 'become', 'efficient', 'taking', 'costs', 'particular', 'metcalf', 'together', 'portfolio', 'additional', 'portfolio', 'acquisition', 'frame', 'big', 'portfolio', 'end', 'believe', 'different', 'property', 'manager', 'function', 'internally', 'outsource', 'klaritch', 'nashville', 'credit', 'slowly', 'surely', 'consolidate', 'think', 'seven', 'three', 'property', 'manager', 'acquisition', 'contractually', 'obligate', 'additional', 'period', 'roll', 'think', 'driver', 'costs', 'significant', 'amount', 'consolidation', 'think', 'progress', 'energy'] 276 276 277 277 ['unidentified', 'participant', 'perfect', 'thanks'] 278 278 ['gallagher'] 279 279 ['operator', 'question', 'come', 'unidentified', 'participant', 'america', 'merrill', 'lynch'] 280 280 281 281 282 282 ['unidentified', 'participant', 'great', 'think', 'provide', 'expectation', 'terms', 'acquisition', 'disposition', 'expect'] 283 283 284 284 ['unidentified', 'participant', 'enough', 'question', 'regard', 'three', 'senior', 'housing', 'assets', 'million', 'little', 'assets'] 285 285 286 286 ['unidentified', 'participant', 'great', 'question', 'think', 'rates', 'different', 'health', 'property', 'type', 'portfolio', 'comment', 'think', 'know'] 287 287 288 288 ['unidentified', 'participant', 'great', 'thank'] 289 289 ['operator', 'question', 'come', 'michael', 'mueller', 'jpmorgan'] 290 290 ['michael', 'mueller', 'analyst', 'jpmorgan', 'chase', 'question', 'first', 'comment', 'market', 'science', 'discussion', 'something', 'apply', 'thinking', 'expiration'] 291 291 ['gallagher', 'would', 'would', 'believe', 'number', '300,000', 'square', '306,000', 'square', 'would', 'expect', 'probably', 'reduction', 'roll', 'store', 'guidance'] 292 292 293 293 294 294 ['gallagher', 'think', 'respect', 'breakout', 'calculation', 'increase', 'portfolio', 'would', 'store', 'number', 'mention', 'typically', 'normal', 'growth', 'range', 'portfolio', 'absent', 'bunch', 'stuff', 'coming', 'entire', 'portfolio', 'include', 'performance', 'sunrise', 'give', 'indication', 'magnitude'] 295 295 296 296 297 297 ['flaherty', 'going', 'hospital', 'performance', 'largely', 'function', 'things', 'happening', 'irvine', 'hospital', 'hogue', 'take', 'tenant'] 298 298 299 299 300 300 ['michael', 'mueller', 'secondly', 'bunch', 'numbers', 'million', 'interest', 'accretion', 'skilled', 'nursing', 'loan', 'fourth', 'quarter', 'looking', 'forward'] 301 301 ['herzog', 'looking', 'would', 'number', 'million', 'total'] 302 302 ['michael', 'mueller', 'great', 'appreciate', 'thank'] 303 303 ['operator', 'question', 'come', 'karin', 'keybanc'] 304 304 ['karin', 'analyst', 'keybanc', 'capital', 'market', 'morning', 'quick', 'question', 'manor', 'previous', 'call', 'different', 'scenario', 'potential', 'strategy', 'potential', 'company', 'maybe', 'given', 'change', 'capital', 'market', 'today', 'health', 'reform', 'three', 'potential', 'alternative', 'could', 'handicap', 'think', 'manor', 'might'] 305 305 ['flaherty', 'think', 'potential', 'think', 'karin', 'barbell', 'scenario', 'payout', 'step', 'estate', 'maturity', 'combination', 'point', 'think', 'alternative', 'present', 'since', 'spoke'] 306 306 ['would', 'handicap', 'things', 'think', 'driver', 'might', 'point', 'likely', 'towards', 'versus', 'probably', 'important', 'thing', 'guess', 'important', 'thing', 'would', 'variability', 'company', 'performance', 'assume', 'awesome', 'operate', 'platform', 'continue', 'along', 'think', 'equation', 'quite', 'frankly', 'think', 'big', 'driver', 'going', 'capital', 'market', 'given', 'point', 'would', 'frothier', 'capital', 'market', 'terms', 'credit', 'availability', 'access', 'capital', 'market', 'valuation', 'property', 'stocks', 'would', 'would', 'handicap', 'likely', 'execution', 'payoff', 'extent', 'market', 'choppy', 'and/or', 'change', 'reimbursement', 'might', 'point', 'towards', 'involve', 'ownership', 'estate', 'think', 'would', 'probably', 'standpoint', 'would', 'important', 'driver'] 307 307 ['karin', 'helpful', 'another', 'question', 'investment', 'looking', 'guidance', 'volume', 'timing', 'sound', 'things', 'get', 'delay', 'little', 'anything', 'eminent', 'expect', 'weight', 'anything', 'towards'] 308 308 ['flaherty', 'really', 'prefer', 'volume', 'timing', 'least', 'expect', 'probably', 'something', 'happen', 'would', 'underscore', 'market', 'choppy', 'probably', 'play', 'advantage', 'frothy', 'bring', 'people', 'probably', 'relative', 'basis', 'disadvantage', 'beginning', 'couple', 'situation', 'reemergence', 'financial', 'buyer', 'interest'] 309 309 ['karin', 'interest', 'question', 'slidell', 'hospital', 'closing', 'april'] 310 310 ['flaherty', 'really', 'talking', 'stuff', 'close', 'would', 'expect', 'opportunity', 'visit', 'earnings', 'close', 'delight', 'specific', 'point'] 311 311 ['karin', 'great', 'thanks'] 312 312 313 313 314 314 315 315 316 316 317 317 ['flaherty', 'strategic', 'decision', 'divest', 'medicaid', 'exposure', 'possible', 'couple', 'years', 'really', 'little', 'california', 'base', 'quantify', 'little', 'grand', 'total', 'skilled', 'nursing', 'facility', 'state', 'california', 'really', 'something', 'terribly', 'concern'] 318 318 ['unidentified', 'participant', 'thank'] 319 319 ['flaherty'] 320 320 321 321 ['unidentified', 'participant', 'analyst', 'morning', 'thanks', 'taking', 'brief', 'looking', 'maturity', 'schedule', 'investment', 'million', 'revenue', 'loan'] 322 322 ['flaherty', 'asset', 'balance', 'sheet', 'liability'] 323 323 ['unidentified', 'participant', 'asset'] 324 324 325 325 326 326 327 327 328 328 ['flaherty', 'asking', 'mature'] 329 329 330 330 331 331 ['gallagher', 'right', 'looking', 'mention', 'renegotiate', 'particular', 'transaction', 'extend', 'maturity', 'would', 'repay', 'three', 'years', 'entire', 'chunk', 'would', 'coming', 'mention', 'skilled', 'nursing', 'coming', 'assume', 'would', 'reinvestment', 'going', 'depend', 'particular'] 332 332 ['unidentified', 'participant', 'general', 'loan', 'tenant', 'terms', 'offering', 'right', 'willing', 'underwrite', 'terms', 'years'] 333 333 ['flaherty', 'really', 'business', 'guess', 'never', 'never'] 334 334 ['unidentified', 'participant', 'thank'] 335 335 336 336 337 337 338 338 ['operator', 'question', 'come', 'main', 'morgan', 'keegan'] 339 339 ['robert', 'main', 'sorry', 'straight', 'quarter', 'third', 'quarter', 'base', 'expect', 'expect', 'anything', 'affect', 'number', 'fourth', 'quarter'] 340 340 ['herzog', 'science', 'tenant', 'receive', 'defer', 'revenue', 'amount', 'quarter', 'course', 'offset', 'would', 'expect', 'quarter', 'basis'] 341 341 342 342 343 343 344 344 ['herzog', 'million', 'number', 'approximately', 'offset'] 345 345 ['robert', 'main', 'great', 'thanks'] 346 346 347 347 348 348 349 349 350 350 351 351 ['flaherty', 'think', 'previously', 'indicate', 'hedge', 'majority', 'investment', 'exposure', 'libor', 'increase', 'would', 'benefit', 'hedge', 'libor', 'could', 'whole', 'lower', 'growth', 'might', 'actually', 'little', 'libor', 'assume', 'would', 'happen', 'potential', 'upside'] 352 352 353 353 ['omotayo', 'okusanya', 'great', 'thank'] 354 354 355 355 ['flaherty', 'thanks', 'chanel', 'thanks', 'great', 'weekend', 'happy', 'valentine', 'couple', 'week', 'forward', 'talking', 'thank'] 356 356 ['operator', 'lady', 'gentleman', 'conclude', 'conference', 'disconnect', 'great'] 357 357 358 358 359 359 360 361 361 ['april'] 362 363 363 ['language', 'english'] 364 365 365 366 367 367 ['publication', 'transcript'] 368 369 370 370 ['copyright'] 371 371 372 372 373 373 374 375 375 376 377 377 378 379 380 380 ['disclosure'] 381 382 382 ['november', 'tuesday'] 383 384 384 ['earnings', 'conference', 'final'] 385 386 386 ['length', '11455', 'words'] 387 388 388 389 389 ['henning', 'general', 'counsel', 'flaherty', 'chairman', 'herzog', 'gallagher', 'chief', 'investment', 'officer'] 390 390 ['conference', 'participant'] 391 391 392 392 ['presentation'] 393 393 ['operator', 'lady', 'gentleman', 'welcome', 'third', 'quarter', 'earnings', 'conference', 'coordinator', 'today', 'participant', 'listen', 'coordinate', 'presentation', 'today', 'conference', 'henning', 'executive', 'president', 'general', 'counsel', 'ahead'] 394 394 ['henning', 'general', 'counsel', 'thank', 'afternoon', 'morning', 'statement', 'conference', 'contain', 'forward', 'looking', 'statement', 'statement', 'today', 'reflect', 'company', 'faith', 'belief', 'judgment', 'base', 'currently', 'available', 'information', 'subject', 'risk', 'uncertainty', 'assumption', 'describe', 'company', 'press', 'release', 'filing', 'forward', 'looking', 'statement', 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407 ['skilled', 'nursing', 'skilled', 'nursing', 'portfolio', 'continue', 'perform', 'third', 'quarter', 'store', 'portfolio', 'increase', 'drive', 'contractual', 'increase', 'stable', 'coverage', 'times', 'manor', 'report', 'improve', 'second', 'quarter', 'trailing', 'month', 'service', 'coverage', 'entire', 'stack', 'times', 'increase', 'basis', 'point', 'prior', 'quarter', 'performance', 'continue', 'benefit', 'stable', 'occupancy', 'increase', 'favorable', 'interest', 'environment'] 408 408 ['medical', 'office', 'building', 'current', 'quarter', 'property', 'adjust', 'third', 'quarter', 'exclude', '164,000', 'lease', 'termination', 'facility', 'texas', 'growth', 'drive', 'continue', 'success', 'expense', 'control', 'initiative', 'ongoing', 'impact', 'previously', 'discuss', 'operate', 'support', 'revenue', 'revenue', 'reduction', 'initiative', 'result', 'decrease', 'quarterly', 'controllable', 'operate', 'expense', 'million', 'compare', 'prior'] 409 409 410 410 ['third', 'quarter', '690,000', 'square', 'schedule', 'expiration', 'remain', 'balance', 'include', '220,000', 'square', 'month', 'month', 'lease', 'pipeline', 'remains', 'strong', '500,000', 'square', 'execute', 'lease', 'commence', '510,000', 'square', 'active', 'negotiation', 'quarter', 'property', 'virginia', 'million', 'result', 'million'] 411 411 412 412 ['quarter', 'complete', '126,000', 'square', 'lease', '89,000', 'square', 'relate', 'previously', 'occupy', 'space', 'renew', 'average', 'increase', 'approximately', 'include', 'lease', 'tenant', 'address', 'expiration', 'occur', 'quarter', 'retention', 'focus', 'retain', 'tenant', 'allow', 'preserve', 'minimal', 'investment', 'average', 'tenant', 'improvement', 'renewal', 'square', 'science', 'portfolio', 'limited', 'lease', 'expiration', 'profile', 'years', 'lease', 'expiration', 'remainder', 'total', '127,000', 'square', 'represent', 'annualized', 'revenue', 'looking', '280,000', 'square', 'expiration', 'represent', 'annualized', 'revenue'] 413 413 414 414 415 415 416 416 ['flaherty', 'thanks', 'focus', 'comment', 'performance', 'portfolio', 'unprecedented', 'level', 'operator', 'tenant', 'activity', 'within', 'portfolio', 'great', 'recession', 'seemingly', 'eight', 'quarters', 'uniquely', 'diversify', 'investment', 'portfolio', 'continue', 'generate', 'outperformance', 'clear', 'believe', 'portfolio', 'truly', 'uniquely', 'diversify', 'invest', 'separate', 'subsectors', 'healthcare', 'acute', 'hospital', 'skilled', 'nursing', 'medical', 'office', 'building', 'science', 'private', 'patient', 'senior', 'housing', 'subsector', 'investment', 'substantial', 'right', 'underscore', 'point', 'wave', 'magic', 'break', 'portfolio', 'stand', 'alone', 'publicly', 'rate', 'reit', 'entity', 'would', 'immediately', 'market', 'leaders', 'subsectors', 'fifth', 'science', 'would', 'second', 'third', 'large', 'depend', 'valuation', 'metric', 'finally', 'portfolio', 'unique', 'concentrate', 'position', 'enjoy', 'class', 'operator', 'tenant', 'subsectors'] 417 417 ['discussion', 'research', 'entitle', 'worse', 'catch', 'attention', 'author', 'state', 'quote', 'market', 'appear', 'expect', 'tough', 'property', 'level', 'result', 'wonder', 'whether', 'seeing', 'property', 'decline', 'serve', 'harsh', 'reminder', 'reasonably', 'tough', 'portfolio', 'produce', 'positive', 'property', 'performance', 'result', 'month', 'end', 'september'] 418 418 ['addition', 'significantly', 'first', 'rollup', 'budget', 'quite', 'encourage', 'consistently', 'positive', 'property', 'performance', 'result', 'several', 'years', 'support', 'recession', 'resistant', 'characterization', 'healthcare', 'estate', 'stand', 'stark', 'contrast', 'result', 'traditional', 'group', 'commercial', 'estate', 'economic', 'downturn'] 419 419 ['yesterday', 'hear', 'beach', 'commentary', 'kirby', 'challenge', 'executive', 'asking', 'question', 'would', 'refresh', 'devote', 'thoughtful', 'commentary', 'coming', 'decade', 'might', 'store', 'model', 'decade', 'demand', 'driver', 'property', 'type', 'certainly', 'america', 'aging', 'boomer'] 420 420 421 421 422 422 ['operator', 'tenant', 'recapitalize', 'balance', 'sheet', 'consent', 'right', 'protection', 'monetize', 'additional', 'income', 'and/or', 'improve', 'structure', 'exist', 'investment', 'addition', 'possible', 'recast', 'current', 'investment', 'attractive', 'component', 'capital', 'stack', 'depend', 'reward', 'tradeoff', 'shareholder', 'manorcare', 'investment', 'become', 'point'] 423 423 424 424 425 425 426 426 ['question', 'answer'] 427 427 428 428 429 429 ['flaherty'] 430 430 431 431 ['nussbaum', 'think', 'still', 'positive'] 432 432 ['gallagher', 'positive', 'pushback', 'rental', 'rates', 'anticipate', 'going', 'point'] 433 433 434 434 ['flaherty', 'million', 'interest', 'income', 'mature'] 435 435 436 436 437 437 ['nussbaum', 'expect'] 438 438 439 439 ['nussbaum', 'finally', 'appreciate', 'extra', 'disclosure', 'manor', 'couple', 'clarifiers', 'million', 'ebitda', 'ebitda', 'ebitdar'] 440 440 441 441 442 442 443 443 444 444 ['biffert', 'analyst', 'oppenheimer', 'morning', 'wonder', 'could', 'maybe', 'extend', 'little', 'manor', 'terms', 'scenario', 'think', 'coming', 'estate', 'company', 'would', 'convert', 'equity', 'first', 'would', 'prefer'] 445 445 446 446 447 447 448 448 449 449 450 450 451 451 ['biffert', 'quickly', 'hospital', 'piece', 'wonder', 'drove', 'decision', 'seeing', 'higher', 'yielding', 'opportunity', 'money'] 452 452 453 453 454 454 ['flaherty', 'always', 'separate', 'investment', 'decision', 'process', 'raising', 'process', 'million', 'coming', 'today', 'sitting', 'million', 'marketable', 'security', 'think', 'probably', 'petty', 'quarter', 'prepay', 'million', 'mortgage', 'first', 'dramatic', 'decline', 'amount', 'maturity', 'affectively', 'suggest', 'quite', 'frankly', 'awash', 'liquidity', 'right', 'thing', 'concern', 'liquidity', 'continue', 'optimize', 'exist', 'portfolio', 'identify', 'close', 'additional', 'investment', 'opportunity', 'close', 'quarter', 'second', 'investment', 'manor'] 455 455 456 456 ['flaherty', 'would', 'quote', 'gift', 'estate', 'investor', 'maverick', 'describe', 'current', 'situation', 'think', 'quote', 'target', 'environment', 'right'] 457 457 458 458 459 459 460 460 461 461 462 462 463 463 ['biffert', 'horizon', 'assets', 'horizon', 'assets', 'sunrise', 'assets', 'horizon', 'short', 'deferral', 'going', 'impact', 'numbers', 'escalator', 'bump', 'happen', 'emeritus'] 464 464 465 465 466 466 467 467 ['operator', 'question', 'come', 'jerry', 'doctrow', 'stifel', 'nicolaus'] 468 468 469 469 470 470 ['flaherty', 'think', 'activity', 'expect', 'activity', 'first', 'month', 'exceed', 'month', 'specific', 'names', 'portfolio', 'carve', 'office', 'equation', 'science', 'medical', 'office', 'piece', 'company', 'remain', 'sector', 'skill', 'hospital', 'senior', 'housing'] 471 471 ['jerry', 'doctrow'] 472 472 ['flaherty', 'describe', 'piece', 'portfolio', 'think', 'presently', 'involve', 'either', 'strategic', 'discussion', 'public', 'discussion', 'pervasive', 'comment', 'activity', 'level', 'broad', 'base', 'healthcare', 'comment', 'relate', 'specifically', 'names', 'portfolio'] 473 473 ['jerry', 'doctrow', 'issue', 'would', 'basic', 'lease', 'somebody', 'want', 'somebody', 'lease', 'essentially', 'reopen', 'right', 'potentially', 'additional--'] 474 474 475 475 476 476 477 477 ['jerry', 'doctrow', 'right', 'thanks'] 478 478 ['operator', 'question', 'come', 'michelle', 'america', 'merrill', 'lynch'] 479 479 ['michelle', 'analyst', 'america', 'merrill', 'lynch', 'wonder', 'could', 'details', 'nonsunrise', 'occupancy', 'piece', 'talk', 'stabilize', 'somewhat', 'wonder', 'could', 'color', 'around', 'seeing', 'october'] 480 480 ['flaherty', 'think', '30,000-foot', 'night', 'morning', 'three', 'significant', 'operator', 'portfolio', 'brookdale', 'kindred', 'tenant', 'report', 'better', 'expect', 'result', 'relate', 'think', 'question', 'focus', 'senior', 'housing', 'brookdale', 'unexpectedly', 'positive', 'result', 'going', 'picture', 'terms', 'details', 'portfolio'] 481 481 482 482 483 483 ['gallagher', 'maturity', 'would', 'morning'] 484 484 485 485 ['flaherty', 'indication', 'get', 'recently', 'probably', 'slightly', 'adjust', 'underlie', 'treasury', 'reference'] 486 486 487 487 ['operator', 'question', 'come', 'michael', 'mueller', 'jpmorgan'] 488 488 489 489 ['herzog'] 490 490 491 491 ['herzog', 'refer', 'property', 'performance', 'negative', 'right'] 492 492 ['michael', 'mueller', 'looking', 'going', 'million', 'million', 'going'] 493 493 ['herzog'] 494 494 495 495 ['herzog', 'looking', 'sequential', 'change', 'different', 'things', 'first', 'transition', 'result', 'project', 'working', 'capital', 'shortfall', 'sunrise', 'portfolio', 'would', 'negative', 'impact', 'sunrise', 'portfolio', 'across', 'senior', 'housing', 'would', 'negative', 'another', 'would', 'sequential', 'basis', 'portfolio', 'working', 'capital', 'purpose', 'release', 'course', 'occur', 'would', 'negative', 'impact', 'sunrise', 'across', 'senior', 'housing', 'negative', 'driver', 'would', 'arrive', 'negative', 'senior', 'housing'] 496 496 ['michael', 'mueller', 'looking', 'number', 'impact', 'change', 'mention', 'thinking', 'cleaner', 'number', 'thinking', 'going', 'forward', 'happen', 'million', 'number', 'million', 'number'] 497 497 ['herzog', 'depend', 'number', 'item', 'instance', 'numbers', 'smooth', 'would', 'senior', 'housing', 'minus', 'minus', 'sunrise', 'reason'] 498 498 ['michael', 'mueller'] 499 499 500 500 501 501 502 502 ['michael', 'mueller', 'forward', 'basis', 'looking', 'project', 'development', 'segregate', 'correct'] 503 503 ['gallagher', 'correct'] 504 504 505 505 ['gallagher', 'segregate'] 506 506 ['michael', 'mueller', 'segregate', 'great', 'think', 'question', 'mention', 'swap'] 507 507 ['herzog', 'million', 'libor', 'receive', 'fix', 'enter', 'subsequent', 'swap', 'quarter', 'libor', 'receive', 'swap', 'february', 'february', 'million', 'additional', 'million', 'august', 'libor', 'receive'] 508 508 509 509 510 510 511 511 512 512 513 513 ['operator', 'question', 'come', 'david'] 514 514 515 515 ['flaherty', 'talking', 'right'] 516 516 ['david'] 517 517 518 518 ['david', 'absolutely', 'scale', 'thinking', 'sense', 'relative', 'platform', 'recycle', 'capital'] 519 519 ['flaherty', 'think', 'almost', 'billion', 'estate', 'david', 'talking', 'talking', 'healthcare', 'reit', 'talking', 'rates', 'specific', 'think', 'recycle', 'billion', 'estate', 'years', 'believe', 'exceed', 'asset', 'sales', 'remain', 'entire', 'healthcare', 'industry', 'would', 'would', 'educate', 'offline', 'significant', 'proponent', 'capital', 'recycling'] 520 520 521 521 ['flaherty', 'think', 'benefit', 'master', 'lease', 'picture', 'sector', 'senior', 'housing', 'probably', 'impact', 'great', 'recession', 'mention', 'overall', 'coverage', 'ratio', 'increase', 'quarter', 'occupancy', 'revenue', 'growth', 'expense', 'expense', 'control', 'think', 'previous', 'wonderful', 'applaud', 'operate', 'management', 'team', 'going', 'continue', 'occupancy', 'decline', 'point', 'reach', 'point', 'continue', 'profitability', 'respect', 'portfolio', 'watching', 'watching', 'everybody', 'pretty', 'relax', 'largely', 'benefit', 'master', 'lease', 'situation'] 522 522 523 523 ['operator', 'question', 'come', 'habermann', 'goldman', 'sachs'] 524 524 525 525 ['flaherty', 'hello'] 526 526 527 527 ['flaherty', 'acting', 'eight', 'quarters', 'great', 'recession', 'recession', 'guess', 'definition', 'hear', 'previously', 'upbeat', 'heading', 'eight', 'quarters', 'active', 'billion', 'shareholder', 'capital', 'largely', 'completion', 'development', 'funding', 'science', 'portfolio', 'largely', 'stack', 'manor', 'think', 'coming', 'position', 'given', 'opportunistic', 'investment', 'activity', 'proud', 'achieve', 'eight', 'quarters', 'nicely', 'position', 'benefit', 'investment', 'restructure'] 528 528 ['think', 'largely', 'point', 'certainly', 'healthcare', 'opportunistic', 'investing', 'mirror', 'unless', 'something', 'unique', 'within', 'portfolio', 'leverage', 'talking', 'financial', 'leverage', 'talking', 'contractual', 'leverage', 'think', 'opportunity', 'market', 'begin', 'normalize', 'going', 'opportunistic', 'would', 'market', 'level', 'deal'] 529 529 ['exception', 'concept', 'healthcare', 'getting', 'ready', 'burst', 'healthcare', 'reform', 'expect', 'finalize', 'folks', 'notwithstanding', 'capital', 'market', 'close', 'sideline', 'understandably', 'final', 'rule', 'write', 'think', 'going', 'explosion', 'suggest', 'occur', 'first', 'month', 'activity', 'obviously', 'privy', 'given', 'going', 'impact', 'involve', 'folks', 'portfolio'] 530 530 ['think', 'going', 'first', 'healthcare', 'reform', 'going', 'certainly', 'starve', 'loser', 'reward', 'winner', 'previously', 'winning', 'healthcare', 'reform', 'environment', 'going', 'efficient', 'think', 'gauge', 'whether', 'efficient', 'operator', 'margin', 'going', 'critical', 'market', 'share', 'necessarily', 'nationally', 'within', 'regional', 'geographic', 'going', 'quality', 'outcome', 'sector', 'healthcare', 'chair', 'going', 'reorder', 'winning', 'economic', 'model', 'manor', 'fixate', 'manor', 'certainly', 'others', 'discussion', 'benefit', 'disproportionately', 'happen', 'extent', 'margin', 'squeeze', 'little', 'going', 'volume', 'increase', 'efficient', 'critical', 'quality', 'outcome', 'folks', 'partner', 'going', 'forward'] 531 531 ['habermann', 'right', 'terms', 'outlook', 'sound', 'lease', 'activity', 'remains', 'pretty', 'strong', 'really', 'anticipate', 'something', 'similar', 'major', 'variable'] 532 532 533 533 534 534 ['flaherty', 'think', 'quantify', 'expense', 'month', 'relate', 'matter', 'think', 'million'] 535 535 ['herzog'] 536 536 537 537 ['habermann', 'great', 'thank'] 538 538 539 539 540 540 541 541 542 542 ['herzog', 'million', 'discount', 'manor', 'million', 'discount', 'manor', 'amortization', 'schedule', 'amortize', 'using', 'effective', 'interest', 'method', 'going', 'would', 'recommend', 'setting', 'amortization', 'schedule', 'crunch'] 543 543 ['anderson', 'right', 'quarter', 'assume', 'interest', 'income', 'million', 'almost', 'million', 'maybe', 'million', 'amortization', 'close'] 544 544 545 545 546 546 ['flaherty', 'numbers', 'front', 'amortization', 'schedule', 'million'] 547 547 ['anderson', 'million'] 548 548 ['flaherty'] 549 549 550 550 ['flaherty'] 551 551 552 552 553 553 554 554 ['flaherty', 'correct'] 555 555 ['anderson', 'want', 'clarify', 'first', 'pardon', 'knowing', 'exactly', 'things', 'process', 'propco', 'would', 'bondholder'] 556 556 ['flaherty', 'nothing', 'happen', 'start', 'might', 'mean--'] 557 557 ['anderson', 'process', 'guess', 'saying'] 558 558 559 559 560 560 561 561 ['anderson', 'optimal', 'outcome', 'think', 'ask', 'answer', 'optimal', 'outcome', 'owner', 'entire', 'portfolio', 'would', 'viable', 'option', 'equity'] 562 562 ['flaherty', 'really', 'optimal', 'outcome', 'point', 'outcome', 'would', 'payoff', 'january', 'scenario', 'would', 'entire', 'estate', 'portfolio', 'lease', 'yield', 'calculation', 'sense', 'neither', 'scenario', 'occur', 'therein', 'opportunity', 'partner', 'carlyle', 'management', 'optimize', 'something', 'works', 'everybody'] 563 563 ['anderson', 'iceberg'] 564 564 ['flaherty', 'sorry', 'iceberg'] 565 565 566 566 567 567 ['anderson', 'catching', 'little', 'question', 'think', 'lose', 'asset', 'class', 'healthcare', 'estate', 'environment', 'healthcare', 'reform'] 568 568 ['flaherty', 'going', 'limit', 'discussion', 'healthcare', 'estate'] 569 569 ['anderson', 'could', 'saying', 'people'] 570 570 ['flaherty', 'think', 'going', 'whack', 'maybe', 'little', 'unfairly', 'whipping', 'congress', 'right', 'think', 'probably', 'little', 'unfortunate', 'probably', 'little', 'overdo', 'think--'] 571 571 572 572 573 573 ['anderson'] 574 574 ['flaherty', 'saying', 'folks', 'class', 'operator', 'margin', 'recapture', 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'manager', 'always', 'sunrise', 'sunrise', 'remember', 'convolute', 'structure', 'inherit', 'acquire', 'process', 'portfolio', 'orius', 'cleaning', 'transparent', 'shareholder', 'traditional', 'triple', 'lease', 'structure'] 592 592 ['main', 'manor', 'question', 'answer'] 593 593 594 594 ['biffert', 'quick', 'follow', 'erickson', 'remain', 'erickson', 'straight', 'adjustment', 'could', 'record', 'future', 'period'] 595 595 596 596 597 597 598 598 599 599 600 600 601 601 ['flaherty', 'think', 'skilled', 'space', 'obviously', 'shareholder', 'capital', 'increasingly', 'senior', 'capital', 'stack', 'coverage', 'ratio', 'quite', 'frankly', 'unheard', 'terms', 'cushion', 'notwithstanding', 'investment', 'general', 'ought', 'carry', 'lower', 'return', 'given', 'substantial', 'coverage', 'ratio', 'range', 'assume', 'investment', 'maturity', 'recast', 'equity', 'play', 'skilled', 'respect', 'hospital', 'really', 'really', 'back', 'hospital', 'disproportionate', 'amount', 'disposition', 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'simpson', 'change', 'course', 'experience', 'competition', 'fannie', 'financing', 'finding', 'though', 'operator', 'traditional', 'financing', 'financing', 'something', 'three', 'years', 'mature', 'maybe', 'value', 'coming', 'renew', 'value', 'seeing', 'squeeze', 'think', 'rates', 'little', 'become'] 715 715 716 716 ['flaherty', 'elect', 'cycle', 'fourth', 'quarter', 'today', 'really', 'investor', 'actually', 'equity', 'investment', 'standpoint', 'pretty', 'current', 'return', 'ability', 'depend', 'happen', 'either', 'situation', 'specific', 'operator', 'tenant', 'broad', 'issue', 'healthcare', 'reform', 'convert', 'investment', 'something', 'upside', 'lower', 'valuation', 'point', 'would', 'investment', 'years', 'really', 'play', 'cycle'] 717 717 718 718 ['unidentified', 'audience', 'member', 'effect', 'emergence', 'private', 'reit', 'making', 'acquisition', 'various', 'sector', 'helping', 'hinder', 'terms', 'competition', 'acquisition', 'actually', 'selling', 'assets', 'portfolio', 'assets', 'private', 'competitor'] 719 719 720 720 721 721 722 722 ['richard', 'anderson', 'would', 'maybe', 'pendulum', 'leverage', 'conversation', 'swing', 'widely', 'leverage', 'whatever', 'leverage', 'times', 'think', 'appropriate', 'level', 'leverage', 'relate', 'organization', 'guess', 'start'] 723 723 724 724 725 725 ['richard', 'anderson', 'anybody'] 726 726 ['wendy', 'simpson', 'agree', 'fluid', 'number', 'seriously', 'lever', 'instance', 'friendly', 'banks', 'friendly', 'face', 'issue', 'assets', 'going', 'bankrupt', 'company', 'going', 'bankrupt'] 727 727 ['debra', 'cafaro', 'remember'] 728 728 ['wendy', 'simpson', 'confluence', 'situation', 'try', 'eliminate', 'leverage', 'analyst', 'include', 'preferreds', 'lever', 'understand', 'include', 'prefer', 'dividend', 'fix', 'charge', 'coverage', 'ratio', 'always', 'prefer', 'money', 'never', 'unless', 'going', 'bankrupt', 'using', 'preferreds', 'financing', 'source', 'dividend', 'anyway', 'going', 'first', 'works', 'capital', 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'joint', 'venture', 'future', 'impairment', 'similar', 'charge', 'exclude'] 797 797 798 798 799 799 800 800 801 801 ['senior', 'housing', 'occupancy', 'second', 'quarter', 'store', 'senior', 'housing', 'platform', 'represent', 'basis', 'point', 'sequential', 'decline', 'first', 'quarter', 'basis', 'point', 'decline', 'prior', 'exception', 'sunrise', 'portfolio', 'seeing', 'decline', 'sunrise', 'portfolio', 'previously', 'stable', 'experience', 'single', 'large', 'quarterly', 'decline', 'basis', 'point', 'decrease', 'occupancy', 'largely', 'drive', 'mansion', 'occupancy', 'mansion', 'occupancy', 'remains', 'mention', 'operator', 'continue', 'demonstrate', 'operate', 'flexibility', 'sequential', 'property', 'coverage', 'holding', 'steady', 'times', 'decline', 'prior', 'coverage', 'sunrise', 'credits', 'receive', 'current', 'deterioration', 'performance', 'sunrise', 'mansion'] 802 802 ['current', 'quarter', 'property', 'performance', 'result', 'separate', 'sunrise', 'portfolio', 'provide', 'accurate', 'explanation', 'senior', 'housing', 'platform', 'sunrise', 'portfolio', 'property', 'performance', 'increase', 'sunrise', 'recall', 'first', 'quarter', 'performance', 'decrease', 'result', 'libor', 'base', 'rent', 'insurance', 'credits', 'receive', 'remainder', 'decline', 'certain', 'sunrise', 'portfolio', 'payment', 'receive', 'first', 'quarter', 'payment', 'however', 'receive', 'second', 'quarter', 'result', 'higher', 'sunrise', 'property', 'performance', 'second', 'quarter', 'normalize', 'result', 'netting', 'first', 'quarter', 'payment', 'receive', 'second', 'quarter', 'current', 'quarter', 'property', 'performance', 'sunrise', 'property', 'performance', 'sunrise'] 803 803 804 804 805 805 806 806 807 807 808 808 809 809 810 810 811 811 ['composition', 'tenant', 'strong', 'approximately', 'rent', 'coming', 'public', 'company', 'establish', 'private', 'entity', 'liquidity', 'standpoint', 'science', 'tenant', 'month', 'continue', 'represent', 'biotech', 'industry', 'remains', 'fifth', 'funding', 'drought', 'since', 'market', 'quarters', 'despite', 'current', 'climate', 'early', 'stage', 'company', 'recently', 'experience', 'uptick', 'funding', 'early', 'stage', 'company', 'raise', 'million', 'second', 'quarter', 'multiple', 'source', 'include', 'public', 'equity', 'venture', 'capital', 'strategic', 'alliance', 'significantly', 'million', 'first', 'quarter'] 812 812 813 813 814 814 ['skilled', 'nursing', 'sector', 'continue', 'perform', 'exceptionally', 'coverage', 'provide', 'adequate', 'cushion', 'potential', 'reimbursement', 'pressure', 'result', 'pending', 'healthcare', 'reform', 'science', 'successful', 'result', 'exceptional', 'estate', 'performance', 'positive', 'operate', 'result', 'tenant', 'roche', 'genentech', 'amgen', 'nuvasive', 'continue', 'produce', 'superior', 'earnings', 'result', 'tenant', 'cytokinetics', 'exelixis', 'sanguard', 'achieve', 'significant', 'raising', 'milestone', 'quarter', 'month', 'announce', 'partner', 'financing', 'activity', 'biotech', 'industry', 'several', 'years', 'defensive', 'sector', 'produce', 'solid', 'property', 'performance', 'experience', '20-basis', 'point', 'increase', 'occupancy'] 815 815 816 816 817 817 ['relate', 'exist', 'mezzanine', 'investment', 'trailing', '12-months', 'first', 'quarter', 'service', 'coverage', 'ratio', 'times', 'times', 'respectively', 'another', 'envision', 'mezzanine', 'investment', 'doughnut', 'would', 'certainly', 'juicy', 'jelly', 'doughnut', 'golden', 'bookended', 'propco', 'ownership', 'mezzanine', 'slice', 'ownership', 'control', 'block', 'first', 'mortgage', 'take', 'together', 'propco', 'tactical', 'investment', 'enhance', 'option', 'strategic', 'holding', 'period', 'healthcare', 'reform', 'ahead'] 818 818 ['would', 'delight', 'question', 'might', 'chanel'] 819 819 820 820 821 821 ['sheryl', 'skolnick', 'analyst', 'capital', 'group', 'morning', 'thank', 'congratulations', 'strategic', 'initiative', 'pursued', 'cetera', 'guess', 'coming', 'deterioration', 'sunrise', 'portfolio', 'opposite', 'result', 'brookdale', 'wonder', 'would', 'comment', 'comment', 'quarter', 'tremendous', 'opportunity', 'invest', 'property', 'assist', 'living', 'given', 'capacity', 'coming', 'given', 'senior', 'aging', 'senior', 'aging', 'perhaps', 'coming', 'great', 'recession', 'company', 'might', 'better', 'position', 'second', 'quarter', 'result', 'company', 'still'] 822 822 ['flaherty', 'probably', 'first', 'welcome', 'quarterly', 'kumbaya', 'participate', 'sheryl'] 823 823 824 824 ['flaherty', 'anything', 'probably', 'embolden', 'review', 'earlier', 'comment', 'compare', 'right', 'arguably', 'depth', 'senior', 'housing', 'downdraft', 'would', 'fourth', 'quarter', 'compare', 'couple', 'quick', 'metrics', 'industry', 'occupancy', 'morning', 'hear', 'portfolio', 'brookdale', 'night', 'portfolio', 'generally', 'today', 'significant', 'amount', 'supply', 'develop', 'coming', 'ultimately', 'benefit', 'hindsight', 'years', 'absorb', 'supply', 'nothing', 'today', 'today', 'finally', 'amount', 'additional', 'construction', 'financing', 'additional', 'development', 'senior', 'housing', 'obviously', 'credit', 'market', 'exist'] 825 825 ['despite', 'constant', 'boomer', 'aging', 'demand', 'going', 'anywhere', 'anything', 'would', 'probably', 'shorten', 'target', 'investment', 'period', 'years', 'think', 'going', 'deploy', 'capital', 'senior', 'housing', 'space', 'think', 'looking', 'years', 'quality', 'estate', 'attractive', 'price', 'shareholder', 'quite', 'would', 'sunrise', 'result', 'taking', 'aberration', 'indicative', 'going', 'certainly', 'remainder', 'senior', 'housing', 'portfolio', 'economic', 'fundamentals', 'senior', 'housing', 'whole'] 826 826 ['sheryl', 'skolnick', 'great', 'thanks'] 827 827 ['operator', 'question', 'come', 'habermann', 'goldman', 'sachs'] 828 828 829 829 830 830 831 831 832 832 833 833 ['second', 'dimension', 'story', 'behind', 'investment', 'fortunate', 'investment', 'available', 'quite', 'fortunate', 'circle', 'winter', 'obviously', 'credit', 'conditions', 'worse', 'today', 'prospective', 'buyer', 'unable', 'obtain', 'necessary', 'consent', 'occur', 'month', 'motivate', 'seller', 'negotiate', 'terms', 'negotiate', 'previous', 'prospective', 'buyer', 'winter', 'timeframe', 'move', 'quickly', 'close', 'transaction', 'answer', 'question', 'looking', 'effective', 'unlevered', 'equity', 'equity', 'return', 'nowhere', 'exposure', 'given', 'capital', 'stack', 'investment'] 834 834 ['really', 'head', 'three', 'years', 'strategic', 'decision', 'significantly', 'reduce', 'skilled', 'nursing', 'exposure', 'look', 'portfolio', 'overall', 'company', 'portfolio', 'three', 'years', 'three', 'concern', 'portfolio', 'property', 'excess', '30-years', 'medicaid', 'census', 'portfolio', 'three', 'preponderance', 'property', 'operator', 'operate', 'property', 'reduce', 'own', 'estate', 'exposure', 'skilled', 'nursing', 'sector', 'portfolio', 'however', 'always', 'maintain', 'given', 'proper', 'catalyst', 'might', 'enter', 'space', 'believe', 'pending', 'healthcare', 'reform', 'represent', 'catalyst', 'overall', 'propco', 'investment', 'would', 'context', 'exchangeable', 'convertible', 'conversion', 'option', 'manorcare', 'estate'] 835 835 836 836 ['scenario', 'point', 'alternatively', 'might', 'challenge', 'reimbursement', 'environment', 'coming', 'healthcare', 'reform', 'skilled', 'nursing', 'provider', 'deterioration', 'credit', 'market', 'scenario', 'would', 'exchange', 'investment', 'direct', 'ownership', 'interest', 'estate', 'manorcare', 'realize', 'billion', 'discount', 'attractive', 'basis', 'estate', 'obviously', 'variety', 'gradation', 'point', 'would', 'include', 'limited', 'propco', 'going', 'public', 'remain', 'private', 'head', 'tails', 'outcome', 'interim', 'receive', 'attractive', 'current', 'income', 'respect', 'timing', 'think', 'anything', 'prior', 'finalization', 'healthcare', 'reform', 'would', 'unlikely', 'accept', 'expect', 'grass', 'healthcare', 'reform', 'become', 'finalize', 'likely', 'scenario', 'would', 'sometime', 'could', 'envision', 'resolution', 'investment'] 837 837 ['habermann', 'guess'] 838 838 ['flaherty', 'little', 'right', 'obviously', 'thrill', 'opportunity', 'investment', 'looking', 'forward', 'inaudible', 'combination', 'strategy', 'actually', 'affect'] 839 839 ['habermann', 'right', 'diminish', 'acquisition', 'investment', 'curious', 'alternative', 'usage', 'could', 'investing', 'capital', 'point', 'return', 'seeing'] 840 840 841 841 ['habermann'] 842 842 ['flaherty', 'would', 'probably', 'least', 'attractive', 'sector', 'right', 'would', 'probably', 'hospital', 'medical', 'office', 'building', 'different', 'reason', 'exist', 'hospital', 'portfolio', 'obviously', 'quite', 'likely', 'development', 'coming', 'healthcare', 'reform', 'margin', 'advantage', 'think', 'valuation', 'begin', 'reflect', 'sort', 'underlie', 'fundamentals', 'hospital', 'anticipate', 'add', 'increasingly', 'complicate', 'operate', 'business', 'oppose', 'estate', 'business'] 843 843 844 844 ['senior', 'housing', 'mention', 'response', 'sheryl', 'question', 'think', 'valuation', 'justify', 'entry', 'especially', 'light', 'strong', 'intermediate', 'fundamentals', 'science', 'situation', 'specific', 'handful', 'opportunity', 'right', 'general', 'comment', 'whenever', 'equity', 'equity', 'return', 'investment', 'quality', 'operator', 'realize', 'manorcare', 'would'] 845 845 ['habermann', 'terms', 'investment', 'relative', 'equity', 'investment', 'point', 'think', 'maximize', 'position', 'roughly', 'percent', 'assets', 'company'] 846 846 847 847 848 848 ['flaherty', 'think', 'today', 'think', 'probably', 'reasonably', 'shape', 'think', 'however', 'could', 'largely', 'own', 'estate', 'portfolio', 'month', 'cognizant', 'going', 'month'] 849 849 ['habermann', 'lastly', 'litigation', 'charge', 'could', 'detail', 'amount'] 850 850 851 851 ['habermann', 'think', 'mention'] 852 852 853 853 854 854 855 855 856 856 857 857 ['manorcares', 'brookdale', 'number', 'folks', 'portfolio', 'strength', 'provider', 'acute', 'setting', 'years', 'first', 'adapt', 'think', 'telling', 'publicly', 'trade', 'nursing', 'company', 'end', 'going', 'chapter', 'investment', 'grade', 'credit', 'period', 'begin', 'end', 'period', 'investment', 'grade', 'credit', 'company', 'course', 'every', 'confidence', 'management', 'continue', 'execute', 'superbly', 'excite', 'steps', 'terms', 'investment'] 858 858 859 859 ['flaherty', 'terms', 'piece', 'paper', 'buy', 'yesterday', 'negotiate', 'winter', 'february', 'march', 'timeframe', 'oppose', 'today', 'think', 'reflective', 'going', 'today', 'point', 'point', 'since', 'investment', 'property', 'performance', 'portfolio', 'service', 'coverage', 'ratio', 'underwrite', 'times', 'fourth', 'quarter', 'actually', 'end', 'quarter', 'first', 'quarter', 'alone', 'north', 'times', 'herzog', 'wish', 'coverage', 'ratio'] 860 860 ['creation', 'value', 'creation', 'quite', 'frankly', 'think', 'piece', 'paper', 'extremely', 'precedent', 'piece', 'paper', 'buy', 'yesterday', 'first', 'raise', 'billion', 'yield', 'market', 'eight', 'compare', 'effective', 'unlevered', 'investment', 'yesterday', 'mention', 'toggle', 'note', 'move', 'price', 'bunch', 'second', 'third', 'position', 'silent', 'second', 'third', 'position', 'piece', 'paper', 'yielding', 'eight', 'morning', 'think', 'bookending', 'procto', 'precedent', 'would', 'manorcare', 'credit', 'metrics', 'compare', 'favorable'] 861 861 ['biffert', 'regard', 'financing', 'investment', 'libor', 'earn', 'collar', 'financing', 'investment'] 862 862 ['herzog', 'collar', 'financing', 'subject', 'confidentiality', 'agreement', 'seller', 'going', 'disclose', 'details', 'financing'] 863 863 864 864 ['biffert'] 865 865 866 866 867 867 ['gallagher', 'break', 'right', 'offline'] 868 868 869 869 ['operator', 'question', 'come', 'bryan', 'sekino', 'barclays', 'capital'] 870 870 871 871 872 872 ['bryan', 'sekino', 'want', 'update', 'regard', 'edencare', 'facility', 'disclose', 'termination', 'occur', 'october', 'thinking', 'facility', 'management', 'contract', 'terminate'] 873 873 ['flaherty', 'termination', 'already', 'occur', 'think', 'remark', 'along', 'close', 'lease', 'finalize', 'expect', 'position', 'announce', 'details', 'later', 'october', 'potentially', 'earlier'] 874 874 ['bryan', 'sekino', 'currently', 'right', 'manage', 'sunrise'] 875 875 876 876 ['flaherty'] 877 877 878 878 ['gallagher', 'tough', 'tough', 'context', 'response', 'question', 'attract', 'terms', 'deploy', 'incremental', 'capital', 'operate', 'metrics', 'hospital', 'space', 'fantastic', 'mention', 'price', 'action', 'toggle', 'note', 'price', 'action', 'publicly', 'trade', 'hospital', 'operator', 'additional', 'friday', 'night', 'operate', 'metrics', 'great', 'shape', 'saying', 'valuation', 'beginning', 'reflect', 'always', 'looking', 'create', 'incremental', 'value', 'deploy', 'capital', 'sector', 'notably', 'medical', 'dallas', 'acquisition', 'point', 'difficult', 'response', 'question', 'relative', 'attractiveness'] 879 879 ['flaherty', 'would', 'transition', 'tenant', 'hospital', 'tarzana', 'irvine', 'gatos', 'underlie', 'performance', 'tenant', 'people', 'different', 'opportunity', 'look', 'maybe', 'alternative', 'things', 'nature', 'situation', 'slidell', 'variety', 'different', 'people', 'looking', 'variety', 'different', 'alternative', 'comfortable', 'outcome', 'property', 'release'] 880 880 ['bryan', 'sekino', 'thanks'] 881 881 ['operator', 'question', 'come', 'jerry', 'doktrow', 'stifel', 'nicolaus'] 882 882 ['jerry', 'doctrow', 'analyst', 'stifel', 'nicolaus', 'thanks', 'couple', 'things', 'already', 'cover', 'guidance', 'try', 'figure', 'miss', 'saying', 'reading', 'first', 'quarter', 'guidance', 'guidance', 'impairment', 'try', 'understand', 'miss'] 883 883 884 884 ['jerry', 'doctrow', 'basically', 'would', 'bring', 'looking', 'bring', 'right'] 885 885 886 886 ['herzog', 'looking', 'inherent', 'favorable', 'financing', 'versus', 'believe', 'would', 'finance', 'similar', 'instrument', 'current', 'market'] 887 887 888 888 ['herzog', 'reflect', 'effectively', 'additional', 'discount', 'purchase', 'price'] 889 889 ['jerry', 'doctrow', 'things', 'quick', 'could', 'science', 'stuff', 'think', 'talk', 'think', 'stuff', 'amgen', 'taking', 'stuff', 'think', 'possibility', 'sublet', 'sublet', 'issue', 'market', 'would', 'material'] 890 890 ['flaherty', 'try', 'sublease'] 891 891 ['gallagher', 'amgen', 'still', 'remains', 'sublease', 'marketplace', 'today'] 892 892 ['flaherty', 'right', 'month', 'property', 'decide', 'talking', 'south', 'francisco'] 893 893 ['jerry', 'doctrow'] 894 894 ['flaherty', 'micro', 'market', 'submarket', 'supply', 'actually', 'amgen'] 895 895 896 896 897 897 ['jerry', 'doctrow', 'thing', 'little', 'cirrus', 'million', 'benefit', 'going', 'think', 'reference', 'cirrus', 'default', 'try', 'clarify', 'maybe', 'clarify', 'going'] 898 898 899 899 ['jerry', 'doctrow'] 900 900 ['herzog', 'question', 'though', 'million', 'payment', 'take', 'income', 'current', 'period', 'amortize'] 901 901 ['jerry', 'doctrow', 'right', 'think', 'thanks'] 902 902 903 903 ['anderson', 'analyst', 'capital', 'market', 'thanks', 'morning'] 904 904 905 905 906 906 907 907 ['anderson', 'right'] 908 908 ['herzog', 'effective', 'times', 'outstanding', 'investment', 'balance', 'point', 'produce', 'certain', 'amount', 'income', 'amount', 'income', 'produce', 'share', 'balance', 'timer', 'accounting', 'magic', 'income', 'effective', 'interest', 'method', 'investment'] 909 909 910 910 911 911 912 912 ['flaherty', 'always', 'ultimate', 'prize', 'direct', 'ownership', 'estate', 'never', 'decide', 'skilled', 'nursing', 'space', 'three', 'years', 'extent', 'cite', 'three', 'concern', 'medicaid', 'expense', 'census', 'estate', 'operator', 'would', 'never', 'envision', 'opportunity', 'exact', 'opposite', 'three', 'dimension', 'quality', 'country', 'estate', 'portfolio', 'overall', 'master', 'lease', 'opportunity', 'would', 'golden', 'portfolio', 'space', 'discount', 'price', 'virtue', 'discount', 'achieve', 'purchase', 'ultimate', 'resolution', 'could', 'certainly', 'event', 'handsome', 'current', 'return', 'think', 'fantastic', 'result', 'shareholder'] 913 913 914 914 915 915 ['anderson'] 916 916 ['flaherty', 'make', 'market'] 917 917 918 918 ['flaherty', 'envisioning', 'going', 'three', 'specific', 'operator'] 919 919 ['anderson', 'question', 'mention', 'maturity', 'million', 'numerous', 'source', 'address', 'need', 'prioritize', 'source'] 920 920 921 921 922 922 923 923 ['anderson', 'thank'] 924 924 ['herzog', 'internal', 'equity', 'whatnot', 'internal', 'purpose', 'everybody', 'point'] 925 925 926 926 927 927 ['nosbaum', 'analyst', 'morning', 'dustin', 'pizzo', 'structurally', 'everyone', 'relationship', 'propco', 'today'] 928 928 929 929 930 930 931 931 932 932 933 933 ['nosbaum', 'roughly'] 934 934 935 935 936 936 937 937 ['nosbaum', '575-ish', 'million', 'ebitda', 'propco', 'guess'] 938 938 939 939 ['nosbaum', 'thank'] 940 940 941 941 ['sullivan', 'analyst', 'green', 'street', 'advisor', 'thanks', 'morning'] 942 942 ['flaherty', 'morning'] 943 943 944 944 ['flaherty', 'seller'] 945 945 ['sullivan', 'unlevered', 'return', 'still', 'trouble', 'understanding', 'concept', 'unlevered', 'given', 'leverage', 'layer', 'albeit', 'present', 'value', 'calculation', 'understand', 'unlevered', 'versus', 'lever', 'concept'] 946 946 ['flaherty', 'straight', 'unlevered', 'return', 'calced', 'base', 'acquiring', 'interest', 'million', '3.5-years', 'later', 'million', 'libor', 'using', 'forward', 'curve', 'intervene', 'period', 'number', 'somewhere', 'neighborhood', 'unlevered', 'account', 'favorable', 'financing', 'isolation', 'consideration', 'rebalancing', 'future', 'indicate', 'would', 'intend', 'leverage', 'ratio', 'currently', 'simply', 'lever', 'would', 'lever', 'basis', 'going', 'spend', 'speaking', 'intend', 'rebalance'] 947 947 948 948 949 949 ['sullivan', 'presume', 'dollar', 'financing', 'favorable', 'financing', 'refer'] 950 950 951 951 ['sullivan', 'enough', 'respect', 'market', 'calculation', 'parameter', 'try', 'estimate', 'market', 'might', 'recourse', 'unrecourse', 'transaction', 'figure', 'market'] 952 952 ['flaherty', 'base', 'rebalanced', 'portfolio', 'capitalization', 'favorable', 'financing', 'still', 'going', 'place', 'recourse', 'nonrecourse', 'component', 'incorporate', 'things', 'going', 'speak'] 953 953 954 954 ['flaherty', 'talking', 'senior', 'housing', 'opportunity', 'generally', 'talking', 'specifically', 'sunrise', 'portfolio'] 955 955 ['sullivan', 'specifically', 'sunrise'] 956 956 ['flaherty', 'think', 'terribly', 'expansive', 'given', 'outstanding', 'legal', 'matter', 'think', 'comment', 'relate', 'early', 'success', 'orius', 'portfolio', 'transition', 'emeritus', 'think', 'relevant', 'metric', 'think', 'metrics', 'brookdale', 'night', 'quite', 'important', 'think', 'important', 'distinguish', 'independent', 'living', 'assist', 'living'] 957 957 ['independent', 'living', 'joint', 'venture', 'operate', 'margin', 'eight', 'quarters', 'downdraft', 'horizon', 'operate', 'margin', 'think', 'really', 'maybe', 'margin', 'efficient', 'operator', 'credit', 'move', 'aggressively', 'reduce', 'costs', 'think', 'record', 'coverage', 'constant', '90-point', 'percent', 'occupancy', 'expect', '--were', 'expect', 'continue', 'linear', 'function'] 958 958 959 959 960 960 ['gallagher', 'orius', 'transaction', 'assume', 'would', 'total', 'years', 'performance', 'assets'] 961 961 ['arabia', 'quick', 'follow', 'question', 'senior', 'housing', 'think', 'mention', 'second', 'quarter', 'realize', 'sunrise', 'first', 'quarter', 'correct'] 962 962 ['gallagher'] 963 963 964 964 965 965 ['flaherty', 'separate', 'sunrise', 'portfolio', 'growth'] 966 966 ['arabia'] 967 967 ['flaherty', 'sunrise', 'portion'] 968 968 969 969 970 970 ['arabia', 'three', 'month'] 971 971 ['herzog', 'three', 'month', 'total', 'senior', 'housing', 'exclude', 'sunrise', 'bump', 'sunrise', 'bunch', 'imagine', 'amount', 'defer', 'exclude', 'sunrise'] 972 972 973 973 ['herzog', 'first', 'month', 'look', 'first', 'month', 'exclude', 'sunrise', 'going', 'notice', 'supplemental', 'total', 'senior', 'housing', 'month'] 974 974 975 975 ['henning', 'exclude', 'sunrise', 'would', 'large', 'negative', 'month', 'period', 'would', 'positive', 'month'] 976 976 977 977 978 978 979 979 ['flaherty', 'thanks', 'everybody', 'attention', 'interest', 'summer'] 980 980 ['operator', 'lady', 'gentleman', 'conclude', 'presentation', 'thank', 'participation', 'disconnect', 'great'] 981 981 ['thomson', 'financial', 'reserves', 'right', 'change', 'document', 'content', 'information', 'without', 'obligation', 'notify', 'person', 'change'] 982 982 983 983 984 985 985 ['august'] 986 987 987 988 989 989 990 991 991 ['publication', 'transcript'] 992 993 994 994 995 995 ['right', 'reserve'] 996 996 997 997 998 999 999 1000 1001 1001 1002 1003 1004 1004 1005 1006 1006 ['wednesday'] 1007 1008 1008 1009 1010 1010 1011 1012 1012 1013 1013 1014 1014 1015 1015 ['sullivan', 'analyst', 'moderator', 'green', 'street', 'advisor', 'welcome', 'everyone', 'sullivan', 'manage', 'director', 'green', 'street', 'advisor', 'responsible', 'coverage', 'company', 'strip', 'center', 'company', 'healthcare', 'company', 'joining', 'flaherty', 'herzog', 'denver', 'aimco'] 1016 1016 1017 1017 ['flaherty', 'chairman', 'thanks', 'afternoon', 'everyone', 'thought', 'would', 'quick', 'update', 'company', 'since', 'first', 'quarter', 'earnings', 'april', 'basically'] 1018 1018 ['would', 'start', 'saying', 'unusually', 'quiet', 'fourth', 'quarter', 'first', 'quarter', 'however', 'things', 'start', 'little', 'interest', '30-plus'] 1019 1019 1020 1020 1021 1021 1022 1022 ['think', 'today', 'comment', 'range', 'guidance', 'respect', 'performance', 'portfolio', 'property', 'performance', 'first', 'quarter', 'absolute', 'range'] 1023 1023 1024 1024 1025 1025 ['medical', 'office', 'building', 'million', 'square', 'either', 'own', 'manage', 'medical', 'office', 'building', 'majority', 'square', 'footage', 'campus', 'oppose', 'campus'] 1026 1026 1027 1027 1028 1028 ['group', 'subsectors', 'subsectors', 'large', 'labor', 'component', 'respect', 'income', 'statement', 'underlie', 'operator', 'three', 'sector', 'high', 'labor', 'component', 'would', 'skilled', 'nursing', 'hospital', 'senior', 'housing', 'benefit', 'massively', 'favorable', 'trend', 'relate', 'labor', 'manifest', 'skilled', 'nursing', 'hospital', 'space', 'coverage', 'ratio', 'manifest', 'senior', 'housing', 'coverage', 'ratio', 'notwithstanding', 'decline', 'occupancy', 'basis', 'point', 'going'] 1029 1029 1030 1030 ['think', 'benefit', 'diversification', 'portfolio', 'within', 'sector', 'quality', 'either', 'tenant', 'medical', 'office', 'science', 'operator', 'skilled', 'nursing', 'hospital', 'senior', 'housing', 'space', 'comment', 'respect', 'change', 'since', 'earnings', 'week'] 1031 1031 ['point', 'anybody', 'would', 'delight', 'question', 'might'] 1032 1032 1033 1033 ['sullivan', 'thanks', 'want', 'start', 'balance', 'sheet', 'touch', 'equity', 'offering', 'successfully', 'complete', 'couple', 'week', 'debate', 'industry', 'different', 'opinion', 'respect', 'leverage', 'appropriate', 'leverage', 'measure', 'leverage', 'curious', 'think', 'balance', 'sheet', 'today', 'leverage', 'standpoint', 'particularly', 'interest', 'point', 'think', 'aimco', 'philosophy', 'maybe', 'aggressive', 'terms', 'starting', 'point'] 1034 1034 1035 1035 ['flaherty', 'historically', 'celebrate', 'publicly', 'trade', 'company', 'historically', 'manage', 'balance', 'sheet', 'leverage', 'ratio', '50/50', 'times', 'another', 'objective', 'always', '50/50', 'balance', 'sheet', 'maintenance', 'investment', 'grade', 'credit', 'rating', 'three', 'rating', 'agency', 'always', 'equity', 'offering', 'allude', 'little', 'target'] 1036 1036 1037 1037 ['majority', 'portfolio', 'represent', 'triple', 'lease', 'think', 'margin', 'great', 'conversation', 'think', 'margin', 'assume', 'target', 'probably', 'giving', 'underlie', 'dynamics', 'portfolio', 'little', 'maybe', 'others', 'little', 'speak', 'view'] 1038 1038 1039 1039 1040 1040 ['really', 'secure', 'versus', 'unsecured', 'touch', 'moment', 'advantage', 'secure', 'oftentimes', 'come', 'freddie', 'fannie', 'financing', 'come', 'cheap', 'today', 'rates', 'sector', 'probably', 'course', 'amortize', 'probably', 'coverage', 'rates', 'might', 'date', 'probably', 'actually', 'favorable', 'financing', 'perspective'] 1041 1041 ['course', 'secure', 'balance', 'sheet', 'longer', 'investment', 'grade', 'unsecured', 'market', 'flexible', 'flexibility', 'become', 'quite', 'apparent', 'move', 'assets', 'around', 'selling', 'assets', 'variety', 'different', 'times', 'flexibility', 'unsecured', 'financing', 'favorable'] 1042 1042 ['leverage', 'think', 'question', 'mention', 'think', 'technical', 'difficulty', 'mention', 'typically', 'look', 'probably', '50/50', 'leverage', 'versus', 'equity', 'think', 'right', 'leverage', 'pretty', 'comfortable', 'place'] 1043 1043 1044 1044 1045 1045 1046 1046 ['constrain', 'right', 'finding', 'deal', 'respect', 'finding', 'capital', 'never', 'basket', 'respect', 'capital', 'source', 'historically', 'different', 'source', 'think', 'going', 'forward', 'likely', 'quite', 'frankly', 'assets', 'really', 'complete', 'program', 'selling', 'assets', 'want', 'looking', 'different', 'pool', 'capital', 'historically', 'right', 'feeling', 'constrain', 'opportunity', 'deploy', 'capital', 'oppose', 'raise'] 1047 1047 1048 1048 ['flaherty', 'think', 'perfect', 'world', 'environment', 'would', 'buying', 'quality', 'estate', 'discount', 'respect', 'capital', 'institutional', 'capital', 'roll', 'couple', 'space', 'affect', 'driving', 'valuation', 'rates', 'think', 'probably', 'notably', 'medical', 'office', 'transactions', 'general', 'transactions', 'medical', 'office', 'recent', 'significant', 'transaction', 'space', 'close', 'month', 'particular', 'sector', 'adjust', 'medical', 'office'] 1049 1049 ['seeing', 'senior', 'housing', 'adjust', 'seeing', 'skilled', 'nursing', 'adjust', 'lesser', 'extent', 'seeing', 'science', 'adjust', 'present', 'active', 'number', 'situation', 'sector', 'sector', 'really', 'looking', 'deploy', 'capital', 'present', 'would', 'hospital'] 1050 1050 1051 1051 ['respect', 'deposit', 'model', 'senior', 'housing', 'primarily', 'impact', 'tension', 'pressure', 'residential', 'market', 'typically', 'primary', 'residence', 'source', 'proceeds', 'deposit', 'typically', 'sector', 'impact', 'sector', 'since', 'closing', 'october', 'capital', 'space', 'take', 'couple', 'billion', 'dollar', 'capital', 'space', 'present', 'shaping', 'probably', 'sector', 'intrigue', 'maybe', 'reentry', 'terms', 'investment', 'activity', 'interest'] 1052 1052 1053 1053 1054 1054 ['sullivan', 'touch', 'hospital', 'seem', 'number', 'proposal', 'relate', 'healthcare', 'reform', 'actually', 'beneficial', 'hospital', 'operations', 'interest', 'terms', 'deploy', 'capital'] 1055 1055 1056 1056 1057 1057 ['hospital', 'business', 'move', 'parts', 'respect', 'property', 'type', 'general', 'probably', 'would', 'probably', 'drive', 'thought', 'process', 'right', 'respect', 'hospital'] 1058 1058 1059 1059 ['flaherty', 'would', 'appropriate', 'sunrise', 'leave', 'sunrise', 'management', 'model', 'involve', 'estate', 'basically', 'estate', 'exception', 'minority', 'stakes', 'portfolio', 'estate', 'develop'] 1060 1060 ['respect', 'number', 'interest', 'opportunity', 'acquire', 'sunrise', 'portfolio', 'transaction', 'roughly', 'equivalent', 'size', 'organization', 'sunrise', 'represent', 'organization', 'together', 'overnight', 'sunrise', 'become', 'exposure', 'since', 'property', 'terminate', 'portfolio', 'property', 'move', 'efficient', 'operator', 'ameritas', 'close', 'transaction', 'december', 'mention', 'shortly', 'shortly', 'default', 'sunrise', 'remain', 'management', 'contract', 'another', 'portfolio', 'property', 'confirm', 'sunrise', 'fail', 'performance', 'threshold', 'another', 'portfolio', 'replacement', 'operator', 'along'] 1061 1061 1062 1062 ['interest', 'observation', 'would', 'portfolio', 'unlike', 'majority', 'sunrise', 'manage', 'property', 'sunrise', 'estate', 'minority', 'stake', 'sunrise', 'allow', 'things', 'without', 'obviously', 'seeking', 'permission', 'minority', 'partner', 'addition', 'majority', 'sunrise', 'estate', 'totally', 'unencumbered', 'secure', 'financing', '15-property', 'portfolio', 'mention', 'lender', 'consent', 'things'] 1063 1063 ['unique', 'feature', 'sunrise', 'portfolio', 'property', 'mansion', 'flag', 'sunrise', 'brand', 'think', 'move', 'portfolio', 'around', 'replace', 'inaudible', 'operator', 'replacement', 'operator', 'average', 'rebranding', 'spending', 'money', 'brand', 'sunrise'] 1064 1064 1065 1065 1066 1066 1067 1067 1068 1068 1069 1069 1070 1070 ['unidentified', 'audience', 'member', 'inaudible', 'question', 'microphone', 'inaccessible'] 1071 1071 ['flaherty', 'oppose', 'waiting', 'particularly', 'think', 'refer', 'senior', 'housing', 'ultimate', 'consumer', 'discretionary'] 1072 1072 1073 1073 ['number', 'currently', 'performing', 'eight', 'quarters', 'severe', 'recession', 'occupancy', 'level', 'supply', 'coming', 'supply', 'construct', 'things', 'passionate', 'supply', 'demand', 'disequilibrium', 'exist', 'need', 'base', 'assist', 'living', 'component', 'senior', 'housing', 'going', 'demographic', 'going', 'every', 'supply', 'jumping', 'point', 'today', 'occupancy', 'point', 'think', 'interest', 'reenter', 'senior', 'housing', 'space'] 1074 1074 [] 1075 1075 ['unidentified', 'audience', 'member', 'inaudible', 'question', 'microphone', 'inaccessible'] 1076 1076 ['flaherty', 'think', 'government', 'reimbursement', 'confuse', 'three', 'years', 'little', 'government', 'reimbursement', 'exposure', 'company', 'three', 'years'] 1077 1077 1078 1078 ['addition', 'space', 'transform', 'exposure', 'largely', 'equity', 'ownership', 'excuse', 'equity', 'ownership', 'remain', 'stakes', 'space', 'largely', 'mezzanine', 'investment', 'higher', 'capital', 'stack', 'class', 'operator', 'hospital', 'class', 'operator', 'skilled', 'nursing', 'manorcare'] 1079 1079 ['agree', 'opening', 'comment', 'confuse', 'variable', 'understand', 'stuff', 'notwithstanding', 'estate', 'space', 'quite', 'significant', 'three', 'years'] 1080 1080 1081 1081 1082 1082 ['strongly', 'concern', 'particularly', 'medicare', 'state', 'medicaid', 'state', 'base', 'three', 'years', 'anticipate', 'surplus', 'state', 'budget', 'continue', 'certainly', 'anticipate', 'anything', 'portfolio', 'position', 'point', 'quite', 'frankly', 'draconian', 'impact', 'healthcare', 'reform', 'might', 'result', 'downgrade', 'coverage', 'might', 'represent', 'catalyst', 'around', 'space', 'suggest', 'senior', 'housing', 'today', 'entirely', 'different', 'fact', 'present', 'opportunity'] 1083 1083 ['unidentified', 'audience', 'member', 'inaudible', 'question', 'microphone', 'inaccessible'] 1084 1084 1085 1085 1086 1086 ['unidentified', 'audience', 'member', 'inaudible', 'question', 'microphone', 'inaccessible'] 1087 1087 ['sullivan', 'could', 'question', 'analyst', 'manorcare', 'worth', 'going', 'repay', 'question', 'come', 'impressively', 'disproportionate', 'investment', 'relative', 'balance', 'sheet', 'confusion', 'maybe', 'short', 'opportunity', 'clarify'] 1088 1088 1089 1089 ['terms', 'valuation', 'metric', 'visible', 'point', 'price', 'bond', 'capital', 'stack', 'toggle', 'note', 'market', 'quarter', 'market', 'equity', 'component', 'balance', 'sheet', '12/31', 'price', 'bond', 'yesterday', 'think', 'directionally', 'probably', 'pretty', 'proxy', 'manorcare', 'notwithstanding', 'slightly', 'different', 'space', 'although', 'different', 'skilled', 'nursing', 'space', 'given', 'large', 'postacute', 'model', 'manorcare', 'operate', 'ahead', 'expectation', 'certainly', 'sponsor', 'projection', 'certainly', 'projection'] 1090 1090 ['manorcare', 'coverage', 'ratio', 'underwrite', 'service', 'coverage', 'ratio', 'fourth', 'quarter', 'close', 'recent', 'quarter', 'quarter', 'end', '3/31/09', 'service', 'coverage', 'ratio', 'times', 'taking', 'generate', 'almost', 'billion', 'excess', 'take', 'couple', 'hundred', 'million', 'dollar', 'wonderful', 'investment', 'excite', 'investment', 'present', 'premier', 'operator', 'space', 'table', 'pounding', 'excite', 'investment'] 1091 1091 ['sullivan', 'going', 'thank', 'coming', 'thank'] 1092 1092 1093 1093 ['thomson', 'financial', 'reserves', 'right', 'change', 'document', 'content', 'information', 'without', 'obligation', 'notify', 'person', 'change'] 1094 1094 ['conference', 'call', 'event', 'transcript', 'base', 'company', 'projection', 'forward', 'looking', 'statement', 'regard', 'variety', 'item', 'forward', 'looking', 'statement', 'base', 'current', 'expectation', 'involve', 'risk', 'uncertainty', 'actual', 'result', 'differ', 'materially', 'state', 'forward', 'looking', 'statement', 'base', 'number', 'important', 'factor', 'risk', 'specifically', 'identify', 'company', 'recent', 'filing', 'although', 'company', 'indicate', 'believe', 'assumption', 'underlie', 'forward', 'looking', 'statement', 'reasonable', 'assumption', 'could', 'prove', 'inaccurate', 'incorrect', 'therefore', 'assurance', 'result', 'contemplate', 'forward', 'looking', 'statement', 'realize'] 1095 1095 ['information', 'contain', 'event', 'transcript', 'textual', 'representation', 'applicable', 'company', 'conference', 'effort', 'provide', 'accurate', 'transcription', 'material', 'error', 'omission', 'inaccuracy', 'reporting', 'substance', 'conference', 'call', 'thomson', 'financial', 'applicable', 'company', 'applicable', 'company', 'assume', 'responsibility', 'investment', 'decision', 'base', 'information', 'provide', 'event', 'transcript', 'user', 'advise', 'review', 'applicable', 'company', 'conference', 'applicable', 'company', 'filing', 'making', 'investment', 'decision'] 1096 1097 1097 [] 1098 1099 1099 1100 1101 1101 ['transcript', '060309a2248671.771'] 1102 1103 1103 ['publication', 'transcript'] 1104 1105 1106 1106 ['copyright', 'transcription', 'l.l.c.'] 1107 1107 ['right', 'reserve'] 1108 1108 ['copyright'] 1109 1109 ['right', 'reserve'] 1110 1111 1111 1112 1113 1113 1114 1115 1116 1116 ['disclosure'] 1117 1118 1118 1119 1120 1120 ['earnings', 'conference', 'final'] 1121 1122 1122 ['length', '12846', 'words'] 1123 1124 1124 1125 1125 1126 1126 1127 1127 1128 1128 ['presentation'] 1129 1129 ['operator', 'lady', 'gentleman', 'welcome', 'first', 'quarter', 'earnings', 'conference', 'coordinator', 'today', 'participant', 'listen', 'facilitate', 'question', 'answer', 'session', 'towards', 'conference', 'operator', 'instructions', 'presentation', 'today', 'conference', 'henning', 'executive', 'president', 'general', 'counsel', 'ahead'] 1130 1130 ['henning', 'general', 'counsel', 'thank', 'afternoon', 'morning', 'statement', 'conference', 'contain', 'forward', 'looking', 'statement', 'statement', 'today', 'reflect', 'company', 'faith', 'belief', 'judgment', 'base', 'currently', 'available', 'information', 'subject', 'risk', 'uncertainty', 'assumption', 'describe', 'company', 'press', 'release', 'filing', 'forward', 'looking', 'statement', 'guarantee', 'future', 'performance', 'statement', 'include', 'projection', 'financial', 'measure', 'update', 'earnings', 'announcement', 'event', 'prior', 'company', 'earnings', 'announcement', 'could', 'render', 'forward', 'looking', 'statement', 'untrue', 'company', 'expressly', 'disclaim', 'obligation', 'update', 'earlier', 'statement', 'result', 'information', 'additionally', 'certain', 'financial', 'measure', 'discuss', 'course', 'provide', 'reconciliation', 'measure', 'comparable', 'measure', 'certain', 'relate', 'disclosure', 'supplemental', 'information', 'package', 'earnings', 'release', 'furnish', 'today', 'available', 'website', 'chairman', 'flaherty'] 1131 1131 1132 1132 ['overall', 'first', 'quarter', 'relatively', 'uneventful', 'portfolio', 'solid', 'performance', 'first', 'quarter', 'produce', 'positive', 'property', 'performance', 'result', 'review', 'detail', 'first', 'quarter', 'deliver', 'dilute', 'share', 'quarter', 'fund', 'million', 'development', 'tenant', 'capital', 'improvement', 'primarily', 'science', 'medical', 'office', 'segment', 'quarter', 'purchase', 'minority', 'interest', 'senior', 'housing', 'joint', 'venture', 'consideration', 'million', 'estimate', 'investment', 'seven', 'assets', 'quarter', 'primarily', 'medical', 'office', 'segment', 'proceeds', 'million', 'record', 'million'] 1133 1133 ['close', 'first', 'quarter', 'credit', 'metrics', 'shape', 'overall', 'leverage', 'ratio', 'stand', 'secure', 'ratio', 'unsecured', 'leverage', 'ratio', 'comfortably', 'within', 'financial', 'covenant', 'credit', 'agreement', 'remainder', 'schedule', 'maturity', 'million', 'include', 'remain', 'million', 'outstanding', 'bridge', 'maturity', 'amortization', 'total', 'million', 'comprise', 'million', 'senior', 'unsecured', 'note', 'million', 'relate', 'mortgage', 'floating', 'represent', 'total', 'essentially', 'match', 'balance', 'sheet', 'floating', 'manor', 'investment', 'close', 'business', 'yesterday', 'million', 'draw', 'billion', 'revolver', 'unrestricted', 'revolver', 'mature', 'august'] 1134 1134 ['turning', 'guidance', 'continue', 'expect', 'impairment', 'dilute', 'share', 'consistent', 'previous', 'guidance', 'assumption', 'developing', 'guidance', 'consistent', 'communicate', 'include', 'expect', 'property', 'adjust', 'growth', 'second', 'quarter', 'gatos', 'hospital', 'million', 'close', 'april', 'week', 'expect', 'million', 'second', 'quarter', 'guidance', 'contemplate', 'additional', 'acquisition', 'estate', 'investment', 'contribution', 'assets', 'joint', 'venture', 'exclude', 'future', 'impairment', 'similar', 'charge', 'review', 'portfolio'] 1135 1135 1136 1136 1137 1137 ['sunrise', 'experience', 'decline', 'primarily', 'recur', 'insurance', 'credits', 'receive', 'reduction', 'libor', 'base', 'rent', 'property', 'performance', 'holding', 'steady', 'sunrise', 'implement', 'expense', 'control', 'result', 'significant', 'reduction', 'expense', 'growth', 'lease', 'expiration', 'exposure'] 1138 1138 ['hospital', 'property', 'coverage', 'exclude', 'performing', 'hospital', 'medical', 'dallas', 'times', 'property', 'decline', 'primarily', 'drive', 'short', 'relief', 'irvine', 'hospital', 'repositioning', 'rehab', 'hospital', 'tenant', 'place', 'rent', 'commence', 'second', 'quarter', 'lease', 'irvine', 'hospital', 'years', 'escalator', 'first', 'higher', 'tenant', 'previous', 'transaction', 'structure', 'abeyment', 'equal', 'first', 'month', 'month', 'invest', 'million', 'reposition', 'facility', 'subsequent', 'quarter', 'gatos', 'hospital', 'formerly', 'operate', 'tenant', 'camino', 'hospital', 'million', 'realize', 'approximately', 'million', 'second', 'quarter', 'hospital', 'portfolio', 'lease', 'exposure'] 1139 1139 ['skilled', 'nursing', 'skilled', 'nursing', 'portfolio', 'continue', 'perform', 'store', 'portfolio', 'increase', 'drive', 'contractual', 'increase', 'coverage', 'remain', 'stable', 'times', 'addition', 'lease', 'expiration', 'skilled', 'nursing', 'portfolio', 'extend', 'lease', 'expiration'] 1140 1140 ['regard', 'manor', 'investment', 'company', 'report', 'strong', 'fourth', 'quarter', 'result', 'lift', 'trailing', 'month', 'service', 'coverage', 'times', 'addition', 'company', 'indicate', 'first', 'quarter', 'operate', 'period', 'prior', 'drive', 'higher', 'acuity', 'positive', 'growth'] 1141 1141 1142 1142 ['first', 'quarter', 'execute', 'lease', 'total', '531,000', 'square', 'occupancy', '369,000', 'square', 'relate', 'previously', 'occupy', 'space', 'result', 'retention', 'renewal', 'occur', 'higher', 'rent', 'include', 'sizeable', 'renewal', 'lease', 'market', 'absent', 'renewal', 'market', 'increase', 'rent', 'remain', '162,000', 'square', 'relate', 'lease', 'previously', 'vacant', 'space'] 1143 1143 ['quarter', 'million', 'square', 'schedule', 'exploration', 'remain', 'balance', 'include', '275,000', 'square', 'month', 'month', 'lease', 'pipeline', 'increase', 'fourth', 'quarter', '325,000', 'square', 'execute', 'lease', 'commence', '575,000', 'square', 'active', 'negotiation', 'quarter', 'complete', '40,000', 'square', 'medical', 'office', 'building', 'sales', 'price', 'million', 'recognize', 'million', 'complete', 'shell', 'building', 'approximately', '400,000', 'square', 'building', 'locate', 'louisiana', 'destroy', 'hurricane', 'katrina', 'third', 'quarter', 'already', 'realize', 'million', 'insurance', 'proceeds', 'building'] 1144 1144 1145 1145 ['first', 'quarter', 'complete', '125,000', 'square', 'lease', '104,000', 'square', 'relate', 'previously', 'occupy', 'space', 'exhibit', 'average', 'decline', 'however', 'exclude', 'short', 'extension', '20,000', 'square', 'space', 'tenant', 'significantly', 'downsize', 'vacate', 'renewal', 'rent', 'increase', 'expire', 'rent', 'remain', 'lease', 'activity', 'quarter', 'total', '21,000', 'square', 'relate', 'previously', 'vacant', 'space', 'inaudible', 'market'] 1146 1146 1147 1147 ['tenant', 'demand', 'slow', 'broad', 'economy', 'continue', 'pursue', 'pipeline', 'lease', 'prospect', '500,000', 'square', 'exist', 'space', 'continue', 'deal', 'terms', 'short', 'experience', 'protract', 'negotiation', 'decision', 'maker', 'remain', 'reluctant', 'enter', 'longer', 'commitment'] 1148 1148 ['switching', 'redevelopment', 'development', 'activity', 'current', 'development', 'effort', 'aggregate', 'approximately', '515,000', 'square', 'three', 'project', 'lease', 'project', 'represent', 'construction', 'oyster', 'point', 'campus', 'amgen', 'lease', 'building', 'redevelopment', 'smaller', 'project', 'convert', 'office', 'building', 'science', 'continue', 'monitor', 'underlie', 'credit', 'liquidity', 'profile', 'tenant', 'previously', 'discuss', 'composition', 'tenant', 'strong', 'approximately', 'rent', 'coming', 'public', 'company', 'establish', 'private', 'entity', 'liquidity', 'standpoint', 'science', 'tenant', 'month', 'represent', 'total', 'despite', 'current', 'credit', 'crisis', 'continue', 'positive', 'credit', 'event', 'within', 'portfolio', 'deal', 'range', 'billion', 'acquisition', 'roche', 'genentech', 'smaller', 'transactions', 'early', 'stage', 'company', 'portfolio', 'raise', 'million', 'capital', 'current', 'capital', 'partner', 'recently', 'announce', 'alliance', 'larger', 'pharmaceutical', 'company', 'review', 'portfolio'] 1149 1149 ['flaherty', 'thanks', 'review', 'current', 'state', 'investment', 'portfolio', 'continue', 'benefit', 'unique', 'sector', 'diversification', 'strategy', 'strong', 'credit', 'profile', 'operator', 'tenant', 'partner', 'highlight', 'example', 'science', 'sector', 'hospital', 'sector', 'experience', 'recent', 'reduction', 'expense', 'hospital', 'relationship', 'industry', 'leader', 'report', 'first', 'quarter', 'ebitda', 'higher', 'successfully', 'raise', 'billion', 'financing'] 1150 1150 ['tenant', 'healthcare', 'recently', 'announce', 'better', 'expect', 'result', 'mention', 'close', 'remain', 'california', 'tenant', 'hospital', 'gatos', 'hospital', 'million', 'earlier', 'month', 'nostalgia', 'buff', 'gatos', 'hospital', 'original', 'hospital', 'years', 'hospital', 'north', 'shore', 'outside', 'orleans', 'lease', 'expire', 'tenant', 'month', 'advance', 'notification', 'intention', 'month'] 1151 1151 1152 1152 ['thank', 'today', 'thank', 'interest', 'would', 'delight', 'question'] 1153 1153 1154 1154 ['operator', 'operator', 'instructions', 'first', 'question', 'come', 'habermann', 'goldman', 'sachs'] 1155 1155 ['habermann', 'analyst', 'goldman', 'sachs', 'morning', 'everyone', 'question', 'terms', 'capital', 'mention', 'obviously', 'balance', 'sheet', 'position', 'position', 'couple', 'quarters', 'several', 'quarters', 'curious', 'thought', 'unsecured', 'market', 'plan', 'raise', 'capital', 'future'] 1156 1156 1157 1157 ['habermann', 'mention', 'obviously', 'transaction', 'smaller', 'insight', 'terms', 'seeing', 'whether', 'portfolio', 'sales', 'transactions', 'perhaps', 'funds', 'might', 'looking', 'segment', 'specifically'] 1158 1158 ['flaherty', 'continue', 'dearth', 'transactions', 'overall', 'comment', 'really', 'whole', 'point', 'water', 'number', 'front', 'spread', 'certainly', 'narrow', 'seeing', 'think', 'healthcare', 'portfolio', 'first', 'quarter', 'stuff', 'drag', 'point', 'generally', 'healthcare', 'continue', 'perform', 'notwithstanding', 'length', 'recession', 'result', 'potential', 'sellers', 'generally', 'tight', 'little', 'conundrum'] 1159 1159 1160 1160 1161 1161 ['sunrise', 'couple', 'things', 'really', 'isolate', 'indicate', 'sunrise', 'performance', 'obviously', 'quite', 'headline', 'impact', 'recall', 'portfolio', 'rent', 'base', 'libor', 'thing', 'significant', 'amount', 'insurance', 'credits', 'negotiate', 'sunrise', 'adjust', 'fact', 'right', 'think', 'probably', 'ought', 'little', 'better', 'underlie', 'portfolio', 'property', 'performance', 'sunrise', 'negative', 'seeing', 'specific', 'broad', 'base', 'expense', 'control', 'starting', 'function', 'sunrise', 'particular', 'february', 'result', 'standpoint', 'since', 'own', 'portfolio', 'think', 'story'] 1162 1162 ['gallagher', 'think', 'thing', 'would', 'sunrise', 'portfolio', 'operator', 'starting', 'benefit', 'lower', 'labor', 'costs'] 1163 1163 ['habermann', 'color', 'question', 'maturity', 'point'] 1164 1164 1165 1165 ['habermann', 'great', 'thanks'] 1166 1166 1167 1167 1168 1168 ['flaherty'] 1169 1169 1170 1170 ['gallagher', 'actually', 'fairly', 'large', 'credit', 'tenant', 'holdover', 'quite', 'market', 'rent', 'base', 'holdover', 'negotiate', 'extension', 'tenant', 'consider', 'market', 'rent', 'point', 'happen', 'amount', 'holdover', 'higher', 'believe', 'market', 'today'] 1171 1171 ['flaherty', 'think', 'observer', 'market', 'recall', 'question', 'conference', 'conference', 'call', 'since', 'buy', 'inaudible', 'portfolio', 'think', 'expect', 'second', 'think', 'marks', 'probably', 'looking', 'mirror', 'sort', 'things', 'going', 'start', 'normalize', 'little', 'second'] 1172 1172 1173 1173 1174 1174 1175 1175 ['flaherty', 'close', 'december', 'quarter', 'remember', 'steps', 'quickly', 'transition'] 1176 1176 1177 1177 1178 1178 1179 1179 1180 1180 1181 1181 ['flaherty', 'really', 'familiar', 'speak', 'think', 'question', 'something', 'kick', 'around', 'board', 'level', 'little', 'whether', 'going', 'forward', 'target', 'balance', 'sheet', 'ratio', '50/50', 'right', 'obviously', 'probably', 'little', 'lower', 'continue', 'performance', 'portfolio', 'looking', 'things', 'right', 'would', 'expect', 'knowing', 'would', 'expect', 'would', 'leadership', 'regard', 'develop', 'going', 'count', 'expletive'] 1182 1182 1183 1183 ['flaherty', 'really', 'report', 'thing', 'happen', 'since', 'talk', 'close', 'think', 'toe', 'froing', 'roche', 'genentech', 'shareholder', 'close', 'integration', 'respect', 'specific', 'question', 'ask', 'nothing', 'report', 'morning'] 1184 1184 ['richard', 'anderson', 'going', 'rename', 'drive', 'going'] 1185 1185 ['flaherty', 'think', 'would'] 1186 1186 ['richard', 'anderson', 'quick', 'dividend', 'dividend', 'going', 'forward', 'going', 'annual', 'going'] 1187 1187 ['flaherty', 'absolutely', 'change', 'overlie', 'performance', 'portfolio', 'might', 'little', 'better', 'isolate', 'things', 'things', 'balance', 'sheet', 'metrics', 'shape', 'strong', 'company', 'afford', 'dividend', 'afford', 'dividend', 'albeit', 'modestly', 'intend'] 1188 1188 1189 1189 1190 1190 ['richard', 'anderson', 'excellent', 'thank'] 1191 1191 ['flaherty', 'thank'] 1192 1192 1193 1193 1194 1194 ['flaherty', 'million', 'unrestricted', 'numbers', 'together', 'today', 'million', 'right', 'beginning', 'quarter'] 1195 1195 ['main', 'enough', 'breakdown', 'helpful', 'senior', 'housing', 'portfolio', 'store', 'sunrise', 'sunrise', 'thing', 'quarter', 'quarter'] 1196 1196 1197 1197 1198 1198 1199 1199 1200 1200 1201 1201 ['main', 'great', 'anything', 'rent', 'right', 'still', 'getting', 'annual', 'escalator', 'available'] 1202 1202 1203 1203 1204 1204 1205 1205 ['main', 'three', 'quarter', 'would', 'probably', 'better', 'pattern'] 1206 1206 ['gallagher', 'probably'] 1207 1207 ['main', 'enough', 'thanks'] 1208 1208 ['flaherty', 'saying', 'first', 'quarter', 'going', 'understate', 'fourth', 'quarter', 'going', 'overstate'] 1209 1209 ['gallagher', 'always', 'going', 'significantly', 'noise', 'fourth', 'quarter', 'first', 'quarter'] 1210 1210 ['main', 'helpful', 'thanks'] 1211 1211 ['operator', 'question', 'come', 'jerry', 'doctrow', 'stifel', 'nicolaus'] 1212 1212 1213 1213 ['gallagher', 'month', 'disclose', 'month', 'hands', 'jerry'] 1214 1214 1215 1215 ['gallagher', 'amount', 'decision', 'decision', 'discrete', 'window', 'increase', 'basis', 'point', 'coupon', 'position', 'amount', 'creeps', 'balance', 'sheet', 'increase', 'amount', 'investment', 'convertible', 'liquid', 'security', 'performance', 'bond', 'price', 'bond', 'move', 'materially', 'since', '12/31/08', 'price', 'bond', 'trade', 'yesterday', 'reflect', 'operate', 'result', 'significant', 'amount', 'liquidity', 'raise', 'billion', 'separate', 'yield', 'offering', 'receive', 'oversubscribed', 'execute', 'quite', 'story'] 1216 1216 ['jerry', 'doctrow', 'convertible', 'could', 'clarify'] 1217 1217 ['gallagher', 'could', 'liquid', 'liquid', 'list', 'security', 'security', 'equity', 'account', 'balance', 'sheet'] 1218 1218 ['jerry', 'doctrow', 'market', 'balance', 'sheet'] 1219 1219 1220 1220 1221 1221 ['flaherty', 'relate', 'first', 'question', 'sunrise', 'relate', 'bankruptcy', 'think', 'recall', 'correctly', 'believe'] 1222 1222 ['jerry', 'doctrow'] 1223 1223 ['flaherty', 'think', 'factor', 'section', 'think', 'first', 'exceed', 'page', 'think', 'commentary', 'challenge', 'economic', 'environment', 'country', 'going', 'right', 'every', 'potential', 'factor', 'know', 'mankind', 'really', 'just--'] 1224 1224 1225 1225 1226 1226 ['jerry', 'doctrow', 'deadline', 'waiting', 'maybe', 'science', 'talk', 'market', 'minus', 'terms', 'assumption', 'obviously', 'ramp', 'right', 'talking', 'giving', 'guidance', 'normal', 'increase', 'anything', 'material', 'assume', 'terms', 'science'] 1227 1227 1228 1228 ['gallagher'] 1229 1229 ['flaherty', 'around', 'think', 'another', 'thing', 'drill', 'down', 'monthly', 'basis', 'operate', 'colleague', 'better', 'maybe', 'advertise', 'number'] 1230 1230 1231 1231 1232 1232 ['jerry', 'doctrow', 'swing', 'switch', 'second', 'quarter', 'quarter', 'pick'] 1233 1233 1234 1234 1235 1235 ['flaherty', 'escalator', 'higher', 'quality', 'going', 'think', 'campus', 'jerry', 'quality', 'going', 'materially', 'different', 'tenant'] 1236 1236 1237 1237 1238 1238 ['jerry', 'doctrow', 'right', 'enough', 'thanks'] 1239 1239 1240 1240 ['operator', 'question', 'come', 'steve', 'swett'] 1241 1241 ['steve', 'swett', 'analyst', 'thanks', 'question', 'answer', 'couple', 'things', 'think', 'mention', 'expense', 'reimbursement', 'item', 'portfolio', 'expense', 'reimbursement', 'certainly', 'quarter', 'something', 'normalize', 'going', 'forward'] 1242 1242 ['gallagher', 'probably', 'function', 'collection', 'particular', 'quarter', 'think', 'happening'] 1243 1243 ['steve', 'swett', 'press', 'thought', 'refinance', 'capital', 'option', 'talk', 'manor', 'investment', 'libor', 'base', 'match', 'fund', 'libor', 'base', 'bridge', 'guess', 'today', 'affect', 'think', 'recapitalizing', 'going', 'forward', 'connection', 'maintain', 'secure', 'option'] 1244 1244 1245 1245 1246 1246 ['flaherty', 'secure', 'financing', 'roll', 'guidance', 'beyond', 'pretty', 'careful', 'think', 'capital', 'structure'] 1247 1247 ['steve', 'swett', 'thanks'] 1248 1248 1249 1249 ['operator', 'question', 'come', 'okusanya'] 1250 1250 1251 1251 ['flaherty'] 1252 1252 ['okusanya', 'thank', 'couple', 'quick', 'question', 'regard', 'change', 'rent', 'science', 'portfolio', 'large', 'tenant', 'would', 'percentage', 'change', 'rent'] 1253 1253 ['henning', 'calculation'] 1254 1254 ['flaherty', 'asking'] 1255 1255 ['okusanya', 'change', 'rent', 'negative', 'portion', 'large', 'credit', 'tenant', 'wonder', 'exclude', 'tenant', 'number'] 1256 1256 1257 1257 1258 1258 ['okusanya', 'second', 'thing', 'could', 'brief', 'overview', 'operations', 'manor', 'point', 'seeing', 'regard', 'overall', 'patient', 'make', 'manage', 'operate', 'expense', 'cetera'] 1259 1259 1260 1260 1261 1261 1262 1262 ['okusanya', 'correct', 'wrong', 'believe', 'mention', 'earlier', 'science', 'tenant', 'going', 'going'] 1263 1263 ['flaherty', 'genentech', 'roche'] 1264 1264 1265 1265 1266 1266 ['okusanya', 'and--'] 1267 1267 ['flaherty', 'teasing'] 1268 1268 1269 1269 ['okusanya', 'general', 'characteristic', 'tenant', 'small', 'company', 'underlie', 'money', 'product', 'approval'] 1270 1270 ['henning', 'specific', 'going', 'downsizing', 'move'] 1271 1271 1272 1272 1273 1273 ['operator', 'question', 'come', 'rosemary', 'green', 'street', 'advisor'] 1274 1274 1275 1275 ['flaherty', 'think', 'saying', 'historically', '50/50', 'today', 'likely', 'continue', 'little', 'lower', 'coverage', 'continue', 'agree', 'think', 'talk', 'board', 'making', 'decision', 'base', 'month', 'activity', 'different', 'downdraft', 'little', 'different', 'think', 'conceptually', 'completely', 'agree'] 1276 1276 ['think', 'conceptually', 'might', 'comment', 'relative', 'towards', 'healthcare', 'reit', 'general', 'reit', 'think', 'going', 'forward', 'model', 'going', 'different', 'create', 'value', 'could', 'right', 'right', 'think', 'reinvent', 'little', 'towards', 'really', 'month', 'whether', 'terminate', 'orias', 'portfolio', 'swinging', 'emeritus', 'restructure', 'tenant', 'selling', 'gatos', 'terizan', 'move', 'irvine', 'campus', 'diego', 'stuff', 'horizon', 'recently', 'lease', 'think', 'create', 'value', 'going', 'forward', 'going', 'making', 'assume', 'stuff', 'great', 'stuff', 'valuable', 'oppose', 'dependent', 'treadmill', 'acquisition', 'spend', 'focus', 'would', 'little', 'pushback', 'right', 'structure', 'probably', 'allow', 'maybe', 'little', 'higher', 'conceptually', 'lower', 'target', 'think', 'margin', 'probably', 'little', 'lower', 'still'] 1277 1277 ['sullivan', 'respect', 'actively', 'manage', 'exist', 'portfolio', 'seem', 'acquisition', 'opportunity', 'become', 'quite', 'interest'] 1278 1278 ['flaherty', 'discussion', 'sector', 'think', 'hotel', 'setting', 'buying', 'opportunity', 'healthcare', 'mention', 'earlier', 'conundrum', 'portfolio', 'performing', 'forecast', 'range', 'seeing', 'opportunity', 'sitting', 'screamer', 'opportunity', 'looking', 'couple', 'interest', 'things', 'count', 'oppose', 'need', 'three', 'hands', 'think', 'sector'] 1279 1279 1280 1280 ['flaherty', 'measure', 'dollar', 'going', 'since', 'fourth', 'quarter', 'patient', 'frustrate', 'opportunity', 'present'] 1281 1281 ['sullivan', 'going', 'original', 'question', 'agreement', 'think', 'position', 'leverage', 'ratio', 'industry', 'going', 'lower', 'historically', 'common', 'equity', 'issuance', 'common', 'equity', 'alternative'] 1282 1282 1283 1283 ['sullivan', 'helpful', 'totally', 'unrelated', 'question', 'comment', 'relationship', 'cirrus', 'fairly', 'sizeable', 'extend', 'look', 'first', 'quarter', 'hospital', 'materially'] 1284 1284 1285 1285 1286 1286 1287 1287 ['sullivan', 'thank'] 1288 1288 ['flaherty'] 1289 1289 1290 1290 ['biffert', 'analyst', 'oppenheimer', 'morning', 'talk', 'acquisition', 'senior', 'housing', 'space', 'attractive', 'place', 'wonder', 'change', 'mention', 'partner', 'talking', 'looking', 'range', 'change', 'view', 'terms', 'would', 'expect', 'given', 'focus', 'higher', 'quality', 'assets', 'given', 'choose', 'currently'] 1291 1291 1292 1292 1293 1293 ['flaherty', 'three', 'sector', 'think', 'three', 'present', 'opportunity', 'secure', 'financing', 'senior', 'housing', 'although', 'reasonably', 'limited', 'think', 'quite', 'years', 'sector', 'probably', 'company', 'insurance', 'company', 'drive', 'dynamic', 'secure', 'financing', 'would', 'science', 'medical', 'office'] 1294 1294 ['biffert', 'rates', 'quote', 'get', 'quote', 'anything'] 1295 1295 ['flaherty', 'somewhere', 'probably', 'would', 'sector'] 1296 1296 ['biffert', '10-year', 'financing'] 1297 1297 ['flaherty', 'amortize', 'somewhere', 'mention', 'skill', 'clearly', 'market', 'program', 'little', 'tough', 'execution', 'folks', 'week', 'interest', 'comment', 'actually', 'prefer', 'getting', 'secure', 'package', 'reit', 'oppose', 'operator', 'inquire', 'peer', 'going', 'separate', 'underwrite', 'discipline', 'third', 'party', 'discipline', 'typically', 'present', 'master', 'lease', 'great', 'comfort', 'sort', 'portfolio', 'thought', 'interest', 'specific', 'senior', 'housing'] 1298 1298 1299 1299 ['flaherty', 'think', 'answer', 'question', 'maybe', 'could'] 1300 1300 1301 1301 ['biffert', 'thanks'] 1302 1302 ['operator', 'question', 'come', 'david'] 1303 1303 1304 1304 1305 1305 ['david', 'mention', 'skilled', 'nursing', 'facility', 'earlier', 'thought', 'could', 'little', 'detail', 'relative', 'outlook', 'asset', 'given', 'proposal', 'bundling', 'system', 'change'] 1306 1306 1307 1307 ['david', 'think', 'limited'] 1308 1308 1309 1309 1310 1310 ['exception', 'every', 'operator', 'tenant', 'bring', 'company', 'portfolio', 'couple', 'years', 'perhaps', 'important', 'every', 'operator', 'tenant', 'invite', 'leave', 'company', 'portfolio', 'couple', 'years', 'quality', 'outcome', 'efficient', 'operator', 'critical', 'representative', 'folks', 'present', 'folks', 'setting', 'hospital', 'system', 'whether', 'profit', 'profit', 'going', 'bundle', 'thing', 'going', 'stuff', 'concentration', 'master', 'lease', 'portfolio', 'relationship', 'important', 'important', 'thing', 'going', 'happen', 'obviously', 'wonderfully', 'company', 'manor', 'particular', 'country', 'parts', 'midwest', 'wonderfully', 'private', 'company', 'call', 'trilogy', 'portfolio', 'coast', 'wonderfully', 'private', 'company', 'skilled', 'portfolio', 'call', 'tandem', 'really', 'really', 'excite', 'going', 'happen', 'going', 'forward'] 1311 1311 1312 1312 1313 1313 1314 1314 ['flaherty', 'sorry', 'david', 'shifting', 'master', 'lease'] 1315 1315 1316 1316 ['flaherty', 'think', 'shifting', 'senior', 'housing', 'talking'] 1317 1317 ['david'] 1318 1318 1319 1319 ['david', 'maybe', 'provide', 'little', 'detail', 'weakness', 'senior', 'housing', 'quarter', 'would', 'component', 'seasonality', 'percentage', 'range'] 1320 1320 ['gallagher', 'typically', 'seasonality', 'really', 'impact', 'portfolio', 'particular', 'previous', 'years', 'impact', 'season', 'pretty', 'light', 'david', 'pretty', 'cocktail', 'right'] 1321 1321 1322 1322 ['flaherty'] 1323 1323 ['operator', 'question', 'come', 'bryan', 'sekino', 'barclays', 'capital'] 1324 1324 1325 1325 1326 1326 ['bryan', 'sekino', 'regard', 'comment', 'earlier', 'increase', 'irvine', 'facility', 'annualizing', 'comparing', 'rent', 'receive', 'tenant'] 1327 1327 1328 1328 ['flaherty', 'repeat', 'starting', 'higher', 'higher'] 1329 1329 ['gallagher', 'correct'] 1330 1330 ['flaherty', 'quality', 'operator', 'writing', 'check', 'million', 'change', 'quality', 'portfolio', 'bring', 'together', 'likelihood', 'going', 'getting', 'upper', 'range'] 1331 1331 1332 1332 ['flaherty', 'estate', 'healthcare', 'california', 'tenant', 'three', 'california', 'hospital', 'unfortunately', 'saddle', 'greatest', 'manage', 'contract', 'hospital', 'terizan', 'gatos', 'playing', 'least', 'behind', 'manage', 'contract', 'hospital', 'tenant', 'operate', 'coast', 'apple', 'orange', 'going', 'premier', 'profit', 'orange', 'county', 'base', 'operator', 'mothership', 'newport', 'beach', 'going', 'high', 'demand', 'procedure', 'orthopedics', 'particular', 'finish', 'million', 'investment', 'hospital', 'hospital', 'strategically', 'become', 'beachfront', 'southern', 'orange', 'county', 'feeder', 'hospital', 'newport', 'beach', 'combination', 'going', 'terms', 'physical', 'plant', 'going', 'terms', 'patient', 'revenue', 'source', 'entirely', 'different', 'ballgame', 'compare'] 1333 1333 ['bryan', 'sekino', 'right', 'thank'] 1334 1334 1335 1335 ['operator', 'question', 'come', 'steven', 'capital', 'advisor'] 1336 1336 1337 1337 1338 1338 1339 1339 ['flaherty', 'focus', 'putting', 'point', 'board', 'think', 'performance', 'portfolio', 'first', 'quarter', 'upper', 'range', 'forecast', 'please', 'looking', 'things', 'going', 'equally', 'reward', 'really', 'focus'] 1340 1340 ['steven', 'think', 'coverage', 'dividend', 'terms', 'range', 'coverage'] 1341 1341 1342 1342 1343 1343 1344 1344 1345 1345 1346 1346 ['steven', 'going', 'forward', 'terms', 'looking', 'area', 'incremental', 'store', 'basis', 'terms', 'progress', 'would', 'highlight', 'would', 'progress'] 1347 1347 ['flaherty', 'portfolio', 'sorry'] 1348 1348 ['steven', 'assume', 'tough', 'environment', 'different', 'category', 'investment', 'trend', 'would', 'incremental', 'gain', 'property'] 1349 1349 ['flaherty', 'hospital', 'medical', 'office', 'building', 'certainly', 'senior', 'housing', 'think', 'going', 'function', 'economy', 'bottom', 'would', 'unless', 'change', 'something', 'portfolio', 'would', 'incremental', 'upside', 'versus', 'senior', 'housing', 'skilled', 'portfolio', 'think', 'going', 'continue', 'pretty', 'particularly', 'skilled', 'portfolio', 'feeling', 'pretty', 'relax'] 1350 1350 ['steven', 'question', 'going', 'secure', 'lending', 'guidance', 'number', 'terms', 'going', 'roll', 'secure', 'lending', 'guidance', 'specific', 'basis'] 1351 1351 ['flaherty', 'million', 'execute', 'fourth', 'quarter'] 1352 1352 ['steven', 'going', 'libor', 'range', 'interest', 'expense', 'stuff', 'roll', 'secure'] 1353 1353 1354 1354 1355 1355 ['flaherty'] 1356 1356 1357 1357 1358 1358 1359 1359 ['unidentified', 'participant', 'phone', 'think', 'battery', 'might'] 1360 1360 1361 1361 1362 1362 1363 1363 ['unidentified', 'participant', 'beginning', 'mention', 'assets'] 1364 1364 ['flaherty', 'joint', 'venture', 'interest', 'senior', 'housing', 'space', 'acquire'] 1365 1365 ['unidentified', 'participant', 'understand', 'acquire'] 1366 1366 1367 1367 ['unidentified', 'participant', 'question', 'ask', 'guess', 'different', 'straight', 'forward', 'think', 'liquidity', 'need'] 1368 1368 ['flaherty', 'think', 'ample', 'source', 'liquidity', 'number', 'market', 'always', 'base', 'balance', 'sheet', 'management', 'never', 'basket', 'joint', 'venture', 'transfer', 'unsecured', 'several', 'years', 'meaningful', 'amount', 'secure', 'offering', 'meaningful', 'amount', 'equity', 'issuance', 'meaningful', 'amount', 'market', 'necessarily', 'always', 'necessarily', 'would', 'attractive', 'level', 'example', 'today', 'unsecured', 'market', 'today', 'month', 'would', 'terribly', 'attractive', 'account', 'terms', 'maturity', 'years', 'three', 'quarters', 'situation', 'respect', 'joint', 'venture', 'opportunity', 'secure', 'financing', 'opportunity', 'things', 'working'] 1369 1369 1370 1370 ['flaherty', 'mature', 'august', 'extension', 'option', 'consent', 'banks', 'reality', 'going', 'renegotiate', 'agreement', 'going', 'august', 'probably', 'piece', 'focus'] 1371 1371 ['unidentified', 'participant', 'prevail', 'sector', 'talk', 'transactions', 'going', 'inaudible', 'overall', 'apply', 'business', 'valuation'] 1372 1372 ['flaherty', 'really', 'going', 'situation', 'specific', 'check', 'sullivan', 'expert', 'probably', 'would', 'awful', 'answer', 'question'] 1373 1373 ['unidentified', 'participant', 'thanks'] 1374 1374 1375 1375 1376 1376 ['sarah', 'analyst', 'jpmorgan', 'sarah', 'muller', 'quick', 'question', 'interest', 'income', 'sequential', 'decrease', 'primarily', 'libor', 'anomaly', 'figure'] 1377 1377 ['flaherty', 'almost', 'libor'] 1378 1378 1379 1379 ['flaherty', 'thank', 'everybody', 'sorry', 'appreciate', 'question', 'nareit', 'forward', 'seeing'] 1380 1380 1381 1381 1382 1382 ['conference', 'call', 'event', 'transcript', 'base', 'company', 'projection', 'forward', 'looking', 'statement', 'regard', 'variety', 'item', 'forward', 'looking', 'statement', 'base', 'current', 'expectation', 'involve', 'risk', 'uncertainty', 'actual', 'result', 'differ', 'materially', 'state', 'forward', 'looking', 'statement', 'base', 'number', 'important', 'factor', 'risk', 'specifically', 'identify', 'company', 'recent', 'filing', 'although', 'company', 'indicate', 'believe', 'assumption', 'underlie', 'forward', 'looking', 'statement', 'reasonable', 'assumption', 'could', 'prove', 'inaccurate', 'incorrect', 'therefore', 'assurance', 'result', 'contemplate', 'forward', 'looking', 'statement', 'realize'] 1383 1383 1384 1385 1385 [] 1386 1387 1387 1388 1389 1389 1390 1391 1391 1392 1393 1394 1394 1395 1395 ['right', 'reserve'] 1396 1396 ['copyright'] 1397 1397 ['right', 'reserve'] 1398 0 1 2 3 4 4 ['download', 'request', 'tag', 'document'] 5 5 6 7 7 8 9 9 ['university', 'liverpool'] 10 10 ['sydney', 'jones', 'library'] 11 11 12 13 14 14 15 16 17 17 ['source', 'disclosure'] 18 18 19 20 21 21 22 22 [] 23 23 ['haverty', 'furniture', 'company', 'earnings', 'conference', 'final', 'disclosure', 'february', 'tuesday', 'words'] 24 25 26 26 27 27 ['haverty', 'furniture', 'company', 'earnings', 'conference', 'final', 'disclosure', 'november', 'thursday', 'words'] 28 29 30 30 [] 31 31 32 33 34 34 35 35 ['haverty', 'furniture', 'company', 'earnings', 'conference', 'final', 'disclosure', 'thursday', 'words'] 36 37 38 38 39 39 ['haverty', 'furniture', 'company', 'telsey', 'advisory', 'group', 'annual', 'spring', 'consumer', 'conference', 'final', 'disclosure', 'march', 'wednesday', 'words'] 40 41 42 42 ['return'] 43 44 44 45 46 47 47 ['disclosure'] 48 49 49 ['february', 'tuesday'] 50 51 51 52 53 53 54 55 55 ['corporate', 'participant'] 56 56 ['dennis'] 57 57 ['haverty', 'furniture', 'company'] 58 58 ['clarence', 'smith'] 59 59 ['haverty', 'furniture', 'company', 'president'] 60 60 61 61 ['schwartzman'] 62 62 63 63 ['bugatch'] 64 64 65 65 ['presentation'] 66 66 ['operator', 'lady', 'gentleman', 'thank', 'standing', 'welcome', 'haverty', 'result', 'operator', 'instructions'] 67 67 68 68 69 69 70 70 71 71 72 72 73 73 74 74 ['better', 'inventory', 'position', 'bestseller', 'lowest', 'stock', 'position', 'several', 'years', 'believe', 'stock', 'position', 'supply', 'chain', 'management', 'advantage', 'several', 'competitor', 'allow', 'quickly', 'serve', 'customer'] 75 75 ['focus', 'better', 'quality', 'good', 'help', 'drive', 'average', 'ticket', 'increase', 'gross', 'margin', 'merchandising', 'source', 'group', 'develop', 'strong', 'lineup', 'exclusive', 'product', 'haverty', 'brand', 'create', 'industry', 'designer', 'product', 'receive', 'strong', 'acceptance', 'customer'] 76 76 77 77 78 78 ['driving', 'store', 'sales', 'serving', 'customer', 'better', 'fashion', 'excite', 'design', 'significantly', 'enhance', 'store', 'presentation', 'better', 'technology', 'drawer', 'delivery', 'service', 'fully', 'engage', 'distinguish', 'market', 'serve', 'clear', 'merchandise', 'positioning', 'focus', 'marketing', 'message'] 79 79 80 80 81 81 ['believe', 'significant', 'upgrade', 'store', 'bright', 'easy', 'major', 'contributor', 'sales', 'increase', 'quarters', 'continue', 'clearly', 'separate', 'promotional', 'player', 'market', 'actively', 'looking', 'number', 'potential', 'site', 'major', 'market', 'within', 'current', 'distribution', 'footprint', 'would', 'dennis'] 82 82 83 83 ['plan', 'capital', 'expenditure', 'million', 'approximately', 'amount', 'expect', 'depreciation', 'amortization', 'item', 'expect', 'working', 'capital', 'requirement', 'modestly', 'remind', 'value', '259.4', 'million', '11.66', 'share', 'outstanding'] 84 84 85 85 86 86 87 87 ['operator', 'thank', 'operator', 'instructions', 'schwartzman', 'sidoti', 'company', 'please', 'ahead'] 88 88 ['schwartzman', 'analyst', 'sidoti', 'company', 'morning', 'folks', 'sense', 'president', 'weekend'] 89 89 ['clarence', 'smith', 'please', 'really', 'please', 'think', 'going', 'contribute', 'nicely', 'quarter'] 90 90 91 91 ['clarence', 'smith', 'texas', 'texas', 'frankly', 'seeing', 'pretty', 'balance', 'across', 'company', 'right', 'double', 'digit', 'month', 'across', 'board', 'major', 'market', 'produce', 'seeing', 'pretty', 'balance', 'florida', 'significantly', 'would', 'pretty', 'overall', 'balance', 'region'] 92 92 ['schwartzman', 'average', 'ticket', 'note', 'little', 'mistake', 'number'] 93 93 ['clarence', 'smith', 'think', '1,850', 'nicely', 'still', 'seeing', 'increase', '2,000', 'closing'] 94 94 ['schwartzman', 'delta', 'fourth', 'quarter'] 95 95 ['clarence', 'smith', 'actually', 'think', 'little', 'higher', 'think', 'double', 'digit', 'number'] 96 96 97 97 98 98 99 99 100 100 ['schwartzman', 'stick', 'supply', 'chain', 'reminder', 'maybe', 'update', 'number', 'envelope', 'number', 'vendor', 'relationship'] 101 101 ['clarence', 'smith', 'number', 'talking', 'import', 'overall'] 102 102 ['schwartzman', 'import', 'sorry'] 103 103 ['clarence', 'smith', 'would', 'guess', 'would', 'guess', 'really', 'could', 'answer', 'right'] 104 104 ['schwartzman', 'alright', 'thanks', 'lastly', 'decrease', 'retail', 'square', 'footage', 'allude', 'release', 'pertain', 'front'] 105 105 ['clarence', 'smith', 'mention', 'three', 'store', 'closing', 'quarter', 'quarter', 'lease', 'expire', 'weak', 'store', 'try', 'reposition', 'several', 'market', 'couple', 'store', 'closing', 'consolidate', 'another', 'location', 'market', 'think', 'actually', 'strengthening', 'position', 'pretty', 'repositioning', 'store', 'getting', 'right', 'location', 'closing', 'weak', 'store'] 106 106 107 107 ['clarence', 'smith', 'thank'] 108 108 109 109 110 110 ['clarence', 'smith', 'thank'] 111 111 112 112 113 113 ['bugatch', 'disclose', 'three', 'store', 'closing', 'notify', 'disclose', 'might'] 114 114 115 115 116 116 ['clarence', 'smith', 'looking', 'major', 'site'] 117 117 ['bugatch', 'talk', 'major', 'site', 'elsewhere', 'within', 'distribution', 'footprint', 'anything', 'would'] 118 118 119 119 ['bugatch'] 120 120 121 121 ['bugatch', 'though', 'might', 'distribution', 'footprint', 'necessarily', 'advertising', 'market'] 122 122 123 123 ['bugatch', 'might', 'decision', 'likelihood'] 124 124 ['clarence', 'smith', 'number', 'working', 'right', 'ready', 'announce', 'anything', 'deal'] 125 125 126 126 ['dennis', 'write', 'business', 'probably', 'impact', 'deliver', 'big', 'impact', 'really', 'easter', 'weekend', 'furniture', 'retailer', 'advertise', 'actually', 'close', 'easter', 'sunday', 'deliver', 'business', 'impact', 'comparison', 'february', 'think', 'number', 'delivery', 'depend', 'business'] 127 127 ['bugatch', 'congratulations', 'balance', 'quarter'] 128 128 ['clarence', 'smith', 'thank'] 129 129 ['dennis', 'thank'] 130 130 131 131 ['clarence', 'smith', 'appreciate', 'joining', 'earnings', 'appreciate', 'interest', 'haverty', 'thank'] 132 132 ['operator', 'thank', 'lady', 'gentleman', 'conclude', 'haverty', 'result', 'conference', 'thank', 'participate', 'disconnect'] 133 133 ['thomson', 'financial', 'reserves', 'right', 'change', 'document', 'content', 'information', 'without', 'obligation', 'notify', 'person', 'change'] 134 134 ['conference', 'call', 'event', 'transcript', 'base', 'company', 'projection', 'forward', 'looking', 'statement', 'regard', 'variety', 'item', 'forward', 'looking', 'statement', 'base', 'current', 'expectation', 'involve', 'risk', 'uncertainty', 'actual', 'result', 'differ', 'materially', 'state', 'forward', 'looking', 'statement', 'base', 'number', 'important', 'factor', 'risk', 'specifically', 'identify', 'company', 'recent', 'filing', 'although', 'company', 'indicate', 'believe', 'assumption', 'underlie', 'forward', 'looking', 'statement', 'reasonable', 'assumption', 'could', 'prove', 'inaccurate', 'incorrect', 'therefore', 'assurance', 'result', 'contemplate', 'forward', 'looking', 'statement', 'realize'] 135 135 ['information', 'contain', 'event', 'transcript', 'textual', 'representation', 'applicable', 'company', 'conference', 'effort', 'provide', 'accurate', 'transcription', 'material', 'error', 'omission', 'inaccuracy', 'reporting', 'substance', 'conference', 'call', 'thomson', 'financial', 'applicable', 'company', 'applicable', 'company', 'assume', 'responsibility', 'investment', 'decision', 'base', 'information', 'provide', 'event', 'transcript', 'user', 'advise', 'review', 'applicable', 'company', 'conference', 'applicable', 'company', 'filing', 'making', 'investment', 'decision'] 136 137 137 138 139 139 ['language', 'english'] 140 141 141 142 143 143 ['publication', 'transcript'] 144 145 145 146 146 147 148 148 ['copyright'] 149 150 150 ['return'] 151 152 152 153 154 155 155 ['disclosure'] 156 157 157 158 159 159 160 161 161 162 163 163 ['corporate', 'participant'] 164 164 ['dennis'] 165 165 ['haverty', 'furniture', 'company'] 166 166 167 167 ['haverty', 'furniture', 'company', 'president', 'chairman'] 168 168 ['conference', 'participant'] 169 169 170 170 ['raymond', 'james', 'analyst'] 171 171 ['schwartzman'] 172 172 ['sidoti', 'company', 'analyst'] 173 173 174 174 ['berman', 'capital', 'analyst'] 175 175 ['presentation'] 176 176 177 177 ['would', 'remind', 'everyone', 'conference', 'record', 'today', 'november', 'eastern', 'would', 'conference', 'dennis', 'executive', 'president', 'chief', 'financial', 'officer', 'please', 'ahead'] 178 178 ['dennis', 'haverty', 'furniture', 'company', 'thank', 'operator', 'morning', 'everyone', 'welcome', 'conference', 'really', 'appreciate', 'difficult', 'weather', 'business', 'normal', 'quickly', 'possible'] 179 179 ['conference', 'making', 'forward', 'looking', 'statement', 'subject', 'uncertainty', 'actual', 'result', 'differ', 'materially', 'imply', 'statement', 'speak', 'undertake', 'obligation', 'publicly', 'update', 'revise'] 180 180 ['factor', 'could', 'cause', 'actual', 'result', 'differ', 'include', 'economic', 'competitive', 'conditions', 'uncertainty', 'detail', 'company', 'report', 'file', 'president', 'chairman', 'clarence', 'smith', 'update'] 181 181 ['clarence'] 182 182 ['clarence', 'smith', 'president', 'chairman', 'haverty', 'furniture', 'company', 'thank', 'dennis', 'thank', 'joining', 'third', 'quarter', 'conference', 'please', 'report', 'third', 'quarter', 'earnings', 'versus', 'experience', 'improve', 'trend', 'consecutive', 'quarters', 'positive', 'store', 'sales', 'increase', 'momentum', 'double', 'digit', 'write', 'growth', 'recent', 'month'] 183 183 184 184 ['together', 'driving', 'first', 'since', 'first', 'move', 'consistent', 'profitability', 'upgrade', 'merchandise', 'product', 'store', 'presentation', 'help', 'average', 'driver', 'sales', 'increase'] 185 185 ['emphasis', 'marketing', 'program', 'store', 'signage', 'special', 'order', 'upholstery', 'special', 'order', 'custom', 'choice', 'product', 'account', 'sales', 'category', 'higher'] 186 186 187 187 188 188 ['weekend', '122nd', 'store', 'allen', 'texas', '46,000', 'square', 'location', 'northeast', 'dallas', 'feature', 'western', 'style', 'product', 'expect', 'location', 'heavily', 'growing', 'market'] 189 189 190 190 191 191 ['complete', 'major', 'remodel', 'expansion', 'project', 'continue', 'bright', 'inspiration', 'upgrade', 'store', 'please', 'bright', 'easy', 'format', 'positive', 'customer', 'reaction', 'help', 'drive', 'sales'] 192 192 ['continue', 'priority', 'store', 'sales', 'average', 'square', 'improve', 'product', 'quality', 'exclusive', 'design', 'engage', 'customer', 'better', 'timely', 'information', 'making', 'shopping', 'experience', 'easy'] 193 193 ['customer', 'discover', 'something', 'quickly', 'fulfil', 'vision', 'style', 'understand', 'mission', 'believe', 'target', 'customer', 'coming', 'haverty', 'trust', 'furnishing', 'choice'] 194 194 ['recent', 'sales', 'trend', 'encourage', 'highly', 'motivate', 'continue', 'improve', 'store', 'service', 'level', 'improvement', 'housing', 'market', 'city', 'service', 'believe', 'haverty', 'especially', 'position', 'capitalize', 'customer', 'renew', 'interest', 'furnishing'] 195 195 196 196 ['question', 'answer'] 197 197 198 198 ['bugatch', 'analyst', 'raymond', 'james', 'morning', 'dennis', 'congratulations', 'quarter', 'improve', 'performance', 'little', 'clarence', 'talking', 'little', 'think', 'competitive', 'positioning', 'realize', 'market', 'share', 'think', 'gain', 'share', 'lose', 'share', 'relative', 'performance', 'specific', 'market', 'atlanta', 'obviously', 'texas', 'market'] 199 199 ['clarence', 'smith', 'independent', 'industry', 'primarily', 'upper', 'business', 'business', 'reason', 'try', 'target', 'special', 'order', 'customer', 'execute', 'better'] 200 200 201 201 ['separate', 'promotional', 'player', 'market', 'ashley', 'rooms', 'little', 'think', 'starting', 'traction', 'average', 'ticket', 'another', 'indicator', 'think', 'appeal', 'better', 'customer'] 202 202 ['bugatch', 'quantify', 'average', 'ticket'] 203 203 204 204 ['bugatch', 'variation', 'geography', 'geography', 'pretty', 'consistent', 'throughout', 'chain'] 205 205 ['dennis', 'increase', 'region', 'state', 'october', 'every', 'region', 'double', 'digit', 'region', 'twice', 'average', 'teens', 'slightly', 'general', 'bounce', 'every', 'every', 'region'] 206 206 207 207 ['clarence', 'smith', 'upholstery', 'bedding', 'strong', 'performer', 'think', 'everybody', 'firing', 'bedding', 'business', 'better', 'program', 'help', 'drive', 'average', 'ticket', 'alternative', 'bedding', 'bedding', 'really', 'important', 'growing', 'continue', 'increase'] 208 208 209 209 210 210 ['clarence', 'smith', 'think', 'surprise'] 211 211 212 212 213 213 ['operator', 'schwartzman', 'sidoti', 'company'] 214 214 215 215 216 216 ['schwartzman', 'wonder', 'could', 'little', 'merchandise', 'market', 'target', 'product', 'limited', 'number', 'unique', 'market', 'wonder', 'could', 'maybe', 'numbers', 'maybe', 'typically', 'churn', 'within', 'market', 'target', 'market', 'specifically', 'given', 'calendar', 'technical', 'difficulty', 'dallas', 'texas', 'market', 'texas', 'product', 'quote', 'unquote', 'frequently', 'portion', 'product', 'portfolio', 'market', 'terms', 'unique', 'sales'] 217 217 ['clarence', 'smith', 'area', 'unique', 'product', 'coastal', 'merchandise', 'apply', 'coast', 'normal', 'coastal', 'market', 'mostly', 'florida', 'texas', 'primarily', 'dallas', 'that--', 'western', 'store'] 218 218 219 219 ['turnover', 'certainly', 'higher', 'upholstery', 'upholstery', 'pretty', 'fashion', 'change', 'quickly', 'good', 'slow', 'upholstery', 'change', 'probably', 'every', 'good', 'would', 'would', 'guess'] 220 220 221 221 222 222 ['schwartzman', 'lastly', 'expect', 'spending', 'balance'] 223 223 224 224 ['please', 'advertising', 'helping', 'build', 'brand', 'identify', 'shopper', 'place'] 225 225 226 226 ['operator', 'operator', 'instructions', 'david', 'berman', 'berman', 'capital'] 227 227 228 228 229 229 230 230 ['david', 'berman', 'sales', 'leverage', 'going', 'awfully', 'higher', 'margin', 'would', 'increase', 'gross', 'margin', 'realize', 'tough', 'environment', 'difficult', 'given', 'inventory', 'decision', 'right', 'sales', 'growth', 'sales', 'growth', 'higher', 'gross', 'margin', 'right'] 231 231 232 232 233 233 234 234 235 235 ['try', 'competitive', 'better', 'look', 'values', 'running', 'facility', 'warehouse', 'structure', 'right', 'million', 'quote', 'analyst', 'number', 'add', 'third', 'fourth', 'quarter', 'third', 'quarter', 'running', 'million', 'still', 'million', 'short', 'years'] 236 236 237 237 ['people', 'finding', 'identify', 'advertising', 'think', 'great', 'continue', 'understanding', 'people', 'might', 'higher', 'margin', 'really', 'think', 'volume'] 238 238 239 239 ['dennis', 'three', 'month', 'import', 'product', 'domestic', 'product', 'bedding', 'quick', 'require', 'planning', 'supply', 'chain', 'things', 'somebody', 'ask', 'question', 'earlier', 'product', 'turnover', 'manage', 'time', 'things', 'involve', 'product', 'introduction', 'together', 'efficiently', 'project', 'pretty', 'sensible'] 240 240 241 241 242 242 ['dennis'] 243 243 ['operator', 'smith', 'question', 'please', 'continue'] 244 244 ['clarence', 'smith', 'thank', 'interest', 'havertys', 'appreciate', 'joining'] 245 245 ['operator', 'thank', 'lady', 'gentleman', 'conclude', 'conference', 'today', 'thank', 'participation', 'disconnect', 'line'] 246 246 ['thomson', 'financial', 'reserves', 'right', 'change', 'document', 'content', 'information', 'without', 'obligation', 'notify', 'person', 'change'] 247 247 248 248 249 250 250 ['november'] 251 252 252 ['language', 'english'] 253 254 254 255 256 256 ['publication', 'transcript'] 257 258 258 ['copyright'] 259 259 260 261 261 ['copyright'] 262 263 263 ['return'] 264 265 265 ['focus', 'document'] 266 267 268 268 269 270 270 271 272 272 273 274 274 ['length', 'words'] 275 276 276 277 277 ['dennis'] 278 278 ['haverty', 'furniture', 'company'] 279 279 ['clarence', 'smith'] 280 280 ['haverty', 'furniture', 'company', 'president'] 281 281 282 282 283 283 284 284 285 285 286 286 287 287 ['stifel', 'nicolaus', 'analyst'] 288 288 ['presentation'] 289 289 ['operator', 'welcome', 'haverty', 'financial', 'result', 'august', 'throughout', 'today', 'presentation', 'participant', 'listen', 'presentation', 'opportunity', 'question', 'operator', 'instructions', 'conference', 'dennis', 'please', 'ahead'] 290 290 ['dennis', 'haverty', 'furniture', 'company', 'morning', 'everybody', 'conference', 'forward', 'looking', 'statement', 'subject', 'risk', 'uncertainty', 'actual', 'result', 'differ', 'materially', 'imply', 'statement', 'speak', 'undertake', 'obligation', 'publicly', 'update', 'revise'] 291 291 ['factor', 'could', 'cause', 'actual', 'result', 'differ', 'include', 'economic', 'competitive', 'conditions', 'uncertainty', 'detail', 'company', 'report', 'file', 'president', 'clarence', 'smith', 'update'] 292 292 ['clarence', 'smith', 'president', 'haverty', 'furniture', 'company', 'thank', 'dennis', 'morning', 'thank', 'joining', 'second', 'quarter', 'conference', 'please', 'report', 'earnings', 'second', 'quarter', 'versus', 'share', 'period', 'encourage', 'momentum', 'seeing', 'investment', 'advance', 'merchandising', 'store', 'presentation', 'marketing', 'operate', 'system', 'better', 'serve', 'customer'] 293 293 294 294 295 295 296 296 ['special', 'order', 'upholstery', 'focus', 'marketing', 'theme', 'discover', 'something', 'customer', 'realize', 'dream', 'believe', 'better', 'fulfill', 'customer', 'vision', 'competitor'] 297 297 ['store', 'fully', 'coordinate', 'presentation', 'consistent', 'across', 'footprint', 'presence', 'believe', 'continue', 'separate', 'franchise', 'chains', 'regional', 'competitor', 'better', 'quality', 'product', 'fully', 'integrate', 'interactive', 'website', 'centralize', 'seamless', 'delivery', 'operation'] 298 298 ['offer', 'better', 'product', 'value', 'better', 'service', 'level', 'drawer', 'delivery', 'feature', 'professional', 'delivery', 'distribution', 'associate', 'havertys', 'employee', 'furniture', 'retailer', 'outsource', 'delivery', 'operations', 'customer', 'survey', 'comment', 'support', 'belief', 'haverty', 'distribution', 'delivery', 'team', 'major', 'positive', 'difference', 'competitor'] 299 299 ['please', 'reinstate', 'quarterly', 'dividend', 'common', '0.0375', 'share', 'havertys', 'dividend', 'consecutive', 'years', 'suspend', 'regular', 'quarterly', 'dividend'] 300 300 301 301 302 302 303 303 304 304 305 305 306 306 ['point', 'previously', 'fix', 'discretionary', 'costs', 'greater', 'advertising', 'spend', 'higher', 'additional', 'store', 'begin', 'operations', 'second', 'total', 'costs', 'expect', 'approximately', 'million', 'higher', 'first'] 307 307 308 308 309 309 310 310 311 311 ['question', 'answer'] 312 312 313 313 314 314 315 315 316 316 ['mcconville', 'make', 'sense', 'realize', 'short', 'frame', 'measuring', 'impressive', 'write', 'quarter', 'concentrate', 'mainly', 'around', 'promotion', 'steady', 'might', 'think', 'might', 'expect'] 317 317 318 318 ['mcconville', 'seem', 'consumer', 'buying', 'multiple', 'speaker', 'could', 'little', 'income', 'statement', 'gross', 'margin', 'improvement', 'mention', 'couple', 'item', 'press', 'release', 'maybe', 'quantify', 'versus', 'promotion', 'versus', 'maybe', 'input', 'costs', 'least', 'maybe', 'things'] 319 319 320 320 ['mcconville', 'expectation', 'maybe', 'little', 'moderate', 'gain', 'function', 'mainly', 'strength', 'things', 'expect', 'change'] 321 321 322 322 ['mcconville', 'enough', 'appreciate', 'taking', 'talk', 'credit', 'availability', 'couple', 'quarters', 'discussion', 'partner', 'recently', 'anything', 'indicate', 'change', 'going'] 323 323 ['dennis', 'seem', 'pretty', 'anything', 'little', 'better', 'years', 'might', 'upgrade', 'price', 'point', 'somewhat', 'customer', 'bringing', 'really', 'prepare', 'purchase', 'probably', 'decide', 'little', 'better', 'product', 'might', 'available', 'want', 'spend', 'think', 'credit', 'consumer', 'problem'] 324 324 ['mcconville', 'gentleman', 'thank', 'congratulations'] 325 325 ['operator', 'schwartzman', 'sidoti', 'company'] 326 326 327 327 ['clarence', 'smith', 'think', 'consumer', 'research', 'going', 'website', 'think', 'website', 'help', 'fully', 'integrate', 'think', 'probably', 'better', 'competition', 'information', 'check', 'product', 'store'] 328 328 329 329 330 330 ['dennis', 'view', 'better', 'increase', 'million', 'fix', 'discretionary', 'talk', 'parts', 'increase', 'first', 'second', 'advertising', 'number', 'holiday', 'consumer', 'shopping', 'pattern', 'business', 'second', 'advertise', 'third', 'fourth', 'quarter', 'higher', 'level'] 331 331 ['schwartzman', 'dennis', 'thanks', 'finally', 'without', 'quantify', 'average', 'ticket', 'really', 'try', 'handle', 'success', 'move', 'upstream', 'price', 'point', 'possibly', 'quantify', 'increase', 'terms', 'unit'] 332 332 ['clarence', 'smith', 'increase', 'single', 'digit', 'level', 'think', 'selling', 'category', 'instance', 'upholstery', 'people', 'today', 'buying', 'sectional', 'larger', 'upholstery', 'group', 'cover', 'entire', 'family'] 333 333 334 334 335 335 ['clarence', 'smith', 'pretty', 'think', 'probably', 'seeing', 'little', 'fraction', 'continue', 'advertising', 'different', 'vendor', 'carry', 'pretty', 'throughout'] 336 336 ['schwartzman', 'sequential', 'basis'] 337 337 338 338 339 339 340 340 ['baugh', 'analyst', 'stifel', 'nicolaus', 'guess', 'want', 'start', 'level', 'question', 'first', 'pertain', 'import', 'deflation', 'historically', 'least', 'play', 'increase', 'seeing', 'average', 'selling', 'price', 'anything', 'furniture', 'price', 'general', 'stabilize', 'inflate', 'issue', 'getting', 'better', 'customer'] 341 341 ['downturn', 'mix', 'trade', 'consumer', 'cross', 'current', 'wonder', 'could', 'color'] 342 342 ['clarence', 'smith', 'definitely', 'price', 'point', 'purpose', 'customer', 'target', 'little', 'promotional', 'customer', 'might', 'little', 'ground', 'better', 'customer'] 343 343 344 344 345 345 ['baugh', 'stay', 'topic', 'traffic', 'maybe', 'measure', 'competitor', 'talk', 'reference', 'consumer', 'internet'] 346 346 ['maybe', 'saturday', 'hop', 'around', 'store', 'narrow', 'homework', 'obviously', 'close', 'ratio', 'coming', 'better', 'think', 'maybe', 'driving', 'traffic', 'metric'] 347 347 348 348 ['baugh', 'mention', 'bedding', 'going', 'curious', 'bedding', 'floor', 'today', 'versus', 'specialty', 'today', 'versus', 'average', 'selling', 'price', 'bedding', 'stable', 'curious'] 349 349 350 350 351 351 352 352 ['clarence', 'smith', 'price'] 353 353 ['baugh', 'advertising', 'battleground', 'state', 'florida', 'guess', 'operate', 'worry', 'election', 'terms', 'going', 'print', 'eyeball', 'whatever'] 354 354 ['clarence', 'smith', 'big', 'promotion', 'going', 'second', 'around', 'labor', 'begin', 'week', 'labor', 'going', 'happen', 'little', 'labor', 'little', 'october'] 355 355 ['really', 'start', 'heavy', 'advertising', 'right', 'election', 'certainly', 'november', 'november', 'december', 'month', 'think', 'impact', 'increase', 'costs', 'spots', 'majority', 'dollar', 'spend', 'meaning', 'month', 'labor', 'november', 'december'] 356 356 357 357 358 358 359 359 360 360 ['clarence', 'smith', 'would', 'thank', 'joining', 'appreciate', 'interest', 'havertys'] 361 361 362 362 363 363 364 364 365 366 366 367 368 368 ['language', 'english'] 369 370 370 ['transcript', '080212a4872374.774'] 371 372 372 373 374 374 375 375 376 377 377 ['copyright'] 378 379 379 380 381 381 ['focus', 'document'] 382 383 384 384 ['disclosure'] 385 386 386 387 388 388 389 390 390 391 392 392 ['corporate', 'participant'] 393 393 394 394 395 395 ['clarence', 'smith'] 396 396 397 397 398 398 399 399 400 400 ['david', 'berman'] 401 401 ['berman', 'capital', 'analyst'] 402 402 ['presentation'] 403 403 ['operator', 'welcome', 'haverty', 'financial', 'result', 'conference', 'throughout', 'today', 'record', 'presentation', 'participant', 'listen', 'presentation', 'opportunity', 'question', 'operator', 'instructions'] 404 404 ['would', 'conference', 'dennis'] 405 405 406 406 ['president', 'clarence', 'smith', 'update'] 407 407 ['clarence', 'smith', 'president', 'haverty', 'furniture', 'company', 'morning', 'thank', 'joining', 'first', 'quarter', 'conference', 'please', 'report', 'first', 'quarter', 'pretax', 'profits', 'million', 'versus', '500,000', 'previously', 'announce', 'sales', 'increase', '163.6', 'million', 'comparable', 'store', 'sales'] 408 408 409 409 ['complete', 'rollout', 'store', 'feature', 'point', 'sales', 'system', 'easy', 'learn', 'allow', 'fast', 'transactions', 'product', 'detail', 'sales', 'associate', 'assist', 'customer'] 410 410 411 411 ['offer', 'mobile', 'version', 'website', 'reskinning', 'attractive', 'engage', 'useful', 'online', 'visitor', 'enhancement', 'refresh', 'color', 'palette', 'allow', 'photography', 'image', 'dominant', 'highlight', 'coordinate', 'furniture', 'accessory', 'complete', 'select', 'product', 'include', 'structure', 'content', 'improve', 'search', 'engine', 'optimization', 'incorporate', 'social', 'medium', 'opportunity', 'design', 'elements', 'friendly', 'allow', 'associate', 'customer', 'quickly', 'access', 'product', 'information', 'store', 'online'] 412 412 413 413 414 414 415 415 ['final', 'stage', 'complete', 'revamp', 'accessory', 'program', 'already', 'positive', 'impact', 'store', 'presentation', 'sales', 'reaching', 'customer', 'assist', 'decorate', 'idea', 'monthly', 'inspiration', 'sessions', 'engage', 'expert', 'store', 'decorate', 'guidance', 'customer', 'decorate'] 416 416 ['upgrade', 'merchandise', 'help', 'improve', 'gross', 'margin', 'basis', 'point', 'expect', 'maintain', 'gross', 'margin', '30-basis', 'point', 'improvement'] 417 417 418 418 419 419 420 420 ['dennis'] 421 421 ['dennis', 'thank', 'several', 'point', 'quarter', 'result', 'outlook', 'night', 'press', 'release', 'brief', 'comment', 'gross', 'margin', 'expect', 'first', 'quarter', 'gross', 'margin', 'little', 'higher', 'right', 'pricing', 'trend', 'merchandise', 'suggest', 'expectation', 'basis', 'point', 'previous', 'outlook', 'figure', 'would', 'record', 'annual', 'level', 'havertys'] 422 422 423 423 ['explain', 'previous', 'conference', 'fix', 'discretionary', 'costs', 'skew', 'somewhat', 'advertising', 'spend', 'usually', 'higher', 'second', 'three', 'additional', 'store', 'opening', 'begin', 'operation', 'second'] 424 424 425 425 426 426 427 427 428 428 ['operator', 'thank', 'operator', 'instructions', 'first', 'question', 'come', 'bugatch', 'please', 'ahead', 'question'] 429 429 430 430 ['clarence', 'smith', 'thank'] 431 431 ['unidentified', 'participant', 'raymond', 'james', 'first', 'gross', 'margin', 'could', 'little', 'either', 'clarence', 'dennis', 'maybe', 'dennis', 'expect', 'first', 'quarter', 'little', 'higher', 'still', 'little', 'expectation', 'think', 'driver', 'upside', 'expectation', 'promotion', 'color', 'would', 'appreciate'] 432 432 ['clarence', 'smith', 'refer', 'margin', 'correct'] 433 433 434 434 435 435 436 436 ['clarence', 'smith', 'better', 'market'] 437 437 ['unidentified', 'participant', 'raymond', 'james', 'hearten', 'several', 'years', 'better', 'market', 'right'] 438 438 439 439 ['unidentified', 'participant', 'raymond', 'james', 'advertising', 'commercial', 'entertain', 'things', 'decidedly', 'younger', 'decidedly', 'focus', 'special', 'order', 'point', 'change', 'demographic', 'customer', 'store', 'quantify', 'maybe', 'business', 'special', 'order', 'figure', 'might'] 440 440 ['clarence', 'smith', 'customer', 'great', 'research', 'customer', 'medium', 'like', 'attention', 'process', 'month', 'utilize', 'think', 'better', 'reach', 'customer', 'creative', 'little', 'entertain', 'attention', 'across', 'point', 'theme', 'discover', 'something', 'customer', 'realize', 'vision', 'store'] 441 441 ['upholstery', 'business', 'growing', 'fast', 'category', 'special', 'order', 'growing', 'getting', 'better', 'understand', 'technology', 'execute', 'better', 'would', 'upholstery', 'special', 'order', 'important', 'think', 'understanding', 'younger', 'customer', 'contemporary', 'interest', 'change', 'product', 'versus', 'something', 'everybody', 'floor', 'think', 'appeal', 'younger', 'customer', 'understanding', 'giving', 'product', 'looking'] 442 442 ['second', 'question', 'think', 'exact', 'numbers', 'would', 'special', 'order', 'teens', 'percentage', 'would', 'include', 'custom', 'choice', 'different', 'color', 'fabric', 'design', 'product', 'execute', 'special', 'order', 'custom', 'choice', 'would', 'teens', 'percentage', 'total', 'upholstery', 'business'] 443 443 444 444 445 445 446 446 ['dennis', 'inaudible'] 447 447 448 448 ['dennis', 'would', 'prefer', 'inaudible'] 449 449 ['unidentified', 'participant', 'raymond', 'james'] 450 450 451 451 ['giant', 'inaudible', 'sales', 'level', 'enjoy', 'would', 'model', 'outline', 'generate', 'percent', 'would', 'reasonable', 'percent', 'pretty'] 452 452 ['unidentified', 'participant', 'raymond', 'james', 'enough', 'color', 'leave', 'otherwise', 'thanks', 'taking', 'question'] 453 453 454 454 455 455 456 456 ['schwartzman', 'analyst', 'sidoti', 'company', 'morning', 'gentleman'] 457 457 458 458 ['schwartzman', 'enter', 'market', 'store', 'exist', 'market', 'necessarily', 'customarily', 'local', 'market', 'spend', 'particular', 'market'] 459 459 460 460 ['schwartzman', 'regard', 'president', 'wonder', 'could', 'level', 'relative', 'level', 'promotional', 'activity', 'quarter', 'obviously', 'center', 'around', 'holiday', 'demand', 'trend', 'holiday', 'build', 'momentum', 'sustain', 'quarter', 'terms', 'write', 'business', 'deliver'] 461 461 462 462 ['schwartzman', 'correct'] 463 463 ['clarence', 'smith', 'almost', 'exactly', 'previous', 'strong', 'basically', 'message', 'medium', 'change', 'medium', 'heavy', 'television', 'anything', 'strong', 'previous', 'really'] 464 464 465 465 466 466 467 467 468 468 469 469 470 470 ['dennis', 'extra', 'february'] 471 471 ['schwartzman', 'right', 'right', 'right', 'could', 'maybe', 'discus', 'take', 'relative', 'strength', 'among', 'product', 'category', 'upholstery', 'versus', 'good', 'versus', 'bedding', 'think', 'maybe', 'would', 'throw', 'accessory'] 472 472 ['clarence', 'smith', 'upholstery', 'strong', 'category', 'think', 'continue', 'growing', 'mention', 'emphasizing', 'pretty', 'heavily', 'particularly', 'custom', 'choice', 'special', 'order', 'bedroom', 'business', 'holding', 'improve', 'slightly', 'dining', 'move', 'occasional', 'casual', 'versus', 'formal', 'casual', 'going', 'fast', 'bedding', 'competitive', 'business', 'bedding', 'extremely', 'competitive', 'fighting', 'share', 'growth', 'category', 'previous', 'growth', 'category', 'fighting', 'share'] 473 473 ['accessory', 'growth', 'category', 'putting', 'emphasis', 'product', 'excite', 'add', 'inventory', 'stock', 'distribution', 'center', 'growing', 'expect', 'business', 'business', 'business', 'maybe', 'business', 'growth', 'major', 'factor', 'overall'] 474 474 475 475 476 476 477 477 ['clarence', 'smith', 'player', 'merge', 'couple', 'bedding', 'store', 'market', 'atlanta', 'think', 'advertising', '60-something', 'store', 'spending', 'money', 'advertising', 'try', 'separate', 'people', 'bedding', 'business', 'place', 'competitive', 'player', 'marketplace', 'fight', 'share', 'going', 'outspend', 'think', 'going', 'smart', 'marketing', 'message', 'across', 'place', 'bedding', 'need'] 478 478 479 479 ['clarence', 'smith', 'competitive', 'certainly', 'try', 'cheap', 'try', 'better', 'product', 'experience', 'competitive', 'pricing'] 480 480 ['schwartzman', 'thank'] 481 481 ['clarence', 'smith', 'thanks'] 482 482 ['dennis', 'thanks'] 483 483 484 484 ['david', 'berman', 'analyst', 'berman', 'capital', 'inaudible'] 485 485 ['clarence', 'smith', 'inaudible'] 486 486 487 487 488 488 ['david', 'berman', 'think', 'think', 'think', 'great', 'terms', 'company', 'better', 'buying', 'opportunity'] 489 489 490 490 491 491 ['dennis', 'thank'] 492 492 493 493 494 494 495 495 ['clarence', 'smith', 'thank', 'joining', 'conference', 'appreciate', 'interest', 'havertys'] 496 496 497 497 ['thomson', 'financial', 'reserves', 'right', 'change', 'document', 'content', 'information', 'without', 'obligation', 'notify', 'person', 'change'] 498 498 ['conference', 'call', 'event', 'transcript', 'base', 'company', 'projection', 'forward', 'looking', 'statement', 'regard', 'variety', 'item', 'forward', 'looking', 'statement', 'base', 'current', 'expectation', 'involve', 'risk', 'uncertainty', 'actual', 'result', 'differ', 'materially', 'state', 'forward', 'looking', 'statement', 'base', 'number', 'important', 'factor', 'risk', 'specifically', 'identify', 'company', 'recent', 'filing', 'although', 'company', 'indicate', 'believe', 'assumption', 'underlie', 'forward', 'looking', 'statement', 'reasonable', 'assumption', 'could', 'prove', 'inaccurate', 'incorrect', 'therefore', 'assurance', 'result', 'contemplate', 'forward', 'looking', 'statement', 'realize'] 499 499 500 501 501 [] 502 503 503 ['language', 'english'] 504 505 505 506 507 507 ['publication', 'transcript'] 508 509 509 510 510 511 512 512 513 514 514 ['return'] 515 516 516 ['focus', 'document'] 517 518 519 519 ['disclosure'] 520 521 521 ['march', 'wednesday'] 522 523 523 ['haverty', 'furniture', 'company', 'telsey', 'advisory', 'group', 'annual', 'spring', 'consumer', 'conference', 'final'] 524 525 525 ['length', 'words'] 526 527 527 ['corporate', 'participant'] 528 528 ['clarence', 'smith'] 529 529 530 530 531 531 532 532 533 533 ['feldman'] 534 534 ['telsey', 'advisory', 'group', 'analyst'] 535 535 536 536 ['feldman', 'analyst', 'telsey', 'advisory', 'group', 'afternoon', 'thank', 'please', 'introduce', 'haverty', 'furniture', 'company', 'haverty', 'service', 'furnishing', 'retailer', 'showroom', 'state', 'really', 'throughout', 'south', 'midwest', 'atlantic', 'guess', 'generate', 'million', 'revenue', 'number', 'projection', 'target', 'around', 'million', 'growth'] 537 537 ['today', 'clarence', 'smith', 'president', 'dennis', 'clarence'] 538 538 539 539 540 540 541 541 ['fashion', 'style', 'drive', 'desire', 'customer', 'appeal', 'better', 'customer', 'upgrade', 'merchandising', 'recently', 'price', 'point', 'higher', 'promotional', 'player', 'rooms', 'ashley', 'slightly', 'ethan', 'allan', 'recognize', 'fashion', 'important', 'driver', 'business'] 542 542 ['mention', 'store', 'across', 'state', 'million', 'square', 'pretty', 'consistent', 'since', 'relocate', 'store', 'closing', 'store', 'first', 'slightly'] 543 543 ['store', 'florida', 'store', 'florida', 'continue', 'invest', 'think', 'going', 'important', 'state', 'coming', 'texas', 'large', 'store', 'georgia'] 544 544 ['focus', 'strategy', 'several', 'years', 'first', 'increase', 'sales', 'square', 'emphasizing', 'customer', 'engagement', 'mention', 'earlier', 'higher', 'price', 'point', 'better', 'good', 'continue', 'build', 'strengthen', 'haverty', 'brand', 'start', 'brand', 'continue', 'strengthen', 'within', 'footprint', 'infrastructure', 'make', 'efficient'] 545 545 ['surprise', 'demand', 'driver', 'exist', 'sales', 'sales', 'exist', 'sales', 'devastate', 'industry', 'think', 'seeing', 'bottom', 'bump', 'along', 'bottom', 'starting', 'little', 'traction', 'still', 'difficult', 'environment'] 546 546 ['customer', 'advantage', 'knowing', 'customer', 'deliver', 'hire', 'agency', 'understand', 'motivating', 'customer', 'shop', 'look', 'medium', 'depend'] 547 547 ['customer', 'trend', 'meaning', 'fashion', 'conscious', 'within', 'though', 'principal', 'focus', 'principal', 'planner', 'information', 'drive', 'approval', 'seeker', 'looking', 'approval', 'friend', 'family', 'important'] 548 548 549 549 ['try', 'empower', 'vision', 'happen', 'store', 'different', 'tool', 'provide', 'helping', 'translate', 'vision', 'showing', 'place', 'quality', 'inspire', 'rejuvenation', 'fashion', 'business', 'important', 'helping', 'translate', 'happening', 'clothing', 'business', 'furniture', 'business', 'change', 'seasonal', 'thing'] 550 550 551 551 552 552 ['custom', 'choice', 'program', 'growing', 'rapidly', 'customer', 'product', 'floor', 'variation', 'different', 'combination', 'colors', 'website', 'look', 'would', 'available'] 553 553 554 554 ['interior', 'store', 'important', 'thing', 'begin', 'program', 'call', 'bright', 'inspiration', 'multiyear', 'program', 'spending', 'million', 'exist', 'store', 'remodel', 'update', 'expect', 'store'] 555 555 556 556 ['emphasizing', 'contemporary', 'furniture', 'customer', 'asking', 'showroom', 'open', 'bedding', 'important', 'category', 'business', 'redo', 'bedding', 'gallery', 'emphasize', 'strike', 'zone', 'particular', 'category', 'sleeper', 'instance'] 557 557 ['level', 'sign', 'putting', 'throughout', 'store', 'consistent', 'website', 'seeing', 'website', 'consistent', 'store', 'information', 'product', 'customer', 'telling', 'want', 'provide'] 558 558 ['relationship', 'sales', 'important', 'relationship', 'customer', 'invest', 'million', 'technology', 'sales', 'people', 'customer', 'tool', 'product', 'showroom'] 559 559 560 560 ['think', 'would', 'point', 'delivery', 'people', 'haverty', 'associate', 'unlike', 'competition', 'recognize', 'point', 'contact', 'critical'] 561 561 562 562 ['medium', 'message', 'emphasizing', 'television', 'think', 'going', 'message', 'across', 'focus', 'online', 'usage', 'product', 'magazine', 'build', 'brand', 'deemphasizing', 'newspaper', 'eliminate'] 563 563 564 564 565 565 566 566 567 567 ['social', 'medium', 'important', 'department', 'focus', 'emphasizing', 'going', 'forward'] 568 568 569 569 570 570 ['brand', 'names', 'important', 'customer', 'bernhardt', 'making', 'exclusive', 'product', 'using', 'brand', 'store', 'florida', 'nautica', 'brand', 'important', 'customer', 'product', 'bedding', 'brand', 'sealy', 'serta', 'stearns', 'foster', 'tempur', 'pedic', 'growing', 'business'] 571 571 572 572 573 573 574 574 ['dennis'] 575 575 ['dennis', 'haverty', 'furniture', 'company', 'thank', 'picture', 'store', 'raton', 'florida', 'furniture', 'retailer', 'store', 'lease', 'fix', 'contemporary', 'florida', 'outside', 'upscale', 'customer', 'design', 'influence', 'little', 'freedom', 'choice', 'product', 'fabric', 'leader', 'terms', 'hitting', 'higher', 'price', 'point', 'merchandise'] 576 576 ['relocate', 'store', 'antonio', 'south', 'antonio', 'western', 'flavor', 'store', 'bright', 'inspiration', 'store', 'investing', 'million', 'store', 'couple', 'relocation', 'purchase', 'lease', 'fix', 'store', 'interior', 'design', 'bright', 'inspiration'] 577 577 578 578 ['midland', 'texas', 'boom', 'economy', 'strong', 'former', 'circuit', 'store', 'remodel', 'location', 'couple', 'store', 'exist', 'market', 'store', 'dallas', 'northeast', 'northeast', 'center', 'metroplex', 'growing', 'allen', 'texas', 'relocation', 'store', 'atlanta', 'southwest', 'mcdonough', 'putting', 'construct', 'somewhat', 'rarity', 'shopping', 'think', 'going'] 579 579 580 580 581 581 582 582 583 583 584 584 585 585 ['coming', 'ipads', 'salesperson', 'customer', 'functionality', 'would', 'station', 'often', 'check', 'stock', 'looking', 'group', 'combination', 'recommendation', 'leave', 'customer', 'something', 'going', 'enhance', 'capability', 'coming'] 586 586 ['mobile', 'website', 'going', 'customer', 'iphone', 'things', 'website', 'store', 'application', 'somewhat', 'skinnied', 'website', 'still', 'available', 'mobile', 'basis', 'assistance', 'develop', 'right', 'speak'] 587 587 588 588 589 589 ['several', 'things', 'converge', 'confidence', 'income', 'growing', 'housing', 'little', 'worse', 'store', 'sales', 'several', 'years', 'quarterly', 'basis', 'going', 'quarterly', 'playout', 'really', 'tough', 'store', 'sales', 'three', 'period', 'bounceback', 'actually', 'quarters', 'double', 'digit', 'store', 'sales', 'growth', 'since', 'fourth', 'quarter', 'comp'] 590 590 ['first', 'month', 'first', 'quarter', 'announce', 'press', 'release', 'total', 'write', 'sales', 'essentially', 'comp', 'without', 'store', 'growth', 'years', 'better', 'environment', 'first', 'quarter'] 591 591 592 592 593 593 ['whereas', 'black', 'come', 'precipitously', 'quarter', 'stretch', 'money', 'roaring', 'slight', 'increase', 'sales', 'starting'] 594 594 595 595 596 596 597 597 598 598 ['valuation', 'terms', 'balance', 'sheet', 'extremely', 'strong', 'intangible', 'assets', 'value', 'balance', 'sheet', 'plenty', 'intangible', 'assets', 'value', 'assign', 'around', 'million', 'third', 'store', 'distribution', 'center', 'simple', 'mortgage', 'inventory', 'million', 'reserve', 'replacement', 'value', 'balance', 'sheet', 'fund', 'borrowing', 'value', 'share', 'around', 'stock', 'price'] 599 599 600 600 ['store', 'market', 'still', 'southern', 'state', 'high', 'ownership', 'home', 'build', 'every', 'spend', 'system', 'distribution', 'network', 'scale', 'larger', 'company', 'financially', 'sound', 'balance', 'sheet', 'overall', 'position', 'million', 'available', 'revolver', 'intend', 'experience', 'passionate', 'dedicate', 'decor'] 601 601 ['story', 'would', 'answer', 'question'] 602 602 ['question', 'answer'] 603 603 604 604 ['feldman', 'question', 'consumer', 'seeing', 'change', 'consumer', 'buying', 'starting', 'gravitate', 'higher', 'ticket', 'bigger', 'basket', 'whole', 'instead', 'anything', 'colorwise'] 605 605 606 606 ['increase', 'quality', 'good', 'particularly', 'good', 'bringing', 'collection', 'higher', 'price', 'point', 'getting', 'traction', 'first', 'encourage'] 607 607 608 608 ['clarence', 'smith', 'think', 'good', 'quick', 'particularly', 'formal', 'dining', 'people', 'house', 'change', 'certainly', 'going', 'bring', 'dining', 'think', 'investing', 'front', 'house', 'bedroom', 'anything'] 609 609 ['seeing', 'instance', 'dining', 'business', 'dining', 'casual', 'dining', 'smaller', 'dining', 'formal', 'casual', 'dining', 'grow', 'dramatically', 'starting', 'little', 'pickup', 'formal', 'dining', 'means', 'people', 'willing', 'bigger', 'ticket', 'something', 'luxury', 'major', 'trend', 'trend', 'seeing'] 610 610 ['unidentified', 'audience', 'member', 'question', 'commerce', 'wonder', 'percentage', 'business', 'commerce', 'could', 'margin', 'business'] 611 611 612 612 ['think', 'could', 'point', 'still', 'believe', 'people', 'furniture', 'margin', 'little', 'higher', 'mostly', 'price', 'selling'] 613 613 ['unidentified', 'audience', 'member', 'inaudible', 'microphone', 'inaccessible'] 614 614 615 615 ['dennis', 'brick', 'mortar', 'really', 'change', 'advertise', 'another', 'advertising', 'online', 'sales', 'advertising', 'company', 'getting', 'website', 'everything', 'research', 'list', 'things', 'try', 'could', 'friend', 'comment', 'store'] 616 616 617 617 618 618 619 619 ['unidentified', 'audience', 'member', 'years', 'change', 'either', 'manufacturing', 'facility', 'supply', 'chain', 'going', 'allow', 'margin', 'expand', 'sales', 'recover'] 620 620 621 621 622 622 ['clarence', 'smith', 'manufacturer', 'asian', 'supplier', 'domestic', 'supplier', 'dealing', 'think', 'big', 'challenge', 'dealing', 'china', 'getting', 'product', 'timely', 'manner', 'move', 'upholstery', 'really', 'challenge'] 623 623 624 624 625 625 626 626 627 627 ['feldman', 'separate', 'question', 'financing', 'deal', 'offering', 'customer', 'curious', 'seeing', 'greater', 'percentage', 'customer', 'utilize', 'change', 'dramatically', 'years', 'terms', 'duration'] 628 628 ['dennis', 'seeing', 'people', 'utilize', 'since', 'recession', 'dollar', 'amount', 'sales', 'finance', 'third', 'party', 'small', 'portfolio', 'house', 'total', 'business', 'range', 'four-', 'period', 'level'] 629 629 630 630 ['duration', 'similar', 'throughout', 'probably', 'month', 'probably', 'average', 'third', 'party', 'interest', 'competitive', 'retail'] 631 631 ['surge', 'matter', 'matter', 'trigger', 'making', 'purchase', 'course', 'base', 'confidence', 'future', 'outlook', 'income', 'going'] 632 632 ['credit', 'competitive', 'match', 'detriment', 'downturn', 'might', 'availability', 'credit', 'impediment', 'going', 'forward'] 633 633 ['clarence', 'smith', 'thank', 'appreciate'] 634 634 635 635 636 636 637 638 638 639 640 640 ['language', 'english'] 641 642 642 ['transcript', '032812a4737454.754'] 643 644 644 645 646 646 ['copyright'] 647 647 ['right', 'reserve'] 648 649 649 650 0 1 2 3 4 4 5 5 ['request', 'saturday', '05:40:04'] 6 7 7 8 9 9 ['university', 'liverpool'] 10 10 11 11 [] 12 13 14 14 ['terms', 'herman', 'miller'] 15 16 17 17 18 18 ['project'] 19 20 21 21 22 22 [] 23 23 ['herman', 'miller', 'earnings', 'conference', 'final', 'disclosure', 'thursday', 'words'] 24 25 26 26 [] 27 27 28 29 30 30 [] 31 31 ['herman', 'miller', 'earnings', 'conference', 'final', 'disclosure', 'december', 'thursday', 'words'] 32 33 34 34 35 35 36 37 38 38 ['return'] 39 40 40 41 42 43 43 44 45 45 46 47 47 48 49 49 ['length', 'words'] 50 51 51 52 52 53 53 ['herman', 'miller', 'president'] 54 54 ['bylsma'] 55 55 56 56 ['stutz'] 57 57 ['herman', 'miller', 'treasurer', 'chief', 'accounting', 'officer'] 58 58 59 59 60 60 61 61 62 62 63 63 ['schwartzman'] 64 64 65 65 ['mccall'] 66 66 67 67 68 68 ['operator', 'morning', 'everyone', 'welcome', 'herman', 'miller', 'incorporate', 'fiscal', 'fourth', 'quarter', 'fiscal', 'earnings', 'result', 'conference', 'record'] 69 69 ['presentation', 'include', 'forward', 'looking', 'statement', 'involve', 'risk', 'uncertainty', 'could', 'cause', 'actual', 'result', 'differ', 'materially', 'forward', 'looking', 'statement', 'risk', 'uncertainty', 'include', 'factor', 'discuss', 'company', 'report', 'report', 'file', 'security', 'exchange', 'commission'] 70 70 71 71 72 72 ['investing', 'array', 'product', 'aim', 'create', 'office', 'landscape', 'future', 'multiple', 'global', 'platform', 'seating', 'expansion', 'collection', 'portfolio', 'introduction', 'neocon', 'close', 'fourth', 'quarter', 'deliver', 'point', 'strongly', 'reinforce', 'reputation', 'global', 'leadership', 'workplace', 'design', 'knowledge', 'insight', 'month', 'chicago', 'unveil', 'living', 'office', 'holistic', 'vision', 'modern', 'workplace', 'result', 'three', 'years', 'global', 'research', 'design', 'investment', 'altogether', 'neocon', 'represent', 'herman', 'miller', 'large', 'introduction', 'product', 'decade', 'design', 'presentation', 'living', 'office', 'research', 'knowledge', 'first', 'public', 'launch', 'larger', 'workplace', 'portfolio', 'product', 'services'] 73 73 ['proud', 'award', 'present', 'event', 'please', 'powerful', 'impression', 'specifier', 'customer', 'meeting', 'conversation', 'clear', 'connect', 'living', 'office', 'vision', 'attend', 'knowledge', 'sessions', 'independent', 'expert', 'performance', 'value', 'unique', 'design', 'application', 'throughout', 'herman', 'miller', 'space', 'centerpiece', 'setting', 'three', 'major', 'product', 'platform', 'create', 'address', 'unmet', 'need', 'emerge', 'office', 'landscape', 'uniquely', 'powerful', 'solving', 'tomorrow', 'workplace', 'performance', 'comfort', 'beauty', 'versatility', 'need', 'individual', 'team', 'group', 'community', 'space'] 74 74 75 75 76 76 77 77 78 78 ['finally', 'commit', 'strengthening', 'balance', 'sheet', 'return', 'greater', 'shareholder', 'address', 'latter', 'first', 'fiscal', 'please', 'implement', 'dividend', 'increase', 'raising', 'annualized', 'payout', 'million', 'fiscal', 'today', 'approximately', 'million', 'enhance', 'dividend', 'remain', 'confident', 'inaudible', 'financial', 'position', 'ability', 'strategic', 'investment', 'going', 'forward', 'confidence', 'strategically', 'important', 'action', 'begin', 'terminate', 'legacy', 'pension', 'plan', 'favor', 'define', 'contribution', 'retirement', 'program', 'follow', 'initiative', 'complete', 'transition', 'fiscal', 'significantly', 'reduce', 'balance', 'sheet', 'enhance', 'retention', 'future', 'flow', 'expect', 'process', 'complete', 'november'] 79 79 80 80 81 81 82 82 ['sales', 'north', 'american', 'reportable', 'segment', 'million', 'prior', 'order', 'fourth', 'quarter', 'total', 'million', 'reflect', 'decrease', 'period', 'fiscal', 'adjust', 'impact', 'dealer', 'deconsolidation', 'segment', 'sales', 'order', 'increase', 'relatively', 'fourth', 'quarter', 'fiscal', 'experience', 'relative', 'weakness', 'federal', 'government', 'sector', 'quarter', 'sales', 'order', 'decline', 'approximately', 'activity', 'level', 'outside', 'federal', 'government', 'remain', 'generally', 'strong', 'quarter', 'strengthen', 'business', 'services', 'manufacturing', 'energy', 'offset', 'soft', 'demand', 'within', 'financial', 'services', 'sector', 'relative', 'third', 'quarter', 'sales', 'north', 'american', 'reportable', 'segment', 'increase', 'third', 'quarter', 'level', 'segment', 'order'] 83 83 84 84 ['sequential', 'quarter', 'basis', 'north', 'american', 'segment', 'sales', 'order', 'increase', 'respectively', 'third', 'quarter', 'level', 'beginning', 'quarter', 'specialty', 'consumer', 'segment', 'incorporate', 'operate', 'result', 'maharam', 'fourth', 'quarter', 'segment', 'sales', 'million', 'nearly', 'prior', 'order', 'period', 'total', 'million', 'reflect', 'increase', 'period', 'fiscal', 'sequentially', 'sales', 'specialty', 'consumer', 'segment', 'increase', 'third', 'quarter', 'level', 'segment', 'order', 'almost', 'forma', 'basis', 'exclude', 'maharam', 'segment', 'sales', 'fourth', 'quarter', 'increase', 'quarter', 'order', 'prior', 'level', 'relative', 'third', 'quarter', 'fiscal', 'forma', 'segment', 'sales', 'decrease', 'order', 'sequential', 'sales', 'decrease', 'predominantly', 'drive', 'timing', 'project', 'within', 'geiger', 'subsidiary'] 85 85 86 86 87 87 ['operate', 'expense', 'fourth', 'quarter', 'million', 'represent', 'increase', 'approximately', 'million', 'quarter', 'fiscal', 'million', 'increase', 'relate', 'inclusion', 'partial', 'quarter', 'result', 'maharam', 'addition', 'legacy', 'pension', 'impact', 'increase', 'operate', 'expense', 'drive', 'higher', 'incentive', 'accrual', 'spending', 'marketing', 'product', 'initiative', 'several', 'unveil', 'earlier', 'month', 'neocon', 'exclude', 'impact', 'maharam', 'operate', 'expense', 'fourth', 'quarter', 'increase', 'million', 'third', 'quarter', 'fiscal', 'generally', 'expectation', 'coming', 'period', 'operate', 'earnings', 'quarter', 'million', 'sales', 'represent', 'basis', 'point', 'improvement', 'consolidate', 'operate', 'margin', 'fiscal'] 88 88 89 89 ['stutz', 'treasurer', 'chief', 'accounting', 'officer', 'herman', 'miller', 'thanks', 'morning', 'everyone', 'end', 'quarter', 'total', 'equivalent', 'million', 'amount', 'approximately', 'million', 'end', 'quarter', 'decrease', 'drive', 'acquisition', 'maharam', 'though', 'partially', 'offset', 'strong', 'generation', 'fourth', 'quarter', 'flow', 'operations', 'period', 'million', 'change', 'working', 'capital', 'drove', 'million', 'source', 'period', 'large', 'contributor', 'increase', 'trade', 'payables', 'accrue', 'liabilities', 'fiscal', 'flow', 'operations', 'million', 'capital', 'expenditure', 'quarter', 'million', 'bringing', 'total', 'million'] 90 90 ['dividend', 'quarter', 'million', 'million', 'respectively', 'amount', 'significantly', 'higher', 'dividend', 'payouts', 'fiscal', 'total', 'million', 'fourth', 'quarter', 'million', 'remain', 'compliance', 'covenant', 'quarter', 'gross', 'ebitda', 'ratio', 'approximately1.3', 'available', 'capacity', 'credit', 'facility', 'remains', 'million', 'usage', 'outstanding', 'letters', 'credit', 'given', 'current', 'balance', 'ongoing', 'operations', 'total', 'borrowing', 'capacity', 'confident', 'financing', 'need', 'business', 'forward'] 91 91 ['provide', 'update', 'status', 'plan', 'terminate', 'domestic', 'define', 'benefit', 'pension', 'plan', 'brian', 'mention', 'progress', 'project', 'fiscal', 'near', 'completion', 'earlier', 'fiscal', 'second', 'quarter', 'complete', 'important', 'process', 'move', 'current', 'employee', 'retirement', 'program', 'base', 'define', 'contribution', 'format', 'concurrent', 'cease', 'ongoing', 'benefit', 'accrual', 'legacy', 'define', 'benefit', 'plan', 'following', 'transition', 'begin', 'process', 'systematically', 'settling', 'portion', 'legacy', 'pension', 'obligation', 'distribute', 'benefit', 'certain', 'participant', 'benefit', 'distribution', 'fiscal', 'require', 'contribute', 'additional', 'plan', 'trigger', 'recognition', 'settlement', 'accounting', 'expense', 'charge', 'large', 'component', 'refer', 'legacy', 'pension', 'expense'] 92 92 93 93 ['reminder', 'final', 'benefit', 'settlement', 'trigger', 'recognition', 'additional', 'settlement', 'accounting', 'expense', 'expense', 'significant', 'currently', 'estimate', 'charge', 'range', 'million', 'million', 'second', 'quarter', 'fiscal', 'large', 'numbers', 'think', 'important', 'recognition', 'settlement', 'expense', 'little', 'impact', 'shareholder', 'equity', 'since', 'large', 'majority', 'losses', 'already', 'reflect', 'component', 'comprehensive', 'income', 'balance', 'sheet', 'always', 'continue', 'provide', 'update', 'progress', 'final', 'phase', 'coming', 'month', 'cover', 'sales', 'earnings', 'guidance', 'first', 'quarter', 'fiscal'] 94 94 ['bylsma', 'thanks', 'expect', 'sales', 'range', 'million', 'million', 'first', 'quarter', 'guidance', 'imply', 'total', 'revenue', 'growth', 'fiscal', 'organic', 'basis', 'range', 'would', 'approximately', 'minus', 'positive', 'growth', 'number', 'move', 'parts', 'consider', 'arrive', 'range', 'unpack', 'guidance', 'assume', 'maharam', 'sales', 'million', 'million', 'quarter', 'impact', 'dealer', 'deconsolidation', 'reduce', 'revenue', 'approximately', 'percentage', 'point', 'relative', 'please', 'level', 'order', 'entry', 'throughout', 'majority', 'quarter', 'stretch', 'week', 'order', 'pacing', 'dip', 'given', 'order', 'pacing', 'project', 'funnel', 'note', 'unusual', 'level', 'delay', 'within', 'funnel', 'clear', 'actual', 'order', 'cancel', 'delay', 'rather', 'represent', 'delay', 'potential', 'project', 'opportunity'] 95 95 ['together', 'factor', 'cause', 'arrive', 'first', 'quarter', 'organic', 'revenue', 'estimate', 'broadly', 'expect', 'order', 'pacing', 'increase', 'forward', 'base', 'number', 'encourage', 'factor', 'include', 'level', 'customer', 'visit', 'inquiry', 'timing', 'know', 'project', 'enter', 'backlog', 'expect', 'maharam', 'revenue', 'million', 'million', 'first', 'quarter', 'earnings', 'sales', 'limited', 'recognition', 'certain', 'expense', 'relate', 'valuation', 'inventory', 'initial', 'purchase', 'accounting', 'require', 'expense', 'recur', 'beyond', 'first', 'quarter', 'however', 'reduce', 'first', 'quarter', 'pretax', 'earnings', 'approximately', 'million'] 96 96 97 97 ['question', 'answer'] 98 98 99 99 ['operator', 'instructions'] 100 100 101 101 ['borstein', 'analyst', 'longbow', 'research', 'brian', 'borstein', 'david', 'macgregor', 'thanks', 'taking', 'question', 'looking', 'comment', 'higher', 'expense', 'relate', 'several', 'initiative', 'currently', 'making', 'anticipate', 'additional', 'expense', 'fiscal', 'versus', 'fiscal'] 102 102 ['bylsma', 'think', 'david', 'sorry', 'first', 'quarter', 'would', 'expect', 'given', 'things', 'variable', 'fairly', 'consistently', 'acrost', 'quarters', 'maybe', 'slight', 'uptake', 'general', 'think', 'historically', 'first', 'quarter', 'tend', 'little', 'lighter', 'second', 'quarter', 'third', 'quarter', 'little', 'lighter', 'second', 'quarter', 'general', 'number', 'fairly', 'significant', 'change', 'right', 'quarter', 'quarter', 'always', 'apprise', 'quarter', 'quarter'] 103 103 ['borstein', 'great', 'thanks', 'contribution', 'margin', 'incremental', 'revenue', 'expect', 'think', 'mention', 'range', 'versus', 'normalize', 'range', 'right', 'think'] 104 104 105 105 106 106 ['bylsma', 'revenue'] 107 107 ['borstein', 'either', 'maybe'] 108 108 ['bylsma', 'think', 'revenue', 'obviously', 'maharam', 'specialty', 'consumer', 'going', 'going', 'roughly', 'million', 'revenue', 'sequentially', 'right'] 109 109 110 110 ['bylsma', 'going', 'probably', 'margin', 'probably', 'fairly', 'similar', 'add', 'bunch', 'revenue', 'number', 'talk', 'operate', 'income', 'growth', 'coming', 'leverage', 'would', 'business'] 111 111 ['borstein', 'thanks', 'final', 'could', 'maharam', 'affect', 'goal'] 112 112 ['brian', 'walker', 'brian', 'always', 'assume', 'going', 'acquisition', 'number'] 113 113 114 114 115 115 ['operator', 'thank', 'question', 'come', 'buggatch', 'raymond', 'james'] 116 116 117 117 118 118 ['bugatch', 'congratulations', 'solid', 'quarter', 'couple', 'question', 'understand', 'maybe', 'forgive', 'normal', 'stupid', 'maharam', 'accretion', 'maharam', 'going', 'forward', 'million', 'worth', 'revenue', 'right', 'revenue', 'maharam'] 119 119 ['brian', 'walker'] 120 120 121 121 122 122 123 123 124 124 125 125 ['brian', 'walker', 'exclude', 'exclude', 'million', 'refer', 'talk', 'earlier'] 126 126 127 127 128 128 129 129 ['brian', 'walker', 'think', 'second'] 130 130 131 131 132 132 133 133 134 134 135 135 ['stutz', 'think', 'multiple', 'speaker'] 136 136 ['bylsma', 'pretty', 'close'] 137 137 138 138 ['bylsma'] 139 139 ['bugatch', 'first', 'quarter', 'guidance', 'midpoint', 'million', 'maharam', 'guess', 'dealer', 'would', 'reduce', 'million', 'dealer', 'deconsolidation', 'maharam', 'million', 'revenue', 'quarter'] 140 140 141 141 142 142 ['brian', 'walker', 'second', 'intangible', 'thing', 'details', 'sitting', 'right', 'front', 'essentially', 'going', 'going', 'first', 'first', 'stuff', 'turn', 'inventory', 'amortization', 'stuff', 'amortize', 'first', 'three', 'years'] 143 143 ['bugatch', 'understand', 'brian', 'dealer', 'multiple', 'speaker', 'stuff'] 144 144 ['brian', 'walker', 'additional', 'things', 'happen', 'first', 'couple', 'years', 'purchase', 'years', 'three', 'thing', 'three', 'years'] 145 145 146 146 ['brian', 'walker', 'several', 'member', 'management'] 147 147 148 148 149 149 150 150 ['bylsma', 'require', 'disclosure'] 151 151 ['bugatch', 'include', 'forma', 'statement', 'would'] 152 152 ['bylsma', 'assume', 'conclude', 'material', 'enough', 'require'] 153 153 154 154 ['bylsma', 'think', 'timing', 'believe', 'timing', 'maybe', 'start', 'shipment', 'issue', 'dealer', 'issue', 'years', 'dealer', 'living', 'own', 'dealer', 'years'] 155 155 156 156 ['bugatch', 'deflation', 'really', 'great', 'impact', 'australia', 'pretty', 'severe', 'impact', 'australia'] 157 157 ['brian', 'walker', 'economy', 'drive', 'talk', 'quarter', 'seeing', 'major', 'money', 'center', 'starting', 'place', 'singapore', 'little', 'lighter', 'seeing', 'activity', 'emerge', 'market', 'pretty', 'trend', 'continue', 'australia', 'would', 'quarter', 'start', 'little', 'softness', 'talking', 'folks', 'industry', 'seeing', 'broad', 'base'] 158 158 ['bugatch', 'supply', 'australia', 'correct'] 159 159 160 160 ['bugatch', 'going', 'supply', 'ningbo'] 161 161 ['brian', 'walker', 'actually', 'supply', 'australia', 'really', 'three', 'amount', 'supply', 'australia', 'come', 'shipping', 'lane', 'actually', 'easy', 'herman', 'miller', 'brand', 'product', 'generally', 'come', 'product', 'china', 'pronged', 'approach'] 162 162 163 163 ['bylsma', 'green', 'light', 'forward'] 164 164 ['bugatch'] 165 165 166 166 ['brian', 'walker', 'works', 'actually', 'unless', 'letter', 'presume', 'approval'] 167 167 ['bugatch', 'terrific', 'right', 'terrific', 'finally', 'quantify', 'project', 'business', 'versus', 'business'] 168 168 ['bylsma', 'terms', 'actually', 'wildly', 'project', 'business', 'quarter', 'define', 'business', 'think', 'quarter', 'peg', 'sequentially'] 169 169 ['bugatch', 'right', 'bunch', 'question', 'others', 'queue', 'thanks'] 170 170 171 171 ['operator', 'thank', 'question', 'come', 'schwartzman', 'sidoti'] 172 172 ['schwartzman', 'analyst', 'sidoti', 'company', 'morning', 'folks'] 173 173 174 174 175 175 ['brian', 'walker', 'brian', 'first', 'week', 'couple', 'week', 'prior', 'first', 'couple', 'week', 'little', 'softness', 'project', 'backlog', 'anything', 'start', 'funnel', 'activity', 'whether', 'seeing', 'anything', 'happening', 'funnel', 'funnel', 'actually', 'stay', 'fairly', 'consistent', 'look', 'underneath', 'track', 'things', 'sales', 'working', 'prospect', 'happening', 'prospect', 'number', 'prospect', 'decision', 'delay', 'higher', 'recent', 'month', 'think', 'little', 'softness', 'period', 'little', 'around', 'talk', 'sales', 'nobody', 'seem', 'think', 'pattern', 'expect', 'continue', 'look', 'especially', 'first', 'quarter', 'thought', 'terms', 'range', 'forecast'] 176 176 177 177 178 178 ['schwartzman', 'delay', 'magnitude', 'would', 'imagine', 'occur', 'totally', 'uncommon'] 179 179 ['brian', 'walker', 'uncommon', 'start', 'mind', 'around', 'pattern', 'thought', 'going', 'protract', 'something', 'transient', 'going', 'affect', 'think', 'could', 'affect', 'first', 'quarter', 'business', 'couple', 'years', 'turn', 'cycle', 'think', 'better', 'balance', 'seven', 'week', 'going', 'happen', 'longer', 'whole', 'still', 'think', 'prediction', 'drive', 'technical', 'difficulty', 'numbers', 'pretty', 'anything', 'going', 'change', 'dramatically', 'plan', 'manage', 'first', 'quarter'] 180 180 ['schwartzman', 'looking', 'decade', 'recession', 'really', 'show', 'sequential', 'decline', 'factor', 'maharam', 'contribution', 'quarter', 'adjust', 'conservative', 'guidance'] 181 181 182 182 ['schwartzman', 'enough', 'regard', 'maharam', 'still', 'expect', 'accretion'] 183 183 ['bylsma', 'right', 'range', 'number', 'talk', 'million', 'inventory'] 184 184 185 185 ['bylsma', 'correct'] 186 186 187 187 ['brian', 'walker', 'always', 'longstanding', 'thing', 'sales', 'business', 'product', 'introduce', 'years', 'think', 'higher', 'collection', 'business', 'particularly', 'consumer', 'would', 'business', 'still', 'chug', 'along', 'terms', 'getting', 'development', 'queue', 'product', 'awhile', 'start', 'market', 'differently', 'product', 'still', 'coming', 'curve', 'getting', 'product', 'today', 'would', 'concern', 'things', 'stopping', 'getting', 'things', 'market'] 188 188 ['schwartzman', 'lastly', 'item', 'material', 'costs', 'outlook', 'capex', 'fiscal', 'thanks'] 189 189 ['bylsma', 'material', 'continue', 'especially', 'steel', 'price', 'mills', 'try', 'increase', 'think', 'struggle', 'increase', 'slight', 'improvement', 'commodity', 'first', 'quarter', 'relative', 'fourth', 'quarter', 'giant', 'number', 'little', 'second', 'question'] 190 190 ['schwartzman', 'capex'] 191 191 ['bylsma', 'capex', 'three', 'size', 'project', 'working', 'timing', 'difficult', 'start', 'money', 'flow', 'spend', 'million', 'think', 'neighborhood', 'somewhere', 'million', 'million'] 192 192 ['schwartzman', 'thank'] 193 193 194 194 195 195 ['question', 'come', 'mccall', 'capital', 'market'] 196 196 ['mccall', 'analyst', 'capital', 'market', 'thank', 'morning', 'everybody'] 197 197 198 198 199 199 200 200 201 201 202 202 ['mccall', 'north', 'american'] 203 203 204 204 ['mccall', 'another', 'clarification', 'gross', 'margin', 'range', 'range', 'quarter', 'given', 'maybe', 'miss'] 205 205 ['bylsma', 'gross', 'margin', 'number'] 206 206 ['mccall'] 207 207 ['bylsma', 'operate', 'expense', 'number', 'million', 'million'] 208 208 ['mccall', 'sorry'] 209 209 210 210 211 211 ['brian', 'walker', 'always', 'folks', 'refurbish', 'would', 'couple', 'years', 'fairly', 'activity', 'folks', 'building', 'corporate', 'headquarters', 'reading', 'facebook', 'headquarters', 'going', 'apple', 'exxonmobil', 'seeing', 'folks', 'seeing', 'amount', 'healthcare', 'customer', 'coming', 'beginning', 'going', 'house', 'folks', 'coming', 'healthcare', 'reform', 'course', 'double', 'edge', 'sword', 'figure', 'house', 'figure', 'side', 'thing', 'happening', 'fairly', 'normal', 'folks', 'refurbing', 'folks', 'building', 'anything', 'significantly', 'different', 'normal', 'pattern'] 212 212 ['mccall', 'nothing', 'really', 'change', 'outlook', 'debate', 'maybe', 'debate', 'debate', 'outlook', 'construction', 'completion', 'space', 'expect', 'shift', 'toward', 'space', 'quarters'] 213 213 ['brian', 'walker', 'would', 'going', 'shift', 'couple', 'quarters'] 214 214 ['mccall'] 215 215 ['brian', 'walker', 'construction', 'typically', 'longer', 'cycle', 'issue', 'rather', 'short', 'cycle', 'issue'] 216 216 217 217 ['bylsma', 'would', 'enough', 'definite', 'trend', 'couple', 'three', 'week', 'since', 'little', 'early', 'anything', 'trend', 'think', 'happen', 'broad', 'economy', 'always', 'difficult', 'economic', 'forecast', 'accurate', 'think', 'prediction', 'going', 'country', 'therefore', 'business', 'forecast', 'going', 'right', 'think', 'happen', 'activity', 'industry', 'think', 'share', 'think', 'temper', 'little', 'figure', 'happening', 'globally', 'market', 'europe', 'still', 'figure', 'place', 'little', 'difficult', 'predict'] 218 218 219 219 220 220 ['mccall', 'perfect', 'thank'] 221 221 ['operator', 'thank', 'showing', 'queue', 'conference', 'closing', 'remark'] 222 222 223 223 ['operator', 'lady', 'gentleman', 'thank', 'participate', 'today', 'conference', 'conclude', 'program', 'disconnect', 'wonderful'] 224 224 ['thomson', 'financial', 'reserves', 'right', 'change', 'document', 'content', 'information', 'without', 'obligation', 'notify', 'person', 'change'] 225 225 226 226 ['information', 'contain', 'event', 'transcript', 'textual', 'representation', 'applicable', 'company', 'conference', 'effort', 'provide', 'accurate', 'transcription', 'material', 'error', 'omission', 'inaccuracy', 'reporting', 'substance', 'conference', 'call', 'thomson', 'financial', 'applicable', 'company', 'applicable', 'company', 'assume', 'responsibility', 'investment', 'decision', 'base', 'information', 'provide', 'event', 'transcript', 'user', 'advise', 'review', 'applicable', 'company', 'conference', 'applicable', 'company', 'filing', 'making', 'investment', 'decision'] 227 228 228 229 230 230 231 232 232 ['transcript', '062713a5110758.758'] 233 234 234 ['publication', 'transcript'] 235 236 236 ['copyright'] 237 237 ['right', 'reserve'] 238 239 239 240 241 241 242 243 243 ['document'] 244 245 246 246 247 248 248 ['march', 'thursday'] 249 250 250 251 252 252 253 254 254 255 255 256 256 ['herman', 'miller', 'president'] 257 257 ['bylsma'] 258 258 259 259 ['stutz'] 260 260 261 261 262 262 ['bolen'] 263 263 264 264 ['borstein'] 265 265 ['longbow', 'research', 'analyst'] 266 266 ['schwartzman'] 267 267 268 268 269 269 ['operator', 'morning', 'everyone', 'welcome', 'herman', 'miller', 'third', 'quarter', 'fiscal', 'earnings', 'result', 'conference', 'record'] 270 270 271 271 ['today', 'presentation', 'host', 'brian', 'walker', 'president', 'chief', 'executive', 'officer', 'bylsma', 'executive', 'president', 'chief', 'financial', 'officer', 'stutz', 'treasurer', 'chief', 'accounting', 'officer', 'walker', 'brief', 'remark', 'follow', 'detail', 'presentation', 'financials', 'bylsma', 'stutz', 'question'] 272 272 ['limit', 'today', 'minutes', 'caller', 'limit', 'question', 'allow', 'participate', 'would', 'begin', 'presentation', 'turning', 'walker', 'please', 'ahead'] 273 273 274 274 275 275 ['point', 'critical', 'seeing', 'progress', 'drive', 'investment', 'making', 'margin', 'product', 'category', 'segment', 'consistent', 'growth', 'strategy', 'please', 'earnings', 'performance', 'sales', 'order', 'short', 'expectation', 'coming', 'million', 'versus', 'million', 'million', 'range', 'expect'] 276 276 ['frank', 'month', 'january', 'particularly', 'ultimately', 'prove', 'bigger', 'hurdle', 'expect', 'coming', 'quarter', 'result', 'quarter', 'reflect', 'encourage', 'progress', 'number', 'area', 'include', 'return', 'growth', 'straight', 'period', 'decline'] 277 277 278 278 ['growth', 'north', 'america', 'remains', 'challenge', 'weakness', 'federal', 'government', 'demand', 'balance', 'north', 'american', 'segment', 'show', 'solid', 'momentum', 'generate', 'sales', 'order', 'growth', 'respectively', 'fueling', 'growth', 'investment', 'making', 'higher', 'margin', 'product', 'include', 'thrive', 'portfolio', 'adjacent', 'market', 'opportunity'] 279 279 280 280 ['specialty', 'consumer', 'segment', 'post', 'solid', 'result', 'geiger', 'retail', 'collection', 'combining', 'sales', 'growth', 'quarter', 'segment', 'order', 'total', 'modestly', 'post', 'double', 'digit', 'growth', 'within', 'herman', 'miller', 'collection'] 281 281 282 282 ['importantly', 'still', 'opportunity', 'continue', 'expand', 'issue', 'iconic', 'herman', 'miller', 'design', 'update', 'today', 'material', 'technology', 'introduce', 'wholly', 'design', 'serve', 'across', 'office', 'public', 'space', 'domestically', 'internationally'] 283 283 ['north', 'american', 'segment', 'report', 'sales', 'growth', 'quarter', 'order', 'increase', 'relative', 'period', 'case', 'growth', 'concentrate', 'largely', 'relate', 'acquisition', 'beyond', 'contribution', 'experience', 'vary', 'rates', 'growth', 'decline', 'region', 'total', 'combine', 'sales', 'decrease', 'order', 'basis'] 284 284 ['regional', 'volatility', 'uncommon', 'international', 'business', 'given', 'generally', 'project', 'dependent', 'north', 'america', 'international', 'position', 'growing', 'offer', 'product', 'appropriate', 'mature', 'developing', 'market', 'expand', 'brand', 'dealer', 'presence', 'regional', 'team', 'capitalize', 'momentum'] 285 285 286 286 ['seating', 'major', 'herman', 'miller', 'hallmark', 'continue', 'large', 'small', 'volume', 'customer', 'industry', 'leading', 'solution', 'today', 'commit', 'protect', 'leadership', 'position', 'introduce', 'major', 'seating', 'refinement', 'later', 'spring'] 287 287 ['likewise', 'commit', 'sustain', 'building', 'legacy', 'pioneer', 'design', 'larger', 'workplace', 'neocon', 'unveiling', 'ambitious', 'rethink', 'office', 'since', 'invention', 'first', 'system', 'action', 'office'] 288 288 289 289 290 290 291 291 ['significantly', 'enhance', 'dividend', 'confident', 'strong', 'balance', 'sheet', 'growing', 'business', 'leaf', 'strategic', 'investment', 'brief', 'introduction', 'details', 'quarter'] 292 292 ['bylsma', 'herman', 'miller', 'thanks', 'brian', 'sales', 'third', 'quarter', 'lower', 'anticipate', 'coming', 'period', 'though', 'million', 'still', 'ahead', 'level', 'sequential', 'comparison', 'sales', 'second', 'quarter', 'order', 'quarter', 'million', 'basis', 'decrease', 'second', 'quarter', 'level', 'sequential', 'period', 'decline', 'sales', 'order', 'quarter', 'upper', 'normal', 'seasonal', 'range', 'business'] 293 293 294 294 ['north', 'american', 'segment', 'report', 'sales', 'million', 'quarter', 'represent', 'increase', 'fiscal', 'decrease', 'approximately', 'second', 'quarter', 'fiscal', 'revenue', 'growth', 'drive', 'primarily', 'acquisition'] 295 295 296 296 ['sales', 'within', 'specialty', 'consumer', 'segment', 'total', 'million', 'quarter', 'represent', 'improvement', 'period', 'continue', 'momentum', 'herman', 'miller', 'collection', 'business', 'segment', 'order', 'million', 'decrease', 'basis', 'largely', 'attribute', 'temporary', 'reduction', 'order', 'activity', 'following', 'merger', 'integration', 'large', 'online', 'retailer'] 297 297 ['shift', 'quarter', 'buying', 'pattern', 'retail', 'distributor', 'order', 'aggressively', 'better', 'prepare', 'holiday', 'season', 'compare', 'second', 'quarter', 'fiscal', 'sales', 'segment', 'increase', 'order', 'reflect', 'seasonal', 'decrease'] 298 298 299 299 300 300 ['additionally', 'despite', 'seasonally', 'lower', 'production', 'level', 'factor', 'help', 'drive', 'basis', 'point', 'improvement', 'gross', 'margin', 'second', 'quarter', 'fiscal'] 301 301 ['operate', 'expense', 'earnings', 'period', 'operate', 'expense', 'quarter', 'million', 'compare', 'million', 'quarter', 'exclude', 'impact', 'legacy', 'pension', 'costs', 'operate', 'expense', 'quarter', 'increase', 'million', 'basis'] 302 302 303 303 ['sequential', 'quarter', 'basis', 'operate', 'expense', 'exclude', 'legacy', 'pension', 'costs', 'increase', 'million', 'second', 'quarter', 'level', 'change', 'expectation', 'coming', 'period'] 304 304 ['consolidate', 'basis', 'operate', 'earnings', 'quarter', 'million', 'sales', 'exclude', 'legacy', 'pension', 'expense', 'recognize', 'period', 'adjust', 'operate', 'earnings', 'million', 'sales', 'comparison', 'report', 'operate', 'earnings', 'million', 'sales', 'third', 'quarter', 'fiscal'] 305 305 306 306 307 307 ['stutz', 'treasurer', 'chief', 'accounting', 'officer', 'herman', 'miller', 'great', 'thanks', 'morning', 'everyone', 'operations', 'third', 'quarter', 'million', 'change', 'working', 'capital', 'drove', 'million', 'source', 'period', 'large', 'contributor', 'reduction', 'trade', 'account', 'receivable'] 308 308 ['capital', 'expenditure', 'quarter', 'million', 'bring', 'total', 'million', 'dividend', 'third', 'quarter', 'million', 'compare', 'million', 'period', 'amount', 'reflect', 'establish', 'beginning', 'fiscal'] 309 309 ['january', 'announce', 'change', 'dividend', 'increase', '0.125', 'share', 'higher', 'improve', 'dividend', 'payout', 'approximately', 'million', 'fourth', 'quarter', 'fiscal'] 310 310 ['end', 'quarter', 'total', 'equivalent', 'million', 'increase', 'approximately', 'million', 'remain', 'compliance', 'covenant', 'quarter', 'gross', 'ebitda', 'ratio', 'approximately', 'available', 'capacity', 'credit', 'facility', 'remains', 'million', 'usage', 'outstanding', 'letters', 'credit'] 311 311 ['given', 'current', 'balance', 'ongoing', 'flow', 'operations', 'total', 'borrowing', 'capacity', 'maintain', 'confident', 'financing', 'need', 'business', 'forward', 'balance', 'sheet', 'liquidity', 'overview', 'cover', 'sales', 'earnings', 'guidance'] 312 312 ['bylsma', 'thanks', 'expect', 'sales', 'range', 'million', 'million', 'fourth', 'quarter', 'imply', 'anticipate', 'revenue', 'growth', 'fiscal', 'guidance', 'reflect', 'assume', 'reduction', 'sales', 'approximately', 'million', 'deconsolidation', 'florida', 'dealership'] 313 313 ['expect', 'fourth', 'quarter', 'include', 'approximately', 'million', 'legacy', 'pension', 'expense', 'approximately', 'record', 'operate', 'expense', 'exclude', 'impact', 'pension', 'costs', 'adjust', 'earnings', 'share', 'quarter', 'expect'] 314 314 ['basis', 'dilute', 'earnings', 'share', 'fourth', 'quarter', 'expect', 'assume', 'effective', 'approximately', 'however', 'believe', 'could', 'range', 'depend', 'outcome', 'variety', 'factor', 'close', 'fiscal'] 315 315 ['anticipate', 'fourth', 'quarter', 'gross', 'margin', 'range', 'exclude', 'impact', 'legacy', 'pension', 'charge', 'total', 'operate', 'expense', 'fourth', 'quarter', 'expect', 'range', 'million', 'million', 'exclude', 'legacy', 'pension', 'impact', 'guidance', 'reflect', 'anticipate', 'increase', 'spending', 'strategic', 'initiative', 'include', 'product', 'schedule', 'launch', 'upcoming', 'month'] 316 316 ['operator', 'question'] 317 317 ['question', 'answer'] 318 318 ['operator', 'operator', 'instructions', 'bugatch', 'raymond', 'james'] 319 319 ['bolen', 'analyst', 'raymond', 'james', 'associate', 'hello', 'gentleman', 'morning', 'actually', 'filling', 'congratulations', 'strong', 'performance', 'quarter', 'first', 'question', 'brian', 'comment', 'talk', 'pretty', 'january', 'could', 'quantify', 'weekly', 'order', 'pacing', 'throughout', 'quarter', 'march'] 320 320 321 321 322 322 323 323 ['normal', 'would', 'normal', 'bounce', 'week', 'march', 'little', 'early', 'typically', 'probably', 'going', 'start', 'better', 'april', 'march', 'still', 'little', 'april', 'start', 'solid', 'really', 'better'] 324 324 325 325 326 326 ['major', 'place', 'people', 'often', 'front', 'space', 'design', 'construction', 'really', 'starting', 'august', 'open', 'office', 'three', 'week'] 327 327 328 328 329 329 ['looking', 'economic', 'forecast', 'yesterday', 'would', 'believe', 'calendar', 'going', 'look', 'better', 'look', 'pretty', 'think', 'going', 'crazy', 'terms', 'think', 'try', 'reasonable', 'relatively', 'optimistic', 'general', 'economic', 'trend', 'things', 'underneath', 'continue', 'happen', 'calendar', 'start', 'industry', 'maybe', 'better', 'growth', 'rates'] 330 330 ['bolen', 'helpful', 'thank', 'sound', 'upcoming', 'neocon', 'going', 'pretty', 'herman', 'miller', 'talk', 'operate', 'expense', 'guidance', 'quarter', 'include', 'spending', 'product', 'relate', 'stuff', 'guess', 'think', 'costs', 'relate', 'product', 'introduction', 'terms', 'magnitude', 'timing', 'expense', 'layer'] 331 331 ['brian', 'walker', 'already', 'talking', 'chunk', 'would', 'actually', 'little', 'lighter', 'first', 'third', 'quarter', 'little', 'lighter', 'thought', 'coming'] 332 332 333 333 334 334 ['whether', 'inaudible', 'depend', 'growth', 'rates', 'would', 'suspect', 'volume', 'product', 'probably', 'fiscal', 'inaudible', 'launch', 'rates', 'probably', 'impact', 'fiscal', 'terms', 'actual', 'revenue'] 335 335 336 336 337 337 ['guess', 'right', 'start', 'order', 'probably', 'really', 'shipment', 'start', 'would', 'guess', 'middle', 'going', 'depend', 'margin', 'become', 'additive', 'help', 'boost', 'growth', 'course', 'quarter', 'large', 'reasonable', 'gain', 'volume', 'actually', 'leverage', 'quite', 'gross', 'margin', 'operate', 'income'] 338 338 ['think', 'really', 'depend', 'come', 'depend', 'business', 'around', 'total', 'nature', 'growth'] 339 339 ['bolen', 'thanks', 'taking', 'question'] 340 340 341 341 ['borstein', 'analyst', 'longbow', 'research', 'order', 'specialty', 'consumer', 'mention', 'temporary', 'reduction', 'something', 'online', 'retailer', 'wonder', 'little', 'depth', 'going'] 342 342 ['brian', 'walker', 'look', 'retail', 'specialty', 'consumer', 'think', 'revenue', 'increase', 'fast', 'order', 'question', 'always', 'going'] 343 343 ['happen', 'particularly', 'retail', 'business', 'first', 'little', 'change', 'amount', 'retailer', 'restock', 'stock', 'heavy', 'christmas', 'little', 'movement', 'order', 'follow', 'comparison', 'little', 'funny', 'terms', 'timing'] 344 344 ['second', 'thing', 'larger', 'online', 'retailer', 'combine', 'together', 'combination', 'active', 'typically', 'advertising', 'kind', 'things', 'little', 'order', 'integration', 'think'] 345 345 346 346 ['borstein', 'thanks', 'specialty', 'consumer', 'follow', 'consolidate', 'revenue', 'quarters', 'business', 'percentage', 'revenue', 'years', 'three'] 347 347 348 348 349 349 ['product', 'build', 'pipeline', 'contract', 'retail'] 350 350 351 351 ['think', 'going', 'really', 'depend', 'three', 'item', 'whether', 'become', 'bigger'] 352 352 ['borstein', 'thanks', 'color', 'going', 'north', 'american', 'furniture', 'solution', 'call', 'commercial', 'press', 'release', 'strength', 'wonder', 'little', 'deep', 'specifically', 'commercial', 'strength'] 353 353 ['brian', 'walker', 'actually', 'would', 'fairly', 'across', 'board', 'particular', 'segment', 'super', 'strong', 'financial', 'services', 'would', 'internationally', 'maybe', 'converse', 'thing', 'internationally', 'banking', 'sector', 'particularly', 'money', 'center', 'singapore'] 354 354 ['financial', 'services', 'better', 'overall', 'globally', 'banking', 'particularly', 'international', 'probably', 'surprise', 'going', 'europe', 'going', 'around', 'banking', 'change', 'people', 'try', 'figure', 'capitalization', 'things', 'think', 'pretty', 'broad', 'would', 'anything'] 355 355 ['stutz', 'going', 'think', 'definitely', 'contrast', 'certainly', 'quarter', 'brian', 'mention', 'internationally', 'banking', 'financial', 'services', 'definitely', 'step', 'major', 'develop', 'market', 'whereas', 'really', 'quarter'] 356 356 ['course', 'project', 'orient', 'quite', 'strong', 'actually', 'across', 'sector', 'greatest', 'strength', 'growth', 'basis', 'broad', 'base', 'brian', 'mention', 'outside', 'government'] 357 357 ['borstein', 'great', 'within', 'sense', 'right', 'business', 'business', 'seeing', 'consolidation', 'effort', 'rather', 'expansion', 'effort', 'business'] 358 358 ['brian', 'walker', 'seeing', 'amount', 'watch', 'going', 'seeing', 'amount', 'folks', 'either', 'building', 'corporate', 'headquarters', 'amount', 'corporate', 'campus', 'going', 'across', 'especially', 'unite', 'state'] 359 359 ['certainly', 'talking', 'people', 'talk', 'relate', 'apple', 'process', 'building', 'headquarters', 'juniper', 'network', 'headquarters', 'building', 'headquarters'] 360 360 ['amount', 'folks', 'talking', 'headquarters', 'construction', 'going', 'think', 'people', 'realize', 'point', 'need', 'little', 'reinvention', 'marissa', 'mayer', 'saying', 'folks', 'think', 'overstate', 'think', 'specific', 'issue', 'necessarily', 'general', 'trend'] 361 361 362 362 ['think', 'little', 'reinvention', 'going', 'right', 'people', 'saying', 'house', 'people', 'without', 'maybe', 'space', 'certainly', 'without', 'add', 'space', 'place', 'attractive', 'people'] 363 363 364 364 365 365 366 366 ['schwartzman', 'analyst', 'sidoti', 'company', 'gross', 'margin', 'second', 'looking', 'least', 'years', 'decade', 'sequential', 'change', 'third-', 'fourth', 'quarter', 'gross', 'margin', 'least', 'basis', 'point', 'maybe', 'color', 'guidance'] 367 367 ['realize', 'early', 'quarter', 'uncertainty', 'world', 'potential', 'bake', 'guidance', 'sequential', 'decline', 'margin'] 368 368 ['bylsma', 'think', 'thing', 'typically', 'gross', 'margin', 'ability', 'challenge', 'manage', 'labor', 'typically', 'december', 'january', 'typically', 'margin'] 369 369 ['guidance', 'reflect', 'really', 'manage', 'first', 'higher', 'production', 'level', 'december', 'lower', 'january', 'typically', 'forecasting', 'level', 'variation', 'production', 'schedule', 'occur', 'manage', 'predict', 'rebound'] 370 370 371 371 ['bylsma', 'think', 'saying', 'shifting', 'product', 'towards', 'higher', 'margin', 'area', 'product', 'channel', 'change'] 372 372 ['schwartzman', 'product', 'development', 'picture', 'budget', 'think', 'allocation', 'dollar', 'amongst', 'paradigm', 'paradigm', 'product', 'collaborative', 'versus', 'bread', 'butter', 'legacy', 'herman', 'miller', 'product', 'target', 'percentage', 'base', 'whatever', 'design', 'designer', 'people', 'need'] 373 373 374 374 ['heavy', 'towards', 'breakthrough', 'chunk', 'right', 'middle', 'platform', 'drive', 'research', 'going', 'cornerstone'] 375 375 ['thing', 'collection', 'try', 'things', 'update', 'always', 'though', 'business', 'antique', 'antique', 'product', 'relevant', 'today'] 376 376 ['collection', 'though', 'looking', 'things', 'still', 'relevant', 'asking', 'improve', 'material', 'design', 'adaptation', 'relevant', 'today'] 377 377 ['section', 'business', 'going', 'major', 'working', 'platform', 'business', 'things', 'catch', 'people', 'imagination', 'breakthrough', 'specialty', 'things', 'ignite', 'people', 'herman', 'miller'] 378 378 ['looking', 'science', 'thing', 'talk', 'try', 'margin', 'area', 'thing', 'careful', 'business', 'customer', 'complete', 'provider', 'provide', 'individual', 'object', 'entire', 'environment'] 379 379 ['try', 'balance', 'often', 'margin', 'product', 'customer', 'entire', 'environment', 'thinking', 'reshape', 'environment', 'bringing', 'product', 'great', 'margin', 'things', 'balance'] 380 380 381 381 382 382 ['hiccup', 'try', 'work', 'system', 'order', 'little', 'light', 'summer', 'would', 'inflict', 'wound', 'little'] 383 383 384 384 ['place', 'marketshare', 'marketshare', 'china', 'necessarily', 'looking', 'business', 'broadly', 'holistically', 'certainly', 'enable', 'opportunity', 'market', 'would', 'otherwise'] 385 385 ['schwartzman', 'third', 'quarter', 'revenue', 'maybe', 'could', 'order', 'dollar'] 386 386 ['brian', 'walker', 'going', 'break', 'segment', 'start', 'opinion', 'point', 'level', 'granularity', 'helpful', 'going', 'bounce', 'around', 'depend', 'whether', 'product', 'herman', 'miller', 'product', 'project', 'think', 'actually', 'meaningful'] 387 387 ['schwartzman', 'seasonality', 'terribly', 'different', 'north', 'america'] 388 388 ['brian', 'walker', 'little', 'different', 'sometimes', 'different', 'period', 'within', 'quarter', 'chinese', 'obviously', 'going', 'bigger', 'impact', 'going', 'around', 'christmas'] 389 389 390 390 ['schwartzman', 'share', 'buyback', 'could', 'refresh', 'anything', 'authorization', 'remain'] 391 391 392 392 393 393 ['certainly', 'conversation', 'board', 'think', 'things', 'consider', 'point', 'share', 'repurchase', 'thing', 'would', 'first', 'ensure', 'incentive', 'plan', 'dilutive', 'would', 'think', 'would'] 394 394 395 395 ['operator', 'thank', 'showing', 'queue', 'would', 'conference', 'brian', 'walker', 'closing', 'remark'] 396 396 ['brian', 'walker', 'thank', 'closing', 'summarize', 'point', 'strategy', 'reflect', 'today', 'believe', 'drive', 'growth', 'continue', 'expand', 'margin'] 397 397 398 398 399 399 ['finally', 'investing', 'specialty', 'consumer', 'segment', 'specifically', 'retail', 'collection', 'elements', 'focus', 'margin', 'product', 'channel', 'model'] 400 400 401 401 402 402 403 403 404 404 405 405 406 407 407 ['march'] 408 409 409 ['language', 'english'] 410 411 411 ['transcript', '032113a5027262.762'] 412 413 413 ['publication', 'transcript'] 414 415 415 416 416 417 418 418 ['copyright'] 419 420 420 ['return'] 421 422 422 423 424 425 425 ['disclosure'] 426 427 427 428 429 429 ['herman', 'miller', 'earnings', 'conference', 'final'] 430 431 431 ['length', 'words'] 432 433 433 434 434 435 435 436 436 ['bylsma'] 437 437 438 438 439 439 440 440 ['conference', 'participant'] 441 441 ['david', 'macgregor'] 442 442 443 443 ['bugatch'] 444 444 ['raymond', 'james', 'associate', 'analyst'] 445 445 ['mccall'] 446 446 447 447 448 448 ['sidoti', 'company', 'analyst'] 449 449 ['presentation'] 450 450 ['operator', 'morning', 'everyone', 'welcome', 'herman', 'miller', 'ncorporated', 'second', 'quarter', 'fiscal', 'earnings', 'result', 'conference', 'record', 'presentation', 'conclude', 'include', 'forward', 'looking', 'statement', 'involve', 'risk', 'uncertainty', 'could', 'actual', 'cause', 'actual', 'result', 'differ', 'materially', 'forward', 'looking', 'statement', 'risk', 'uncertainty', 'include', 'factor', 'discuss', 'company', 'report', 'report', 'file', 'security', 'exchange', 'commission'] 451 451 452 452 ['brian', 'walker', 'president', 'herman', 'miller', 'morning', 'everyone', 'today', 'start', 'acknowledge', 'move', 'parts', 'affect', 'result', 'quarter', 'short', 'summary', 'order', 'operate', 'income', 'percentage', 'sales', 'guidance', 'provide', 'september', 'however', 'underperform', 'revenue', 'guidance', 'result', 'unusually', 'large', 'number', 'order', 'convert', 'revenue', 'typical', 'timeframe'] 453 453 454 454 455 455 ['result', 'disruption', 'power', 'installation', 'delay', 'estimate', 'storm', 'delay', 'million', 'million', 'revenue', 'additionally', 'order', 'schedule', 'longer', 'anticipate', 'times', 'order', 'second', 'fiscal', 'miss', 'reason', 'ultimately', 'order', 'backlog', 'become', 'revenue', 'order', 'move', 'right', 'direction', 'convert', 'revenue', 'profit', 'growth', 'balance'] 456 456 457 457 ['building', 'successful', 'sales', 'model', 'first', 'establish', 'thrive', 'recently', 'introduce', 'addition', 'focus', 'small', 'medium', 'business', 'customer', 'underway', 'working', 'coordination', 'dealer', 'channel', 'ensure', 'great', 'service', 'specification', 'delivery', 'service', 'small', 'customer', 'years', 'believe', 'found', 'formula', 'product', 'service', 'going', 'market', 'importance', 'coming', 'years'] 458 458 459 459 460 460 461 461 ['international', 'segment', 'addition', 'report', 'solid', 'sales', 'order', 'growth', 'prior', 'europe', 'significant', 'quarter', 'frankly', 'weak', 'expect', 'continue', 'perform', 'middle', 'element', 'international', 'performance', 'quarter', 'expand', 'momentum', 'presence', 'driving', 'substantial', 'increase', 'sales', 'order', 'region', 'achieve', 'addition', 'organic', 'sales', 'growth', 'market', 'include', 'china', 'india', 'australia'] 462 462 463 463 ['global', 'macroeconomic', 'environment', 'remains', 'mix', 'unite', 'state', 'economy', 'tepid', 'growing', 'housing', 'appear', 'poise', 'rebound', 'employer', 'beginning', 'productivity', 'gain', 'nearly', 'exhaust', 'finally', 'office', 'vacancy', 'rates', 'remain', 'company', 'continue', 'incentive', 'typically', 'lead', 'demand', 'product', 'services'] 464 464 465 465 466 466 ['cover', 'guidance', 'detail', 'remind', 'commit', 'growth', 'performance', 'target', 'indicate', 'month', 'would', 'period', 'investment', 'robust', 'product', 'pipeline', 'investment', 'customer', 'facility', 'regional', 'operations', 'marketing', 'initiative', 'collection', 'small', 'business', 'first', 'month', 'primarily', 'focus', 'capital', 'expenditure', 'third', 'fourth', 'quarters', 'incur', 'additional', 'operate', 'expense', 'program', 'begin', 'towards', 'launch'] 467 467 ['wrapping', 'introductory', 'remark', 'highlight', 'speak', 'power', 'product', 'strategy', 'brand', 'today', 'business', 'architecture', 'interior', 'design', 'community', 'critical', 'customer', 'audience', 'driving', 'specification', 'selection', 'large', 'portion', 'industry', 'sales', 'years', 'annual', 'brand', 'survey', 'connect', 'conduct', 'audience', 'publish', 'annually', 'december', 'leading', 'trade', 'magazine'] 468 468 469 469 ['herman', 'miller', 'finish', 'three', 'question', 'never', 'capture', 'overall', 'ranking', 'please', 'number', 'response', 'among', 'specifier', 'believe', 'validation', 'strategy', 'hearts', 'mind', 'community', 'great', 'product', 'design', 'complement', 'concert', 'marketing', 'effort', 'emphasize', 'unmatched', 'heritage', 'continue', 'commitment', 'design', 'excellence', 'illustrate', 'herman', 'miller', 'collection', 'collection', 'resonate', 'sales', 'order', 'generate', 'specialty', 'consumer', 'segment', 'confident', 'create', 'value', 'across', 'entire', 'business'] 470 470 ['confident', 'building', 'momentum', 'details', 'quarter'] 471 471 ['bylsma', 'herman', 'miller', 'thanks', 'brian', 'consolidate', 'basis', 'sales', 'quarter', 'million', 'represent', 'decline', 'period', 'sequential', 'decrease', 'first', 'quarter', 'clear', 'bright', 'result', 'period', 'order', 'total', 'million', 'consolidate', 'basis', 'increase', 'second', 'quarter', 'fiscal', 'represent', 'sequential', 'quarter', 'improvement'] 472 472 473 473 474 474 475 475 ['cover', 'gross', 'margin', 'performance', 'period', 'update', 'plan', 'close', 'ultimately', 'terminate', 'domestic', 'define', 'benefit', 'pension', 'plan', 'second', 'quarter', 'complete', 'important', 'transition', 'process', 'move', 'current', 'employee', 'retirement', 'program', 'base', 'define', 'contribution', 'format', 'concurrent', 'cease', 'ongoing', 'benefit', 'accrual', 'legacy', 'define', 'benefit', 'plan', 'settle', 'portion', 'legacy', 'pension', 'obligation', 'distribute', 'benefit', 'certain', 'participant', 'since', 'benefit', 'distribution', 'investment', 'pension', 'impact', 'consolidate', 'flow', 'period'] 476 476 477 477 478 478 479 479 ['recognize', '700,000', 'charge', 'restructure', 'expense', 'second', 'quarter', 'charge', 'relate', 'previously', 'announce', 'factory', 'consolidation', 'project', 'associate', 'operations', 'nemschoff', 'subsidiary', 'consolidate', 'basis', 'operate', 'earnings', 'quarter', 'million', 'sales', 'exclude', 'restructure', 'legacy', 'pension', 'expense', 'recognize', 'period', 'adjust', 'operate', 'earnings', 'million', 'sales', 'indicate', 'press', 'release', 'profitability', 'international', 'business', 'segment', 'negatively', 'impact', 'quarter', 'leverage', 'result', 'organic', 'sales', 'decrease', 'addition', 'contribute', 'million', 'revenue', 'roughly', 'breakeven', 'operate', 'performance'] 480 480 481 481 ['stutz', 'treasurer', 'herman', 'miller', 'thanks', 'morning', 'everyone', 'flow', 'operations', 'second', 'quarter', 'approximately', 'million', 'change', 'working', 'capital', 'drove', 'million', 'period', 'big', 'contributor', 'state', 'federal', 'payment', 'increase', 'inventory', 'balance', 'capital', 'expenditure', 'second', 'quarter', 'million', 'bring', 'total', 'capital', 'expenditure', 'million', 'dividend', 'payment', 'quarter', 'reflect', 'increase', 'payout', 'level', 'announce', 'start', 'fiscal', 'total', 'dividend', 'approximately', 'million', 'quarter', 'compare', 'previously', 'quarterly', 'million'] 482 482 ['end', 'quarter', 'total', 'equivalent', 'million', 'increase', 'approximately', 'million', 'quarter', 'remain', 'compliance', 'covenant', 'ebitda', 'ratio', 'approximately', 'available', 'capacity', 'credit', 'facility', 'remains', 'million', 'outstanding', 'usage', 'relate', 'letters', 'credit', 'given', 'current', 'balance', 'ongoing', 'flow', 'operations', 'total', 'borrowing', 'capacity', 'remain', 'confident', 'financing', 'need', 'business', 'forward'] 483 483 ['balance', 'sheet', 'liquidity', 'overview', 'cover', 'earnings', 'guidance'] 484 484 ['bylsma', 'thanks', 'expect', 'sales', 'range', 'million', 'million', 'third', 'quarter', 'would', 'imply', 'anticipate', 'revenue', 'growth', 'fiscal', 'earnings', 'third', 'quarter', 'expect', 'share', 'dilute', 'basis', 'guidance', 'reflect', 'impact', 'additional', 'legacy', 'pension', 'expense', 'quarter', 'anticipate', 'total', 'approximately', 'million', 'record', 'operate', 'expense', 'exclude', 'impact', 'pension', 'costs', 'adjust', 'earnings', 'share', 'quarter', 'expect', 'assume', 'effective'] 485 485 ['expect', 'fairly', 'typical', 'seasonal', 'decrease', 'gross', 'margin', 'sequential', 'quarter', 'factory', 'production', 'schedule', 'accordingly', 'forecasting', 'gross', 'margin', 'exclude', 'impact', 'legacy', 'pension', 'charge', 'earnings', 'guidance', 'third', 'quarter', 'reflect', 'increase', 'spending', 'investment', 'relate', 'array', 'product', 'currently', 'development', 'strategic', 'initiative', 'necessary', 'achieve', 'growth', 'target', 'total', 'operate', 'expense', 'third', 'quarter', 'expect', 'range', 'million', 'million', 'exclude', 'impact', 'legacy', 'pension', 'expense', 'operator', 'question'] 486 486 487 487 ['operator', 'thank'] 488 488 489 489 ['david', 'macgregor', 'longbow', 'research'] 490 490 491 491 ['brian', 'walker', 'first', 'week', 'obviously', 'third', 'right', 'order', 'think', 'number', 'david'] 492 492 493 493 494 494 ['david', 'macgregor', 'respect', 'gross', 'margin', 'guess', 'september', 'price', 'increase', 'gross', 'margin', 'benefit', 'numbers'] 495 495 ['bylsma', 'benefit', 'overall', 'pricing', 'add', 'price', 'versus', 'discount', 'impact', 'sequentially', 'number', 'positive', 'neighborhood', 'think', 'million'] 496 496 497 497 498 498 ['david', 'macgregor', 'second', 'quarter', 'integration', 'costs', 'reference', 'press', 'release', 'happen', 'couple', 'quarters'] 499 499 ['bylsma', 'roughly', 'quarter', '500,000', 'continue', 'better', 'obviously', 'quarter', 'challenge', 'move', 'manufacturing', 'portion', 'acquisition', 'confuse', 'contract', 'total', 'change', 'method', 'actually', 'buying', 'buying', 'inventory', 'prior', 'manufacturer', 'making', 'challenge', 'work', 'quarter', 'drill', 'costs'] 500 500 ['brian', 'walker', 'integration', 'things', 'david', 'acquisition', 'mention', 'manufacturing', 'assets', 'gross', 'margin', 'going', 'little', 'lower', 'normal', 'manufacturing', 'place', 'going', 'somewhere', 'phase', 'product', 'fast', 'others', 'depend', 'whether', 'building', 'current', 'facility', 'create', 'facility'] 501 501 ['going', 'month', 'lower', 'gross', 'margin', 'probably', 'going', 'closer', 'month', 'course', 'assets', 'right', 'either', 'actually', 'own', 'manufacturing', 'entity', 'acting', 'contract', 'manufacturer', 'today', 'obviously', 'taking', 'profitability'] 502 502 ['david', 'macgregor', 'thanks', 'question', 'europe', 'numbers', 'look', 'europe', 'legacy', 'business', 'single', 'digit', 'revenue', 'wonder', 'could', 'category', 'shrinkage', 'versus', 'potential', 'share', 'versus', 'timing'] 503 503 ['brian', 'walker', 'speaking', 'europe', 'particular'] 504 504 ['david', 'macgregor', 'north', 'american', 'exclude'] 505 505 506 506 507 507 ['operator', 'bugatch', 'raymond', 'james'] 508 508 509 509 510 510 ['bugatch', 'government', 'impact', 'healthcare', 'impact', 'north', 'america'] 511 511 512 512 ['bugatch', 'quite', 'contract', 'thought', 'issue', 'quarter'] 513 513 514 514 515 515 ['brian', 'walker', 'commercial', 'healthcare', 'business', 'relatively'] 516 516 517 517 ['brian', 'walker', 'government', 'total', 'government', 'total'] 518 518 ['stutz', 'around', 'rough', 'numbers', 'revenue', 'total'] 519 519 520 520 521 521 522 522 ['bugatch'] 523 523 524 524 525 525 ['stutz', 'right', 'middle', 'million'] 526 526 527 527 528 528 ['bugatch', 'europe'] 529 529 530 530 531 531 532 532 533 533 ['think', 'incremental', 'operate', 'margin', 'going', 'forward', 'move', 'piece', 'obviously', 'issue', 'product', 'introduction', 'neocon', 'things', 'commodity', 'price', 'inflation', 'going', 'first', 'move', 'piece', 'think', 'incremental', 'margin'] 534 534 ['bylsma', 'think', 'launch', 'three', 'goal', 'billion', 'operate', 'margin', 'traditionally', 'incremental', 'margin', 'lower', 'number', 'exact', 'range', 'escape', 'right'] 535 535 ['stutz', 'number'] 536 536 537 537 538 538 539 539 540 540 ['bylsma', 'inefficiency', 'higher', 'utilization', 'overhead', 'second', 'quarter', 'third', 'typically', 'holiday', 'season', 'right', 'would', 'normally', 'revenue', 'actually', 'pronounce', 'second', 'third', 'look', 'could', 'relatively', 'second', 'third', 'revenue', 'production', 'actually', 'absorption'] 541 541 ['bugatch', 'inefficiency', 'multiple', 'speaker', 'quantify', 'investment', 'making', 'dollar', 'investment', 'point', 'going', 'parse', 'total'] 542 542 ['bylsma', 'number', 'going', 'quarter', 'million', 'million', 'fairly', 'substantial', 'number', 'relate', 'second', 'phase', 'redo', 'design', 'bring', 'customer', 'michigan', 'expense', 'facility', 'investment', 'going', 'costs'] 543 543 544 544 545 545 ['bugatch', 'miss', 'number', 'terms', 'delta', 'investment'] 546 546 ['stutz'] 547 547 548 548 ['stutz', 'million', 'quarter'] 549 549 ['bugatch', 'million', 'thank', 'thank', 'thing', 'sneak', 'apologize', 'month', 'thinking', 'going', 'forward', 'calendar'] 550 550 ['brian', 'walker', 'think', 'actually', 'point', 'macro', 'thing', 'overall', 'global', 'insight', 'recent', 'forecast', 'point', 'towards', 'fairly', 'strong', 'calendar', 'always', 'difficult', 'right', 'assume', 'uncertainty', 'avoid', 'fiscal', 'cliff', 'think', 'underlie', 'business', 'strength', 'calendar', 'third', 'quarter', 'nervous', 'starting', 'pretty', 'sign', 'vacancy', 'rates', 'pretty', 'thesis', 'things', 'consider', 'could', 'pretty', 'decent', 'think', 'problem', 'right', 'better', 'crosswind', 'right', 'figure', 'thing', 'ultimately'] 551 551 ['bugatch', 'right', 'multiple', 'speaker'] 552 552 553 553 ['bugatch', 'right', 'thank', 'happy', 'holiday', 'everybody', 'herman', 'miller'] 554 554 ['operator', 'mccall', 'capital', 'market'] 555 555 ['mccall', 'analyst', 'capital', 'market', 'actually', 'follow', 'question', 'outlook', 'macro', 'relate', 'question', 'answer', 'internally', 'indicator', 'pipeline', 'whether', 'vintage', 'pipeline', 'strength', 'right'] 556 556 557 557 ['customer', 'visit', 'little', 'measure', 'right', 'amount', 'cycle', 'michigan', 'process', 'redo', 'amount', 'facility', 'holding', 'saying', 'bring', 'people', 'place', 'folks', 'seeing', 'relatively', 'going', 'nowhere', 'course', 'restrain', 'little', 'maybe', 'restrain', 'period'] 558 558 ['mccall', 'calendar', 'couple', 'things', 'think', 'talk', 'project', 'going', 'second', 'going', 'shift', 'second', 'order', 'place', 'quarter', 'announce', 'think', 'exxon', 'think', 'hear', 'large', 'project', 'visibility', 'getting', 'times', 'assume', 'provide', 'little', 'revenue', 'visibility', 'first', 'revenue', 'visibility', 'earnings', 'visibility', 'things', 'outside', 'topline', 'specifically', 'write', 'integration', 'things', 'margin', 'visibility', 'forward'] 559 559 560 560 561 561 ['tenet', 'typically', 'looking', 'activity', 'level', 'coming', 'order', 'order', 'coming', 'momentum', 'building', 'usually', 'predictor', 'rather', 'looking', 'couple', 'large', 'start', 'figure', 'going', 'schedule', 'particular', 'order', 'efficiency', 'manufacturing', 'think', 'necessarily', 'help', 'visibility', 'topline'] 562 562 ['mccall', 'margin', 'front'] 563 563 564 564 ['couple', 'things', 'ultimately', 'going', 'ability', 'healthcare', 'business', 'capture', 'price', 'lock', 'contract', 'contract', 'begin', 'expire', 'current', 'price', 'list', 'boost'] 565 565 566 566 ['mccall', 'specialty', 'consumer', 'think', 'call', 'retail', 'business', 'collection', 'business', 'growth', 'pretty', 'organic', 'number', 'floor', 'understand', 'revenue', 'growth', 'order', 'growth', 'success', 'selling', 'stuff', 'people', 'something', 'going'] 567 567 568 568 ['things', 'first', 'quivor', 'offer', 'retailer', 'course', 'start', 'sales', 'force', 'place', 'collection', 'folks', 'board', 'summertime', 'ramp', 'terms', 'number', 'people', 'getting', 'right', 'marketplace', 'think', 'combination', 'factor', 'coming', 'product', 'launch', 'hitting', 'sales', 'place', 'collection', 'course', 'enable', 'actually', 'capture', 'project', 'contract', 'people', 'acting', 'pitching', 'product', 'dealer', 'community'] 569 569 ['combination', 'thought', 'would', 'great', 'product', 'building', 'channel', 'right', 'getting', 'marketing', 'right', 'things', 'work', 'definitely', 'size', 'comp', 'pipeline', 'product', 'really', 'getting', 'sales', 'ramp', 'integrate', 'individual', 'marketplace'] 570 570 571 571 ['brian', 'walker', 'first', 'remember', 'reason', 'better', 'margin', 'generally', 'specialty', 'consumer', 'business', 'particularly', 'collection', 'retail', 'business', 'heavy', 'emphasis', 'seating', 'whereas', 'looking', 'international', 'business', 'workstation', 'business', 'talk', 'quite', 'margin', 'seeing', 'seating', 'seating', 'specialty', 'product', 'drive', 'better', 'margin', 'overall', 'retail', 'pricing', 'little', 'better', 'major', 'project', 'discount', 'project', 'bigger', 'right'] 572 572 573 573 ['north', 'american', 'business', 'actually', 'pretty', 'close', 'today', 'place', 'actually', 'margin', 'growth', 'going', 'building', 'specialty', 'consumer', 'going', 'important', 'getting', 'investment', 'cycle', 'international', 'getting', 'healthcare', 'solid', 'profitability', 'nemschoff', 'three', 'things', 'particular', 'drive'] 574 574 575 575 ['schwartzman', 'sidoti', 'company'] 576 576 ['schwartzman', 'analyst', 'sidoti', 'company', 'speak', 'sandy', 'relate', 'deferral', 'million', 'million', 'think', 'business', 'shift', 'three', 'week', 'include', 'guidance', 'quarter'] 577 577 ['bylsma', 'actually', 'ship', 'already', 'install', 'either', 'sitting', 'dealer', 'waiting', 'final', 'customer', 'final', 'customer', 'waiting', 'actually', 'instal', 'would', 'expect', 'million', 'million', 'ship', 'either', 'ship', 'product', 'final', 'customer', 'recognize', 'revenue', 'third', 'quarter', 'almost', 'completely'] 578 578 579 579 ['bylsma', 'another', 'million', 'million', 'almost', 'numbers', 'total', 'looking', 'million', 'million', 'storm', 'couple', 'longer', 'order'] 580 580 581 581 582 582 583 583 ['schwartzman', 'customer'] 584 584 585 585 586 586 587 587 ['schwartzman', 'perfect', 'clear', 'adjust', 'order', 'number', 'government', 'assume', 'purely', 'north', 'america', 'talking'] 588 588 ['brian', 'walker', 'correct', 'exclude', 'specialty', 'consumer'] 589 589 590 590 591 591 592 592 593 593 594 594 ['schwartzman', 'since', 'corporate', 'profits', 'decelerate', 'somewhat', 'curious', 'might', 'think', 'example', 'really', 'fully', 'fully', 'realize', 'vacancy', 'drive', 'opportunity', 'customer', 'facility', 'factor'] 595 595 ['brian', 'walker', 'first', 'think', 'probably', 'potential', 'think', 'industry', 'potential', 'headwind', 'people', 'tend', 'first', 'derivative', 'industry', 'happening', 'corporate', 'profits', 'think', 'backing', 'flatten', 'question', 'customer', 'place', 'attractive', 'rental', 'rates', 'start', 'reset', 'structure', 'either', 'lower', 'rates', 'efficiently', 'folks', 'amount', 'opportunity'] 596 596 ['think', 'discussion', 'driver', 'right', 'think', 'going', 'depend', 'opinion', 'january', 'february', 'country', 'economically', 'economics', 'positive', 'fiscal', 'cliff', 'company', 'start', 'growth', 'think', 'profit', 'number', 'around', 'people', 'begin', 'believe', 'going', 'around', 'prospect', 'growth', 'imagine', 'affect', 'psyche', 'business', 'actually', 'look', 'thing', 'get', 'least', 'figure', 'start', 'build', 'longer', 'plan'] 597 597 598 598 599 599 600 600 ['brian', 'walker'] 601 601 ['schwartzman', 'intent', 'possibly', 'offset', 'share', 'count', 'creeping', 'little', 'number', 'quarters', 'maybe', 'offset', 'option', 'issuance'] 602 602 ['bylsma', 'specific', 'discussion', 'course', 'constantly', 'looking', 'capital', 'structure', 'figuring', 'think', 'still', 'still', 'pension', 'finish', 'going', 'looking', 'strategic', 'idea', 'think', 'interest', 'could', 'accelerate', 'growth', 'become', 'number', 'board', 'constantly', 'looking', 'capital', 'structure', 'getting', 'adequate', 'return', 'shareholder', 'remains', 'topic', 'discussion', 'every', 'meeting', 'looking', 'three', 'priority', 'saying'] 603 603 ['operator', 'showing', 'question', 'queue'] 604 604 ['brian', 'walker', 'closing', 'folks', 'domestic', 'global', 'economic', 'challenge', 'fulfil', 'strategic', 'vision', 'believe', 'herman', 'miller', 'years', 'strength', 'promise', 'leverage', 'build', 'unique', 'advantage', 'order', 'backlog', 'generate', 'quarter', 'strong', 'validation', 'strategic', 'direction', 'momentum', 'domestically', 'internationally', 'share', 'optimism', 'future'] 605 605 606 606 607 607 ['thomson', 'financial', 'reserves', 'right', 'change', 'document', 'content', 'information', 'without', 'obligation', 'notify', 'person', 'change'] 608 608 ['conference', 'call', 'event', 'transcript', 'base', 'company', 'projection', 'forward', 'looking', 'statement', 'regard', 'variety', 'item', 'forward', 'looking', 'statement', 'base', 'current', 'expectation', 'involve', 'risk', 'uncertainty', 'actual', 'result', 'differ', 'materially', 'state', 'forward', 'looking', 'statement', 'base', 'number', 'important', 'factor', 'risk', 'specifically', 'identify', 'company', 'recent', 'filing', 'although', 'company', 'indicate', 'believe', 'assumption', 'underlie', 'forward', 'looking', 'statement', 'reasonable', 'assumption', 'could', 'prove', 'inaccurate', 'incorrect', 'therefore', 'assurance', 'result', 'contemplate', 'forward', 'looking', 'statement', 'realize'] 609 609 610 611 611 612 613 613 614 615 615 ['transcript', '122012a4964049.749'] 616 617 617 618 619 619 620 620 621 622 622 623 624 624 625 626 626 ['document'] 627 628 629 629 630 631 631 632 633 633 ['herman', 'miller', 'earnings', 'conference', 'final'] 634 635 635 ['length', 'words'] 636 637 637 638 638 ['brian', 'walker'] 639 639 ['herman', 'miller', 'president'] 640 640 ['bylsma'] 641 641 642 642 643 643 644 644 ['conference', 'participant'] 645 645 646 646 647 647 ['schwartzman'] 648 648 ['sidoti', 'company', 'analyst'] 649 649 650 650 651 651 652 652 ['longbow', 'research', 'analyst'] 653 653 654 654 ['operator', 'morning', 'everyone', 'welcome', 'herman', 'miller', 'incorporate', 'first', 'quarter', 'earnings', 'result', 'conference', 'record', 'presentation', 'include', 'forward', 'looking', 'statement', 'involve', 'risk', 'uncertainty', 'could', 'cause', 'actual', 'result', 'differ', 'materially', 'forward', 'looking', 'statement', 'risk', 'uncertainty', 'include', 'factor', 'discuss', 'company', 'report', 'report', 'file', 'security', 'exchange', 'commission'] 655 655 656 656 657 657 ['brian', 'walker', 'president', 'herman', 'miller', 'morning', 'everyone', 'welcome', 'recent', 'quarters', 'demonstrate', 'ability', 'deliver', 'solid', 'business', 'performance', 'despite', 'continue', 'backdrop', 'uncertain', 'economic', 'conditions', 'demand', 'north', 'american', 'business', 'include', 'area', 'recent', 'strategic', 'investment', 'combine', 'growth', 'emerge', 'global', 'market', 'serve', 'offset', 'slow', 'sales', 'federal', 'government', 'healthcare', 'challenge', 'continental', 'europe'] 658 658 ['respects', 'morning', 'update', 'recent', 'quarters', 'order', 'level', 'federal', 'government', 'healthcare', 'customer', 'quarter', 'remainder', 'business', 'north', 'america', 'remain', 'solid', 'highlight', 'demand', 'commercial', 'specialty', 'consumer', 'customer', 'outside', 'order', 'activity', 'mix', 'growth', 'offset', 'decrease', 'europe'] 659 659 660 660 661 661 ['specific', 'surround', 'business', 'quarter', 'earlier', 'continue', 'weakness', 'demand', 'government', 'healthcare', 'business', 'note', 'herman', 'miller', 'issue', 'inter', 'relate', 'sizeable', 'healthcare', 'sales', 'historically', 'within', 'government', 'healthcare', 'facility', 'believe', 'softness', 'seeing', 'sector', 'macro', 'demand', 'issue', 'continue', 'adjust', 'approach', 'structure', 'sector', 'ensure', 'share', 'profitably', 'given', 'current', 'political', 'economic', 'environment', 'anticipate', 'federal', 'government', 'demand', 'change', 'short', 'historically', 'large', 'share', 'business', 'intend', 'continue', 'sales', 'available'] 662 662 ['within', 'healthcare', 'consolidation', 'nemschoff', 'manufacturing', 'operation', 'largely', 'complete', 'move', 'enhance', 'manufacturing', 'efficiency', 'expect', 'drive', 'annual', 'savings', 'million', 'million', 'recently', 'bring', 'board', 'louise', 'mcdonald', 'executive', 'herman', 'miller', 'healthcare', 'louise', 'bring', 'significant', 'international', 'healthcare', 'experience', 'support', 'capable', 'focus', 'together', 'working', 'build', 'industry', 'leading', 'brand', 'product', 'portfolio', 'sales', 'distribution', 'network'] 663 663 ['hurdle', 'uncertainty', 'public', 'policy', 'investment', 'focus', 'healthcare', 'provider', 'recently', 'move', 'facility', 'infrastructure', 'medical', 'implement', 'things', 'drive', 'billable', 'issue', 'settling', 'turning', 'commit', 'healthcare', 'believe', 'future', 'confirm', 'right', 'demographic', 'develop', 'world', 'rising', 'demand', 'quality', 'healthcare', 'emerge', 'market', 'suggest', 'secular', 'industry', 'growth', 'years', 'remain', 'confident', 'future', 'herman', 'miller', 'healthcare', 'business'] 664 664 665 665 666 666 ['beyond', 'experience', 'within', 'federal', 'government', 'underlie', 'strength', 'north', 'american', 'office', 'furniture', 'business', 'reflect', 'continue', 'focus', 'investment', 'drive', 'strategy', 'greater', 'diversification', 'investment', 'include', 'excite', 'seating', 'furniture', 'system', 'program', 'launch', 'summer', 'believe', 'reinforce', 'herman', 'miller', 'position', 'industry', 'innovation', 'knowledge', 'leader', 'future', 'workplace'] 667 667 668 668 669 669 ['summarize', 'clearly', 'challenge', 'confident', 'strategic', 'focus', 'strength', 'balance', 'sheet', 'people', 'deliver', 'goal', 'diversify', 'growth', 'operational', 'performance', 'looking', 'forward', 'sharing', 'progress', 'coming', 'quarters', 'details', 'first', 'quarter', 'result'] 670 670 ['bylsma', 'herman', 'miller', 'thanks', 'brian', 'begin', 'remind', 'everyone', 'first', 'quarter', 'comprise', 'week', 'comparable', 'period', 'include', 'extra', 'operations', 'order', 'realign', 'fiscal', 'calendar', 'cutoff', 'details', 'quantify', 'impact', 'additional', 'comparison'] 671 671 ['consolidate', 'basis', 'sales', 'first', 'quarter', 'million', 'represent', 'decline', 'period', 'sequential', 'quarter', 'improvement', 'fourth', 'quarter', 'fiscal', 'consolidate', 'order', 'first', 'quarter', 'million', 'basis', 'improve', 'sequentially', 'adjust', 'extra', 'operations', 'forma', 'sales', 'basis', 'order'] 672 672 ['sales', 'order', 'within', 'north', 'american', 'reportable', 'segment', 'reflect', 'contrast', 'demand', 'brian', 'describe', 'among', 'federal', 'government', 'healthcare', 'office', 'furniture', 'customer', 'total', 'segment', 'sales', 'period', 'million', 'order', 'quarter', 'million', 'amount', 'period', 'fiscal', 'adjust', 'impact', 'extra', 'operations', 'sales', 'increase', 'order', 'however', 'factor', 'concentrate', 'weakness', 'federal', 'government', 'healthcare', 'sector', 'balance', 'segment', 'report', 'solid', 'growth', 'sales', 'order', 'increase', 'prior', 'respectively'] 673 673 674 674 ['within', 'specialty', 'consumer', 'reportable', 'segment', 'sales', 'quarter', 'million', 'represent', 'decrease', 'quarter', 'fiscal', 'order', 'period', 'total', 'million', 'higher', 'first', 'quarter', 'exclude', 'impact', 'extra', 'segment', 'sales', 'decrease', 'prior', 'order', 'impressive', 'increase', 'order', 'activity', 'drive', 'strong', 'demand', 'geiger', 'subsidiary', 'growth', 'herman', 'miller', 'collection', 'business', 'order', 'almost', 'relative', 'fourth', 'quarter', 'fiscal', 'sales', 'decrease', 'segment', 'order', 'estimate', 'translation', 'impact', 'change', 'currency', 'exchange', 'rates', 'decrease', 'consolidate', 'sales', 'order', 'quarter', 'approximately', 'million', 'relative', 'first', 'quarter', 'result', 'general', 'strengthening', 'dollar', 'major', 'currency', 'compare'] 675 675 676 676 677 677 678 678 679 679 ['operate', 'earnings', 'quarter', 'million', 'sales', 'exclude', 'restructure', 'pension', 'transition', 'expense', 'recognize', 'period', 'adjust', 'operate', 'margin', 'effective', 'first', 'quarter', 'compare', 'quarter', 'finally', 'earnings', 'first', 'quarter', 'total', 'million', 'share', 'dilute', 'basis', 'exclude', 'restructure', 'pension', 'amortization', 'expense', 'recognize', 'quarter', 'adjust', 'earnings', 'share', 'total'] 680 680 ['update', 'balance', 'sheet'] 681 681 682 682 683 683 684 684 ['bylsma', 'thanks', 'indicate', 'press', 'release', 'expect', 'sales', 'second', 'quarter', 'million', 'million', 'imply', 'growth', 'relative', 'earnings', 'second', 'quarter', 'expect', 'share', 'dilute', 'basis', 'guidance', 'reflect', 'impact', 'pension', 'settlement', 'amortization', 'expense', 'quarter', 'anticipate', 'total', 'million', 'million', 'increase', 'benefit', 'settlement', 'relate', 'transition', 'strategy', 'include', 'impact', 'previously', 'mention', 'restructure', 'action', 'estimate', 'around', 'million', 'period', 'exclude', 'impact', 'pension', 'restructure', 'costs', 'adjust', 'earnings', 'share', 'quarter', 'expect', 'range', 'earnings', 'guidance', 'assume', 'effective'] 685 685 686 686 687 687 688 688 689 689 ['operator', 'operator', 'instructions', 'bugatch', 'raymond', 'james'] 690 690 ['bugatch', 'analyst', 'raymond', 'james', 'associate', 'morning', 'thank', 'taking', 'question', 'first', 'question', 'guess', 'number', 'little', 'slowly', 'quite', 'understand', 'talking', 'terms', 'growth', 'exclude', 'guess', 'federal', 'government', 'north', 'american', 'furniture', 'solution'] 691 691 ['brian', 'walker', 'north', 'american', 'segment', 'impact', 'healthcare', 'government', 'number', 'business', 'revenue', 'order'] 692 692 ['bugatch', 'helpful', 'reconciliation', 'earnings', 'million', 'million', 'simply', 'midpoint', 'reconciliation', 'correct'] 693 693 694 694 ['bugatch', 'going', 'account', 'going', 'gross', 'margin', 'quarter', 'going', 'somewhere'] 695 695 ['stutz', 'quarter'] 696 696 ['bugatch', 'hard', 'answer', 'look', 'beyond', 'second', 'quarter'] 697 697 698 698 699 699 ['stutz', 'balance', 'fiscal', 'ultimately', 'relate', 'charge', 'point', 'actually', 'finally', 'terminate', 'program', 'month', 'range', 'mention', 'likely', 'interim', 'quarter', 'somewhere', 'range', 'allude', 'second', 'quarter', 'course', 'final', 'plan', 'distribution', 'benefit', 'distribution', 'participant', 'process'] 700 700 ['bylsma', 'little', 'final', 'termination', 'request', 'trigger', 'point', 'review'] 701 701 ['bugatch', 'gross', 'margin', 'exclude', 'pension'] 702 702 ['bylsma'] 703 703 704 704 ['bylsma'] 705 705 706 706 ['bylsma', 'correct', 'basis', 'point', 'improvement'] 707 707 ['bugatch', 'cause'] 708 708 709 709 ['bugatch', 'price', 'increase', 'helping', 'quarter', 'quarter'] 710 710 711 711 ['bugatch', 'level'] 712 712 ['bylsma', 'usually', 'capture', 'price', 'increase'] 713 713 714 714 715 715 716 716 ['brian', 'walker', 'course', 'question', 'going', 'commodity', 'right', 'commodity', 'pretty', 'behave'] 717 717 718 718 719 719 ['bugatch', 'question', 'detail', 'impact', 'quarter', 'revenue', 'costs'] 720 720 ['bylsma', 'million', 'revenue'] 721 721 722 722 ['bylsma', 'neighborhood', 'operate', 'income'] 723 723 724 724 ['brian', 'walker', 'kid'] 725 725 ['bugatch', 'incredible', 'performance'] 726 726 ['brian', 'walker', 'ask', 'question', 'comment', 'stuff', 'organic', 'number', 'organic', 'essentially', 'move', 'parts', 'offset', 'effective', 'currency', 'divestiture', 'wash', 'explain', 'detail', 'press', 'release', 'mix', 'really', 'extra', 'currency', 'attention'] 727 727 728 728 729 729 ['schwartzman', 'analyst', 'sidoti', 'company', 'corporate', 'office', 'business', 'speak', 'little', 'deferral', 'whether', 'deferral', 'order', 'cancellation', 'quarter', 'subsequent', 'quarters'] 730 730 731 731 ['schwartzman', 'looking', 'another', 'anecdotal', 'evidence', 'otherwise', 'evidence', 'dealer', 'corporate', 'customer', 'maybe', 'taking', 'pause', 'election', 'reason'] 732 732 ['brian', 'walker', 'really', 'would', 'overall', 'noise', 'extra', 'week', 'stuff', 'things', 'relatively', 'would', 'stable', 'fourth', 'quarter', 'robust', 'growth', 'sector', 'total', 'stable', 'rocket', 'anything', 'super', 'negative', 'either'] 733 733 734 734 ['stutz', 'talking', 'customer', 'sector', 'among', 'vertical', 'understand', 'question'] 735 735 736 736 737 737 ['brian', 'walker', 'business', 'services', 'pretty', 'electronics', 'communications'] 738 738 739 739 ['brian', 'walker', 'funny', 'manufacturing', 'actually', 'pretty', 'pretty', 'business', 'services', 'pretty', 'decent', 'always', 'whether', 'relate', 'sector', 'relate', 'happen', 'particular', 'customer', 'large', 'volume', 'quarter', 'terms', 'order', 'shipment'] 740 740 ['schwartzman', 'europe', 'take', 'country', 'anything', 'terms', 'pocket', 'strength', 'weakness'] 741 741 ['brian', 'walker', 'think', 'note', 'course', 'continent', 'factor', 'little', 'every', 'country', 'really', 'pattern', 'although', 'generally', 'would', 'people', 'great', 'niche', 'player', 'european', 'business', 'big', 'weakness', 'think', 'relate', 'stuff', 'going', 'around', 'olympics', 'jubilee', 'general', 'tenor', 'group', 'total', 'place', 'strength', 'middle', 'africa', 'place', 'outside', 'continent', 'europe'] 742 742 ['schwartzman', 'lastly', 'around', 'blueprint', 'timing', 'investment', 'spending', 'balance', 'maybe', 'sequentially', 'looking', 'incremental', 'expense', 'recur', 'nature', 'expect'] 743 743 744 744 ['brian', 'walker', 'really', 'people', 'relate', 'going', 'relate', 'programmatic', 'expense', 'around', 'engineering', 'services', 'prototyping', 'things', 'marketing', 'program', 'expense', 'people', 'add', 'people', 'strategic', 'bringing', 'particularly', 'creative', 'sales', 'folks', 'mention', 'around', 'small', 'business', 'folks', 'three', 'quarters', 'first', 'quarter', 'little', 'ongoing', 'course', 'balance', 'programmatic', 'expense', 'three', 'quarters'] 745 745 746 746 747 747 748 748 749 749 750 750 ['schwartzman', 'right', 'thanks', 'regard', 'product', 'development', 'expense', 'quickly', 'oppose'] 751 751 ['brian', 'walker', 'right', 'frank', 'depend', 'progress', 'program', 'actually', 'quarter', 'would', 'thought', 'would', 'higher', 'first', 'quarter', 'turn', 'think', 'frank', 'think', 'estimate', 'second', 'quarter', 'third', 'fourth', 'typically', 'little', 'third', 'seasonality', 'things', 'think', 'question', 'closer', 'particularly', 'fourth', 'quarter', 'question', 'really', 'around', 'enter', 'initial', 'market', 'launch', 'things', 'marketing', 'perspective', 'think', 'second', 'quarter', 'schedule', 'track'] 752 752 ['schwartzman', 'thank'] 753 753 ['brian', 'walker', 'thanks'] 754 754 755 755 ['mccall', 'analyst', 'capital', 'market', 'normally', 'morning', 'everybody', 'interest', 'right', 'couple', 'question', 'guess', 'understand', 'adjustment', 'order', 'shipment', 'finally', 'understand', 'something', 'first', 'think', 'since', 'covering', 'names', 'question', 'really', 'government', 'healthcare', 'issue', 'pipeline', 'activity', 'strong', 'trend', 'awhile', 'period', 'comp', 'easy', 'therefore', 'result', 'better', 'pipeline', 'replenish', 'source', 'business'] 756 756 757 757 ['overall', 'would', 'government', 'fairly', 'strong', 'activity', 'government', 'years', 'healthcare', 'admin', 'realignment', 'certainly', 'help', 'government', 'catalyst', 'right', 'government', 'given', 'going', 'potential', 'change', 'administration', 'current', 'administration', 'forward', 'pressure', 'budget', 'deficit', 'reduction', 'leaf', 'expect', 'increase', 'government', 'healthcare', 'particularly', 'commercial'] 758 758 ['mccall', 'talk', 'asset', 'realignment', 'sheboygan', 'think', 'healthcare', 'specific', 'direct', 'profitability', 'impact', 'right', 'understand', 'government', 'furniture', 'office', 'furniture', 'would', 'exist', 'facility', 'question', 'profit', 'impact', 'profit', 'profit', 'impact', 'guess', 'bring', 'healthcare', 'profitability', 'impact', 'quarter', 'going', 'combat', 'measure', 'talking'] 759 759 760 760 761 761 ['mccall', 'million', 'million', 'expect', 'savings', 'profitability', 'pressure', 'current', 'quarter'] 762 762 ['brian', 'walker', 'consolidation', 'project', 'specifically'] 763 763 764 764 ['stutz', 'think', 'think', 'volume', 'neighborhood', 'million', 'million'] 765 765 ['mccall'] 766 766 767 767 768 768 769 769 ['mccall'] 770 770 771 771 ['mccall', 'final', 'question', 'brian', 'talking', 'product', 'introduction', 'expectation', 'product', 'coming', 'evidence', 'success', 'reference', 'exxon', 'try', 'connect', 'product', 'evidence', 'misunderstand'] 772 772 773 773 ['mccall', 'thank'] 774 774 775 775 776 776 ['brian', 'walker', 'think', 'seeing', 'dynamics', 'change', 'would', 'environment', 'change'] 777 777 778 778 779 779 ['stutz', 'would', 'think', 'imply', 'guidance', 'overall', 'product', 'international', 'business', 'tend', 'higher', 'seating', 'couple', 'specific', 'item', 'allude', 'prepare', 'remark', 'particular', 'supply', 'disruption', 'australia', 'slowdown', 'summer', 'month', 'relate', 'olympics', 'queen', 'jubilee', 'activity', 'think', 'terms', 'overall', 'seating', 'relative', 'think', 'play', 'outlook'] 780 780 781 781 782 782 783 783 784 784 785 785 786 786 ['david', 'macgregor', 'thanks', 'address', 'question', 'obviously', 'move', 'parts', 'international', 'manufacturing', 'product', 'development', 'brand', 'building', 'infrastructure', 'think', 'incremental', 'return', 'invest', 'capital', 'payback', 'horizon', 'investment', 'making', 'realize', 'probably', 'build', 'billion', 'margin', 'guess', 'try', 'reconcile'] 787 787 788 788 789 789 ['david', 'macgregor', 'follow', 'afterwards', 'thanks'] 790 790 791 791 ['brian', 'walker', 'thank', 'joining', 'realize', 'move', 'parts', 'things', 'development', 'right', 'product', 'initiative', 'align', 'structure', 'volume', 'particularly', 'healthcare', 'business', 'activity', 'create', 'market', 'potential', 'always', 'continue', 'endeavor', 'information', 'think', 'relevant', 'understand', 'going', 'transparently', 'possible', 'inform', 'decision', 'investor', 'investor', 'forward', 'talking', 'quarter', 'giving', 'update', 'progress', 'thanks'] 792 792 793 793 ['thomson', 'financial', 'reserves', 'right', 'change', 'document', 'content', 'information', 'without', 'obligation', 'notify', 'person', 'change'] 794 794 ['conference', 'call', 'event', 'transcript', 'base', 'company', 'projection', 'forward', 'looking', 'statement', 'regard', 'variety', 'item', 'forward', 'looking', 'statement', 'base', 'current', 'expectation', 'involve', 'risk', 'uncertainty', 'actual', 'result', 'differ', 'materially', 'state', 'forward', 'looking', 'statement', 'base', 'number', 'important', 'factor', 'risk', 'specifically', 'identify', 'company', 'recent', 'filing', 'although', 'company', 'indicate', 'believe', 'assumption', 'underlie', 'forward', 'looking', 'statement', 'reasonable', 'assumption', 'could', 'prove', 'inaccurate', 'incorrect', 'therefore', 'assurance', 'result', 'contemplate', 'forward', 'looking', 'statement', 'realize'] 795 795 796 797 797 798 799 799 ['language', 'english'] 800 801 801 802 803 803 804 805 805 ['copyright'] 806 806 807 808 808 ['copyright'] 809 0 1 2 3 4 4 ['download', 'request', 'tag', 'document'] 5 5 6 7 7 [] 8 9 9 ['university', 'liverpool'] 10 10 11 11 12 13 14 14 ['terms'] 15 16 17 17 18 18 19 20 21 21 22 22 [] 23 23 ['parametric', 'technology', 'nasdaq', 'group', 'investor', 'program', 'final', 'disclosure', 'december', 'tuesday', 'words'] 24 25 26 26 [] 27 27 28 29 30 30 [] 31 31 32 33 34 34 35 35 ['parametric', 'technology', 'conference', 'discus', 'acquisition', 'final', 'disclosure', 'april', 'thursday', 'words'] 36 37 38 38 39 39 40 41 42 42 43 43 ['parametric', 'technology', 'corp.', 'earnings', 'conference', 'final', 'disclosure', 'january', 'thursday', 'words'] 44 45 46 46 [] 47 47 48 49 50 50 51 52 52 ['focus', 'document'] 53 54 55 55 ['disclosure'] 56 57 57 ['december', 'tuesday'] 58 59 59 60 61 61 62 63 63 ['corporate', 'participant'] 64 64 ['glidden'] 65 65 66 66 67 67 68 68 69 69 70 70 ['company', 'finish', 'fiscal', 'ending', 'september', '1.170', 'billion', 'revenue', 'increase', 'earnings', 'margin', 'expansion', 'earnings', 'basis', 'comment', 'numbers', 'share', 'would', 'disclosure'] 71 71 72 72 73 73 74 74 ['broad', 'vertical', 'really', 'bless', 'large', 'market', 'leaders', 'terms', 'overall', 'account', 'selling', 'model', 'primarily', 'direct', 'model', 'business', 'direct', 'channel'] 75 75 76 76 77 77 ['mechanical', 'lower', 'would', 'product', 'relaunched', 'launch', 'whole', 'family', 'product', 'october', 'begin', 'deliver', 'release', 'several', 'release', 'coming'] 78 78 79 79 80 80 ['windchill', 'really', 'provide', 'product', 'lifecycle', 'management', 'think', 'terms', 'designing', 'engineering', 'product', 'constant', 'change', 'solution', 'product', 'freeze', 'build', 'material', 'stable', 'fundamentally', 'change', 'engineering', 'space', 'constant', 'change', 'development', 'cycle', 'years', 'fully', '2,000', 'engineering', 'change', 'order', 'around', 'globe', 'manage'] 81 81 82 82 83 83 ['case', 'live', 'product', 'development', 'world', 'thing', 'waiting', 'product', 'final', 'build', 'software', 'software', 'build', 'correct', 'integrate', 'correctly', 'forth', 'important', 'piece', 'puzzle', 'emerge', 'market', 'would', 'expect', 'software', 'services', 'business', 'base', 'acquisition', 'vicinity', 'million', 'million', 'revenue', 'think', 'growth', 'opportunity', 'virtually', 'every', 'product', 'within', 'customer', 'increase', 'component', 'software'] 84 84 ['product', 'call', 'arbortext', 'really', 'serving', 'aftermarket', 'service', 'material', 'product', 'ship', 'deliver', 'really', 'lighthouse', 'account', 'product', 'caterpillar', 'caterpillar', 'large', 'heavy', 'equipment', 'lifespan', 'often', 'years', 'think', 'problem', 'solving', 'helping', 'customer', 'solve', 'first', 'engineering', 'hardware', 'software', 'refer', 'engineering', 'material', 'development', 'supply', 'chain', 'really', 'manufacturing', 'material', 'change', 'engineer'] 85 85 86 86 87 87 88 88 89 89 ['important', 'release', 'design', 'conjunction', 'customer', 'great', 'build', 'desire', 'specification', 'product', 'development', 'cycle', 'years', 'absolutely', 'certain', 'spend', 'million', 'product', 'going', 'purchase', 'buy', 'customer', 'important', 'release', 'deliver'] 90 90 ['mention', 'launch', 'version', 'really', 'platform', 'october', 'begin', 'deliver', 'first', 'release', 'subsequent', 'release', 'coming'] 91 91 92 92 ['important', 'customer', 'probably', 'customer', 'multiple', 'product', 'different', 'domain', 'different', 'area', 'company', 'important', 'maintain', 'replace', 'maintain', 'really', 'product', 'together', 'allow', 'product', 'interoperate', 'effectively', 'competitive', 'product', 'material', 'product', 'management', 'system', 'windchill', 'product', 'system'] 93 93 94 94 ['want', 'within', 'week', 'recall', 'brake', 'problem', 'software', 'update', 'software', 'works', 'great', 'drive', 'store', 'front', 'terrific', 'vehicle', 'software', 'update'] 95 95 ['difference', 'horsepower', 'engine', 'dealer', 'horsepower', 'engine', 'typically', 'software', '15,000', 'engine', 'fundamental', 'engine', 'tune', 'differently', 'base', 'software', 'software', 'customer', 'really', 'please', 'think', 'strategically', 'asset', 'market', 'leader', 'integrity', 'really', 'compel', 'story', 'position', 'competitive', 'position', 'unique', 'position', 'customer', 'competitor'] 96 96 97 97 98 98 ['think', 'unique', 'position', 'today', 'approximately', 'million', 'business', 'think', 'several', 'hundred', 'million', 'years', 'important', 'product', 'strategy', 'product', 'portfolio', 'build', 'fiscal'] 99 99 ['chart', 'going', 'dwell', 'product', 'development', 'system', 'integrate', 'module', 'customer', 'breed', 'elements', 'provide', 'whether', 'integrate', 'unique', 'system', 'think', 'give', 'competitive', 'advantage'] 100 100 ['ability', 'integrate', 'service', 'information', 'failure', 'analysis', 'development', 'system', 'feeding', 'system', 'uniqueness', 'individual', 'product', 'holistic', 'integrate', 'solution', 'deliver', 'customer'] 101 101 ['tremendous', 'value', 'give', 'recur', 'revenue', 'stream', 'customer', 'simple', 'solution', 'enhance', 'seats', 'product', 'additional', 'capability', 'continue', 'build', 'portfolio', 'capability', 'approximately', 'revenue', 'given', 'come', 'instal', 'buying', 'seats', 'upgrade', 'within', 'development', 'buying', 'capability'] 102 102 ['company', 'history', 'profitability', 'revenue', 'trend', 'years', 'outlook', 'green', 'profit', 'level', 'operate', 'profit', 'deliver', 'timeframe'] 103 103 104 104 105 105 ['mention', 'earlier', 'approximately', 'actually', 'direct', 'model', 'think', 'fast', 'growing', 'piece', 'business', 'really', 'direct', 'terms', 'desktop', 'enterprise', 'split', 'spoke', 'earlier', 'desktop', 'primarily', 'business', 'business', 'enterprise', 'growing', 'rapid', 'today', 'approximately', 'expect', 'represent', 'business'] 106 106 ['things', 'software', 'model', 'maintenance', 'stream', 'business', 'maintenance', 'recur', 'revenue', 'maintenance', 'stream', 'maintenance', 'approximately', 'customer', 'maintenance', 'initial', 'basis', 'annually'] 107 107 108 108 109 109 ['mention', 'target', 'heppelmann', 'goal', 'look', 'aggressive', 'want', 'going', 'million', 'billion', 'earnings', 'share', 'share', 'compound', 'annual', 'earnings', 'growth', 'better'] 110 110 ['years', 'deliver', 'exceed', 'revenue', 'numbers', 'profit', 'numbers', 'target', 'earnings', 'think', 'setting', 'pretty', 'aggressive', 'goal', 'achieve'] 111 111 ['turning', 'operate', 'model', 'briefly', 'classic', 'model', 'express', 'expense', 'margin', 'percent', 'revenue', 'story', 'growth', 'margin', 'expansion', 'today', 'gross', 'margin', 'maintenance', 'license', 'services'] 112 112 ['comfortable', 'confident', 'drive', 'margin', 'mid-70s', 'longer', 'think', 'beyond', 'terms', 'sales', 'marketing', 'leverage', 'business', 'sales', 'marketing', 'traditionally', 'revenue'] 113 113 114 114 115 115 ['getting', 'leverage', 'investment', 'building', 'deliver', 'product', 'spoke', 'continue', 'spend', 'excess', 'million', 'engineering', 'seeing', 'leverage', 'model', 'engineering', 'deliver', 'product', 'market', 'translate', 'expenditure', 'revenue', 'think', 'leverage', 'model', 'think', 'quite', 'confident', 'continue', 'business', 'organically', 'selectively', 'acquisition'] 116 116 117 117 ['question', 'answer'] 118 118 119 119 ['glidden', 'great', 'least', 'seven', 'question', 'large', 'instal', 'terrific', 'business', 'business', 'important', 'continue', 'investment', 'investment', 'neglect'] 120 120 121 121 122 122 123 123 124 124 125 125 ['create', 'value', 'enough', 'certain', 'market', 'sophisticate', 'would', 'better', 'partner'] 126 126 ['unidentified', 'audience', 'member', 'inaudible', 'microphone', 'inaccessible'] 127 127 128 128 ['system', 'case', 'cobble', 'together', 'develop', 'internally', 'customer', 'software', 'company', 'really', 'build', 'development', 'system', 'quality', 'component', 'certification', 'requirement', 'module', 'system', 'scalable', 'global', 'basis'] 129 129 130 130 ['people', 'homegrown', 'system', 'saying', 'really', 'fully', 'integrate', 'commercial', 'solution', 'quite', 'vertical', 'available', 'market', 'probably', '7,000', '8,000', 'customer', 'space', 'serve', 'together', 'probably', '1,000', 'competitor', 'serve', 'together', 'market', 'still', 'ahead', 'think'] 131 131 132 132 133 133 134 134 135 135 136 136 ['sweet', 'really', 'market', 'someone', 'hyundai', 'really', 'unknown', 'entity', 'number', 'worldwide', 'customer', 'think', 'really', 'leverage', 'additional', 'opportunity', 'within', 'china', 'within', 'automotive', 'industry', 'within', 'china', 'within', 'india', 'forth', 'large', 'incumbent', 'play', 'automotive', 'industry', 'already', 'bake', 'probably', 'place', 'challenge', 'somebody'] 137 137 ['think', 'thank'] 138 138 ['thomson', 'financial', 'reserves', 'right', 'change', 'document', 'content', 'information', 'without', 'obligation', 'notify', 'person', 'change'] 139 139 ['conference', 'call', 'event', 'transcript', 'base', 'company', 'projection', 'forward', 'looking', 'statement', 'regard', 'variety', 'item', 'forward', 'looking', 'statement', 'base', 'current', 'expectation', 'involve', 'risk', 'uncertainty', 'actual', 'result', 'differ', 'materially', 'state', 'forward', 'looking', 'statement', 'base', 'number', 'important', 'factor', 'risk', 'specifically', 'identify', 'company', 'recent', 'filing', 'although', 'company', 'indicate', 'believe', 'assumption', 'underlie', 'forward', 'looking', 'statement', 'reasonable', 'assumption', 'could', 'prove', 'inaccurate', 'incorrect', 'therefore', 'assurance', 'result', 'contemplate', 'forward', 'looking', 'statement', 'realize'] 140 140 141 142 142 143 144 144 145 146 146 147 148 148 ['publication', 'transcript'] 149 150 150 151 151 ['right', 'reserve'] 152 153 153 ['copyright'] 154 155 155 ['return'] 156 157 157 ['focus', 'document'] 158 159 160 160 ['disclosure'] 161 162 162 ['november', 'wednesday'] 163 164 164 165 166 166 ['length', 'words'] 167 168 168 169 169 ['kristian', 'talvitie'] 170 170 ['parametric', 'technology', 'corporation', 'corporate', 'communications'] 171 171 ['presentation'] 172 172 ['unidentified', 'participant', 'right', 'give', 'pleasure', 'introduce', 'parametric', 'technology', 'corporation', 'kristian', 'kristian', 'talvitie', 'kristian', 'floor', 'thank'] 173 173 ['kristian', 'talvitie', 'corporate', 'communications', 'parametric', 'technology', 'corporation', 'great', 'thanks', 'want', 'slide', 'parametric', 'technology', 'corporation', 'business', 'maybe', 'little'] 174 174 175 175 ['quick', 'overview', 'leading', 'provider', 'solution', 'means', 'couple', 'slide'] 176 176 ['found', 'today', '6,000', 'employee', '25,000', 'customer', 'end', 'fiscal', 'september', 'fiscal', 'billion', 'revenue', 'acquisition', 'operate', 'profit', 'million', 'income', 'million', 'today', 'million', 'equivalent', 'balance', 'sheet'] 177 177 178 178 ['serve', 'primarily', 'manufacturing', 'product', 'company', 'manufacturing', 'industry', 'follow', 'space', 'material', 'critical', 'driver', 'complexity', 'getting', 'product', 'market', 'typical', 'product', 'phone', 'laptop', 'plane', 'around', 'product', 'material'] 179 179 180 180 ['necessarily', 'concern', 'whether', 'phone', 'going', 'develop', 'manufacture', 'manufacture', 'really', 'determine', 'design', 'phase', 'think', 'material', 'little', 'broadly', 'product', 'today', 'mechanical', 'parts', 'design', 'tool', 'mechanical', 'design', 'tool', 'product', 'dassaults', 'catia', 'solidworks', 'product', 'product', 'contain', 'electronics'] 181 181 182 182 ['really', 'management', 'repository', 'mechanical', 'right', 'product', 'management', 'company', 'start', 'assimilate', 'accumulate', 'material', 'engineering', 'standpoint', 'would', 'engineering', 'material', 'develop', 'collaboration', 'technology', 'around', 'sharing', 'information', 'question', 'mechanical', 'product', 'product'] 183 183 ['windchill', 'solution', 'manage', 'multi', 'management', 'manage', 'competitor', 'customer', 'starting', 'solution', 'manage', 'increasingly', 'software', 'become', 'critical', 'component', 'product', 'today', 'people', 'looking', 'solution', 'manage', 'software', 'conjunction', 'physical', 'product'] 184 184 ['expand', 'definition', 'include', 'things', 'analytics', 'question', 'become', 'material', 'digital', 'format', 'actually', 'information', 'reliability', 'analysis', 'meantime', 'failure', 'product', 'likely', 'going', 'acquire', 'company', 'couple', 'years', 'call', 'relex', 'help', 'analysis'] 185 185 ['acquire', 'company', 'couple', 'years', 'call', 'insight', 'help', 'analysis', 'around', 'reach', 'compliance', 'right', 'analyze', 'material', 'product', 'going', 'design', 'component', 'change'] 186 186 ['service', 'lifecycle', 'management', 'acquisition', 'call', 'arbortext', 'number', 'years', 'morph', 'interest', 'service', 'warranty', 'application', 'really', 'expand', 'footprint', 'innovation', 'acquire', 'product', 'years'] 187 187 ['obviously', 'recent', 'acquisition', 'acquire', 'company', 'call', 'product', 'call', 'integrity', 'really', 'integrity', 'allow', 'manage', 'software', 'conjunction', 'hardware', 'manage', 'windchill', 'product', 'platform'] 188 188 ['product', 'develop', 'obviously', 'transition', 'obviously', 'linkage', 'major', 'vendor', 'little', 'framework', 'complicate', 'explain', 'company', 'derive', 'value', 'solution', 'technology'] 189 189 190 190 ['windchill', 'platform', 'really', 'growth', 'business', 'characterize', 'growth', 'market', 'obviously', 'offshoot', 'highlight', 'arbortext', 'service', 'lifecycle', 'management', 'opportunity', 'derivative', 'windchill', 'platform', 'really', 'growth', 'business', 'adjacent', 'market', 'recent', 'acquisition', 'integrity', 'think', 'growth', 'business', 'growth', 'market', 'expand', 'market', 'opportunity'] 191 191 192 192 193 193 ['couple', 'slide', 'try', 'outlook', 'context', 'growth', 'pretty', 'attractive', 'growth', 'profile', 'company', 'obviously', 'difficult', 'company', 'include', 'think', 'actually', 'quite', 'nicely', 'growth', 'growth', 'guidance', 'currently', 'call', 'growth', 'feel', 'number', 'guess', 'would', 'highlight', 'include', 'acquire', 'revenue', 'another', 'small', 'acquisition', 'recently', 'product', 'call'] 194 194 195 195 ['model', 'perspective', 'coming', 'really', 'baseline', 'million', 'revenue', 'operate', 'margin', 'target', 'billion', 'revenue', 'operate', 'margin'] 196 196 ['think', 'years', 'making', 'great', 'progress', 'think', 'outlook', 'support', 'recently', 'actually', 'recent', 'result', 'actually', 'update', 'operate', 'margin', 'target', 'think', 'piece', 'story', 'want', 'highlight'] 197 197 198 198 199 199 200 200 ['simplistic', 'terms', 'directional', 'think', 'change', 'revenue', 'impact', 'million', 'million', 'annual', 'basis', 'ultimately', 'impact', 'annual', 'basis', 'either', 'direction', 'think', 'simple', 'thumb', 'thinking', 'business', 'global', 'nature', 'currency', 'impact'] 201 201 202 202 203 203 ['unidentified', 'participant', 'thanks', 'night', 'argus', 'mention', 'conference', 'going', 'kicking', 'initiative', 'break', 'coming', 'guess', 'great', 'perspective', 'enter', 'market', 'given', 'years', 'history', 'market', 'perspective'] 204 204 205 205 206 206 ['think', 'believe', 'longer', 'technology', 'continue', 'mature', 'think', 'downmarket', 'space', 'attractive', 'space', 'longer', 'actually', 'offering', 'customer', 'space', 'really', 'investment', 'behalf', 'company', 'today', 'growth', 'market', 'really', 'large', 'enterprise', 'space', 'give', 'directional', 'color', 'guess', 'thought'] 207 207 ['unidentified', 'participant', 'quick', 'follow', 'really', 'result', 'industry', 'surprise', 'consider', 'macro', 'headwind', 'guess', 'perspective', 'anything', 'product', 'relate', 'playing', 'lying', 'meaning', 'natural', 'demand', 'versus', 'product', 'cycle', 'relate', 'tailwind', 'helping'] 208 208 ['kristian', 'talvitie', 'think', 'particular', 'focus', 'business', 'really', 'business', 'think', 'reference', 'making', 'competitor', 'would', 'agree', 'dassault', 'autodesk', 'publish', 'siemens', 'certainly', 'autodesk', 'dassault', 'primary', 'competitor', 'space', 'putting', 'pretty', 'result', 'think', 'perspective', 'license', 'revenue', 'plummet', 'right', 'think', 'overall', 'license', 'revenue', 'industry'] 209 209 ['resurgence', 'license', 'revenue', 'business', 'mid-70', 'license', 'growth', 'actually', 'already', 'surpass', 'benchmark', 'level', 'revenue', 'surpass'] 210 210 ['business', 'however', 'license', 'revenue', 'dramatically', 'modestly', 'modestly', 'really', 'rebound', 'spending', 'think', 'driver', 'overall', 'market', 'rebound', 'think', 'seeing', 'competitor'] 211 211 ['layer', 'mention', 'product', 'cycle', 'actually', 'launch', 'quarter', 'generation', 'platform', 'really', 'base', 'platform', 'historical', 'growth', 'business', 'parametric', 'technology', 'engineer', 'parametric', 'design', 'technology', 'acquire', 'company', 'call', 'cocreate', 'industry', 'leading', 'direct', 'modeling', 'technology', 'slightly', 'different', 'parametric', 'technology'] 212 212 213 213 ['believe', 'quarter', 'tailwind', 'certainly', 'industry', 'mention', 'prepare', 'slide', 'think', 'actually', 'outpace', 'market', 'growth', 'coming', 'years', 'couple', 'point', 'reason', 'think', 'uniqueness', 'platform', 'leveraging', 'assets', 'exist', 'elsewhere', 'industry'] 214 214 ['question'] 215 215 216 216 217 217 ['unidentified', 'audience', 'member', 'separately'] 218 218 ['kristian', 'talvitie', 'separately', 'think', 'rough', 'order', 'magnitude', 'probably', 'large', 'participant', 'space', 'asset', 'own', 'siemens', 'think', 'close', 'second', 'third', 'probably', 'dassault', 'platform', 'call', 'teamcenter', 'call', 'windchill', 'windchill', 'dassault', 'platform', 'call', 'enovia', 'oracle', 'acquire', 'company', 'call', 'agile', 'difficult', 'information', 'agile', 'within', 'oracle', 'family', 'homegrown', 'system', 'call', 'difficult', 'really', 'would', 'think', 'fourth', 'fifth', 'oracle', 'agile', 'would', 'general', 'order'] 219 219 220 220 ['kristian', 'talvitie', 'business'] 221 221 222 222 223 223 ['think', 'question'] 224 224 ['think', 'juilliard', 'breakout', 'anybody', 'follow', 'question', 'thanks'] 225 225 226 226 ['conference', 'call', 'event', 'transcript', 'base', 'company', 'projection', 'forward', 'looking', 'statement', 'regard', 'variety', 'item', 'forward', 'looking', 'statement', 'base', 'current', 'expectation', 'involve', 'risk', 'uncertainty', 'actual', 'result', 'differ', 'materially', 'state', 'forward', 'looking', 'statement', 'base', 'number', 'important', 'factor', 'risk', 'specifically', 'identify', 'company', 'recent', 'filing', 'although', 'company', 'indicate', 'believe', 'assumption', 'underlie', 'forward', 'looking', 'statement', 'reasonable', 'assumption', 'could', 'prove', 'inaccurate', 'incorrect', 'therefore', 'assurance', 'result', 'contemplate', 'forward', 'looking', 'statement', 'realize'] 227 227 228 229 229 230 231 231 232 233 233 ['transcript', '111611a4235222.722'] 234 235 235 236 237 237 ['copyright'] 238 238 ['right', 'reserve'] 239 240 240 ['copyright'] 241 242 242 243 244 244 245 246 247 247 ['disclosure'] 248 249 249 ['october', 'thursday'] 250 251 251 252 253 253 254 255 255 ['corporate', 'participant'] 256 256 257 257 258 258 ['heppelmann'] 259 259 ['parametric', 'technology'] 260 260 ['glidden'] 261 261 262 262 ['barry', 'cohen'] 263 263 ['parametric', 'technology', 'strategic', 'services', 'partner'] 264 264 ['conference', 'participant'] 265 265 [] 266 266 267 267 268 268 269 269 270 270 ['canaccord', 'genuity', 'analyst'] 271 271 272 272 ['battle', 'research', 'analyst'] 273 273 274 274 ['stifel', 'nicolaus', 'company', 'analyst'] 275 275 276 276 ['griffin', 'security', 'analyst'] 277 277 278 278 ['longbow', 'research', 'analyst'] 279 279 ['sterling'] 280 280 ['jpmorgan', 'chase', 'analyst'] 281 281 282 282 283 283 ['presentation'] 284 284 ['operator', 'morning', 'lady', 'gentleman', 'welcome', 'fourth', 'fiscal', 'result', 'conference', 'brief', 'comment', 'management', 'directly', 'question', 'answer', 'session', 'reminder', 'lady', 'gentleman', 'conference', 'record'] 285 285 ['would', 'introduce', 'president', 'investor', 'relations', 'please', 'ahead'] 286 286 287 287 ['start', 'would', 'remind', 'everybody', 'session', 'include', 'forward', 'looking', 'statement', 'regard', 'product', 'anticipate', 'future', 'operations', 'financial', 'performance', 'statement', 'base', 'current', 'assumption', 'management', 'subject', 'risk', 'uncertainty', 'could', 'cause', 'event', 'result', 'differ', 'materially'] 288 288 ['information', 'concern', 'risk', 'uncertainty', 'contain', 'recent', 'financial', 'measure', 'presentation', 'financial', 'measure', 'reconciliation', 'measure', 'comparable', 'measure', 'locate', 'prepare', 'remark', 'document', 'investor', 'relations', 'website'] 289 289 290 290 ['heppelmann', 'parametric', 'technology', 'right', 'thank', 'morning', 'everybody'] 291 291 292 292 ['three', 'domino', 'account', 'succeed', 'reaching', 'additionally', 'couple', 'substantial', 'deal', 'pursue', 'complete', 'actually', 'start', 'already', 'fiscal'] 293 293 ['post', 'overall', 'momentum', 'growth', 'rates', 'increase', 'throughout', 'leading', 'annual', 'record', 'revenue', 'growth', 'revenue', 'level', 'billion'] 294 294 ['earnings', 'front', 'growth', 'top', 'growth', 'meaning', 'exceed', 'growth', 'second', "andwe've", 'move', 'ahead', 'require', 'share', 'target'] 295 295 296 296 ['launch', 'generation', 'offering', 'call', 'product', 'growth', 'exceed', 'expectation', 'beginning', 'growth', 'attribute', 'better', 'economy', 'rebound', 'spending', 'level', 'believe', 'steady', 'state', 'technology', 'three', 'point', 'single', 'digit', 'growth', 'rates', 'forecasting', 'years', 'prior', 'advent'] 297 297 ['product', 'cycle', 'management', 'arena', 'launch', 'windchill', 'significant', 'major', 'release', 'become', 'flagship', 'offering', 'windchill', 'product', 'customer', 'compel', 'substantial', 'improvement', 'adoption', 'capability', 'product', 'analytics', 'quality', 'lifecycle', 'manage'] 298 298 299 299 ['retail', 'consumer', 'industry', 'important', 'customer', 'sear', 'ralph', 'lauren', 'espree', 'dick', 'sport', 'good', 'tommy', 'bahama', 'major', 'retailer', 'customer', 'turn', 'optimize', 'product', 'development', 'across', 'distribute', 'global', 'supply', 'chains', 'retail', 'vertical', 'continue', 'strong', 'growth', 'driver', 'think', 'supply', 'chain', 'optimization', 'solution', 'pioneer', 'retail', 'customer', 'represent', 'incremental', 'growth', 'opportunity', 'coming', 'years', 'introduce', 'capability', 'traditional', 'vertical', 'electronics', 'industrial', 'aerospace', 'automotive', 'globally', 'supply', 'chains', 'helping', 'product', 'development'] 300 300 ['corporate', 'development', 'front', 'sizeable', 'acquisition', 'open', 'entirely', 'growth', 'opportunity', 'helping', 'customer', 'develop', 'software', 'alongside', 'manufacture', 'product', 'typically', 'refer', 'software', 'embed', 'software', 'topic', 'amongst', 'customer', 'right', 'trend', 'product', 'development', 'industry', 'toward', 'electronics', 'software'] 301 301 ['integrity', 'product', 'recognize', 'leader', 'embed', 'segment', 'application', 'lifecycle', 'management', 'market', 'embed', 'segment', 'clearly', 'focus', 'strong', 'growth', 'market', 'coming', 'integration', 'proceeding', 'smoothly', 'probably', 'note', 'strong', 'result', 'first', 'quarter', 'integrity', 'sales'] 302 302 ['acquire', 'company', 'call', 'large', 'significant', 'strategic', 'value', 'help', 'continue', 'transform', 'arbortext', 'story', 'tactical', 'technical', 'publishing', 'capability', 'acquire', 'become', 'strategy', 'service', 'cycle', 'management', 'offering', 'market', 'segment', 'cover', 'industry', 'analyst', 'represent', 'another', 'market', 'segment', 'significantly', 'increase', 'opportunity', 'arbortext', 'offering'] 303 303 ['incidentally', 'service', 'information', 'system', 'implementation', 'caterpillar', 'aware', 'going', 'receive', 'substantial', 'follow', 'order', 'phase', 'deployment'] 304 304 ['summary', 'continue', 'strong', 'prospect', 'growth', 'really', 'upgrade', 'growth', 'product', 'introduction', 'supply', 'chain', 'opportunity', 'developing', 'nicely', 'acquire', 'growth', 'opportunity', 'transform', 'arbortext', 'strong', 'growth', 'opportunity', 'expand', 'opportunity', 'growth', 'prospect', 'strong'] 305 305 ['accomplish', 'transformation', 'mention', 'deliver', 'solid', 'growth', 'revenue', 'growth', 'second', 'thank', 'leadership', 'board', 'dedication', 'throughout', 'please', 'column', 'attention'] 306 306 307 307 308 308 ['obviously', 'expand', 'operate', 'margin', 'clear', 'continue', 'services', 'growth', 'rates', 'experience', 'really', 'right', 'organic', 'services', 'growth', 'single', 'digit', 'rely', 'partner', 'accenture', 'others', 'going', 'redouble', 'focus', 'driving', 'solution', 'fundamentally', 'require', 'services'] 309 309 310 310 ['incremental', 'improvement', 'services', 'margin', 'expect', 'single', 'digit', 'provide', 'additional', 'support', 'towards', 'expand', 'profitability', 'teens', 'overall', 'revenue', 'growth', 'comprise', 'profitable', 'earnings', 'growth', 'feel', 'realistic'] 311 311 312 312 313 313 ['course', 'economic', 'environment', 'weaken', 'drastically', 'would', 'become', 'increasingly', 'difficult', 'impossible', 'point', 'earnings', 'target', 'really', 'foresee', 'happening', 'point', 'economy', 'soften', 'substantially', 'could', 'position', 'deliver', 'earnings', 'outside', 'base', 'spending', 'hire', 'restriction', 'place', 'balance', 'upside', 'side', 'scenario', 'together', 'seem', 'appropriate', 'stick', 'middle', 'guidance', 'range', 'earnings', 'growth', 'back', 'revenue', 'growth', 'fiscal'] 314 314 315 315 316 316 317 317 318 318 319 319 320 320 321 321 ['balance', 'sheet', 'end', 'quarter', 'million', 'quarter', 'repurchase', 'million', 'stock', 'complete', 'acquisition', 'million', 'purchase', 'capital', 'equipment', 'million', 'million', 'credit', 'addition', 'renegotiate', 'revolve', 'credit', 'agreement', 'banks', 'extend', 'agreement', 'august', 'favorable', 'rates'] 322 322 ['turning', 'outlook', 'cite', 'end', 'uncertain', 'global', 'economy', 'continue', 'sales', 'capacity', 'discipline', 'broad', 'spending', 'staff', 'plan', 'drive', 'least', 'percentage', 'point', 'improvement', 'operate', 'margin', 'expect', 'approximately', 'higher', 'gross', 'margin', 'balance', 'leverage', 'operate', 'expense', 'longer', 'drive', 'operate', 'margin'] 323 323 324 324 ['expect', 'revenue', 'million', 'million', 'share', 'start', 'broaden', 'guidance', 'range', 'quarter', 'reflect', 'present', 'level', 'macro', 'economic', 'uncertainty'] 325 325 326 326 327 327 328 328 ['heppelmann', 'operator', 'question', 'please'] 329 329 330 330 331 331 ['analyst', 'thinkequity', 'thank', 'congratulations', 'strong', 'quarter', 'mention', 'direct', 'business', 'system', 'integrator', 'achieve', 'whether', 'additional', 'investment', 'channel', 'expect', 'accenture', 'big', 'partner', 'terms', 'resource', 'today', 'specific', 'increase', 'resource', 'contingent', 'amount', 'business', 'bring', 'them?thanks'] 332 332 ['heppelmann', 'morning', 'firstof', 'series', 'question', 'hopefully', 'capture', 'answer'] 333 333 334 334 335 335 ['respect', 'actual', 'partner', 'accenture', 'would', 'emerge', 'strong', 'partner', 'right', 'certainly', 'strong', 'partner', 'sometimes', 'geographic', 'basis', 'might', 'accenture', 'perhaps', 'industry', 'basis', 'think', 'certainly', 'starting', 'momentum', 'project', 'accenture', 'capture', 'attention', 'starting', 'double', 'investment'] 336 336 337 337 ['great', 'thank', 'terms', 'visibility', 'going', 'share', 'metric', 'regard', 'visibility', 'large', 'deal', 'think', 'annuity', 'customer', 'spend', 'least', 'million', 'revenue', 'represent', 'total', 'revenue', 'wonder', 'particular', 'metric', 'tracking', 'fiscal', 'expect', 'trend'] 338 338 339 339 340 340 ['building', 'steady', 'bedrock', 'account', 'business', 'every', 'journey', 'continuous', 'improvement', 'product', 'development', 'process'] 341 341 342 342 ['great', 'question', 'license', 'sequential', 'quarter', 'going', 'baseline', 'going', 'forward', 'thanks'] 343 343 ['glidden', 'margin', 'license', 'traditionally', 'upper', 'would', 'expect', 'would', 'continue', 'forward', 'comfortable', 'margin', 'cite', 'specific', 'comment', 'quarter', 'always', 'consistently', 'upper', 'upper'] 344 344 345 345 ['operator', 'question', 'come', 'hedberg', 'capital', 'market'] 346 346 347 347 ['heppelmann', 'morning', 'right', 'think', 'ability', 'cross', 'shell', 'greater', 'anticipate', 'little', 'effort', 'infrastructure', 'engage', 'account', 'sales', 'today', 'look', 'promise', 'think', 'acquisition', 'going', 'prove', 'extremely', 'base', 'anecdotal', 'evidence', 'revenue', 'synergy', 'point'] 348 348 ['matthew', 'hedberg', 'great', 'terms', 'global', 'result', 'obviously', 'strong', 'result', 'essentially', 'across', 'geography', 'currency', 'growth', 'europe', 'change', 'there?was', 'execution', 'account', 'strength'] 349 349 ['glidden', 'europe', 'significant', 'market', 'think', 'traditionally', 'revenue', 'focus', 'central', 'europe', 'northern', 'europe', 'large', 'install', 'particularly', 'industrial', 'sector', 'strong', 'think', 'execution', 'europe', 'think', 'great', 'customer', 'continue', 'expand', 'customer', 'customer', 'would', 'probably', 'opportunity', 'execution'] 350 350 ['heppelmann', 'maybe', 'little', 'color', 'think', 'scandinavia', 'incredible', 'competitive', 'years', 'really', 'cleaning', 'competitively', 'translate', 'annuity', 'account', 'revenue', 'years'] 351 351 ['think', 'germany', 'midsized', 'larger', 'german', 'industrial', 'company', 'german', 'automotive', 'supplier', 'forth', 'fantastic', 'business', 'think', 'economy', 'europe', 'think', 'german', 'industrial', 'company', 'poorly', 'point'] 352 352 353 353 ['glidden', 'think', 'reasonable', 'think', 'upside', 'base', 'activity', 'honestly', 'cautious', 'putting', 'note', 'together', 'level', 'uncertainty', 'prudent', 'broaden', 'range', 'clearly', 'driving', 'towards', 'upper', 'range', 'visibility'] 354 354 355 355 356 356 357 357 358 358 ['richard', 'davis', 'analyst', 'canaccord', 'genuity', 'thanks', 'question', 'growth', 'business', 'decade', 'try', 'figure', 'need', 'integration', 'history', 'rebranding', 'product', 'create', 'tip', 'point', 'seeing', 'demand', 'underserved', 'account', 'frankly', 'using', 'vendor', 'investing', 'should?and', 'gauge', 'evidence', 'burst', 'growth', 'quarters', 'becausei', 'think', 'question', 'people', 'include', 'try', 'noodle'] 359 359 ['heppelmann', 'richard', 'thank', 'morning'] 360 360 ['think', 'really', 'balance', 'combination', 'factor', 'think', 'definitely', 'situation', 'customer', 'questioning', 'commitment', 'business', 'maybe', 'making', 'investment', 'would', 'vendor', 'years', 'think', 'economy', 'cause', 'certain', 'amount', 'demand', 'especially', 'economy', 'strong', 'sector'] 361 361 ['think', 'customer', 'customer', 'meeting', 'right', 'blow', 'emanate', 'vision', 'leadership', 'forth', 'people', 'maybe', 'question', 'whether', 'company', 'going', 'business', 'questioning', 'whether', 'going', 'regain', 'leadership', 'business', 'really', 'excite', 'product', 'think', 'going', 'buying', 'things', 'maybe', 'table'] 362 362 363 363 ['think', 'economy', 'thing', 'factor', 'factor', 'getting', 'start', 'carry', 'number', 'years'] 364 364 ['richard', 'davis', 'quick', 'tactical', 'question', 'bounce', 'maintenance', 'guidance', 'annualized', 'maintenance', 'guidance', 'already', 'unclear', 'signing', 'sort', 'license', 'deal', 'would', 'maintenance', 'increase', 'terms', 'would', 'number', 'fast', 'straight', 'conservative'] 365 365 366 366 ['effect', 'means', 'another', 'significant', 'attractive', 'increase', 'maintenance', 'close', 'close', 'business', 'expect', 'continue', 'sustainable', 'growth', 'revenue', 'stream'] 367 367 ['richard', 'davis', 'make', 'sense', 'thanks'] 368 368 369 369 ['analyst', 'battle', 'research', 'morning', 'couple', 'question', 'first', 'phase', 'coming', 'close', 'could', 'little', 'expectation', 'pertain', 'license', 'sales', 'perhaps', 'second', 'question', 'supply', 'chain', 'optimization', 'product', 'selling', 'retail', 'industry', 'encounter', 'terms', 'competition'] 370 370 371 371 372 372 373 373 374 375 375 ['october'] 376 377 377 378 379 379 ['transcript', '102711a4218338.738'] 380 381 381 382 383 383 ['copyright'] 384 384 385 386 386 387 388 388 389 390 390 391 392 393 393 394 395 395 396 397 397 ['parametric', 'technology', 'conference', 'discus', 'acquisition', 'final'] 398 399 399 400 401 401 402 402 403 403 ['conference', 'participant'] 404 404 405 405 ['presentation'] 406 406 ['operator', 'morning', 'lady', 'gentleman', 'welcome', 'conference', 'comment', 'management', 'directly', 'brief', 'question', 'answer', 'session', 'operator', 'instructions', 'reminder', 'lady', 'gentleman', 'conference', 'record', 'would', 'introduce', 'kristian', 'talvitie', 'senior', 'president', 'financial', 'planning', 'investor', 'relations', 'please'] 407 407 ['kristian', 'talvitie', 'financial', 'planning', 'parametric', 'technology', 'thanks', 'morning', 'afternoon', 'everyone', 'start', 'remind', 'everybody', 'session', 'include', 'forward', 'looking', 'statement', 'regard', 'acquisition', 'potential', 'synergy', 'business', 'product', 'benefit', 'customer', 'future', 'operations', 'financial', 'performance', 'statement', 'base', 'current', 'assumption', 'management', 'subject', 'risk', 'uncertainty', 'could', 'cause', 'actual', 'event', 'result', 'differ', 'materially', 'include', 'following'] 408 408 409 409 410 410 411 411 412 412 ['product', 'development', 'company', 'accommodate', 'development', 'software', 'content', 'give', 'customer', 'competitive', 'advantage', 'integrity', 'product', 'coordinate', 'manage', 'activity', 'associate', 'developing', 'software', 'include', 'requirement', 'model', 'artifact', 'combining', 'going', 'build', 'deliver', 'increase', 'value', 'proposition', 'customer', 'enable', 'manage', 'hardware', 'software', 'development', 'process', 'coordinate'] 413 413 414 414 ['commonality', 'vertical', 'target', 'actually', 'pretty', 'strong', 'vertical', 'software', 'development', 'example', 'aerospace', 'defense', 'industrial', 'electronics', 'automotive', 'science', 'medical', 'devices', 'really', 'great', 'alignment', 'company', 'course', 'significant', 'distribution', 'capacity', 'bringing', '300-plus', 'direct', '400-plus', 'resellers', 'opportunity', 'increase', 'penetration', 'customer', 'different', 'geography', 'around', 'world', 'underrepresented', 'today', 'example', 'general', 'europe', 'certain', 'parts', 'region'] 415 415 ['think', 'combination', 'create', 'significant', 'opportunity', 'accelerate', 'growth', 'combine', 'entity', 'importantly', 'think', 'executive', 'talented', 'employee', 'great', 'addition', 'bring', 'expertise', 'execute', 'opportunity', 'please', 'introduce', 'michael', 'harris', 'president', 'michael', 'continue', 'responsible', 'business', 'operations', 'integrity', 'business', 'operations', 'forward', 'basis', 'remain', 'headquarters', 'business', 'operation', 'waterloo', 'canada'] 416 416 417 417 418 418 419 419 ['customer', 'looking', 'manage', 'multiple', 'product', 'line', 'customer', 'electronics', 'thousand', 'various', 'different', 'variant', 'product', 'base', 'different', 'software', 'variation', 'make', 'difficult', 'manage', 'product', 'bring', 'ultimately', 'integrity', 'product', 'allow', 'customer', 'adopt', 'whatever', 'software', 'process', 'software', 'design', 'construction', 'verification', 'process', 'place'] 420 420 421 421 422 422 423 423 ['glidden', 'parametric', 'technology', 'great', 'beautiful', 'thank', 'michael', 'glidden', 'provide', 'quick', 'overview', 'transaction', 'additional', 'background', 'comment', 'cite', 'acquiring', 'cad292.5', 'million', '303.5', 'million', 'financing', 'combination', 'credit', 'expect', 'borrow', 'approximately', 'million', 'hedging', 'transaction', 'reduce', 'currency'] 424 424 ['little', 'additional', 'background', 'fully', 'familiar', 'financial', 'result', 'fiscal', 'ending', 'april', 'report', 'revenue', 'million', 'operate', 'income', 'million', 'fiscal', 'ending', 'april', 'analyst', 'expect', 'revenue', 'exceed', 'million', 'operate', 'income', 'million', 'history', 'growth', 'margin', 'expansion', 'base', 'longer', 'revenue', 'growth', 'opportunity', 'create', 'combination', 'really', 'growth', 'synergy', 'market', 'sales', 'opportunity', 'synergy', 'believe', 'transaction', 'create', 'significant', 'value', 'shareholder'] 425 425 ['acquisition', 'expect', 'close', 'subject', 'customary', 'conditions', 'include', 'approval', 'shareholder', 'court', 'approval', 'regulatory', 'approval', 'consent', 'assume', 'close', 'third', 'quarter', 'fiscal', 'quarter', 'quarter', 'ending', 'would', 'expect', 'approximately', 'million', 'revenue', 'fiscal', 'consider', 'interest', 'expense', 'relate', 'financing', 'integration', 'costs', 'expect', 'transaction', 'neutral', 'fiscal', 'slightly', 'accretive', 'approximately', 'fiscal'] 426 426 ['remind', 'provide', 'today', 'guidance', 'beyond', 'update', 'later', 'short', 'order', 'meeting', 'management', 'employee', 'following', 'michael', 'folks', 'question', 'remind', 'provide', 'earnings', 'result', 'fiscal', 'second', 'fiscal', 'quarter', 'april', 'conference', 'discus', 'result', 'morning', 'april', 'excite', 'think', 'juncture', 'question'] 427 427 ['question', 'answer'] 428 428 429 429 ['macmillan', 'analyst', 'jefferies', 'company', 'thanks', 'congrats', 'first', 'windchill', 'add', 'planning', 'module', 'support', 'third', 'party', 'software', 'application', 'management', 'tool', 'try', 'understand', 'approach', 'third', 'party', 'product', 'maybe', 'customer', 'already', 'continue', 'support', 'within', 'windchill', 'offering'] 430 430 ['heppelmann', 'think', 'analogy', 'windchill', 'works', 'mechanical', 'system', 'course', 'mechanical', 'system', 'engineer', 'prefer', 'think', 'windchill', 'engineer', 'together', 'special', 'course', 'combination', 'hard', 'customer', 'catia', 'solidworks', 'turn', 'windchill', 'works', 'product', 'happy', 'support', 'combination'] 431 431 ['right', 'windchill', 'interest', 'develop', 'pretty', 'sophisticate', 'connector', 'system', 'quickly', 'bring', 'integrity', 'windchill', 'together', 'powerful', 'solution', 'going', 'hard', 'think', 'great', 'demand', 'unify', 'customer', 'product', 'source', 'product', 'somebody', 'product', 'sorena', 'whatever', 'integrate', 'would', 'mechanical', 'system'] 432 432 433 433 ['glidden', 'really', 'growing', 'accelerate', 'growth', 'revenue', 'story', 'revenue', 'growth', 'story', 'excite', 'management', 'expect', 'bring', 'virtually', 'employee', 'think', 'opportunity', 'expand', 'business', 'fast', 'really', 'leverage', 'sales', 'people', 'present', 'looking', 'synergy', 'integration', 'costs', 'addition', 'interest', 'think', 'success', 'payoff', 'expand', 'revenue', 'therefore', 'margin', 'value'] 434 434 435 435 ['macmillan', 'great', 'thank'] 436 436 437 437 ['analyst', 'battle', 'research', 'question', 'could', 'common', 'customer', 'maybe', 'story', 'terms', 'using', 'product', 'curious', 'thought', 'timing'] 438 438 ['heppelmann', 'first', 'question', 'first', 'michael', 'mention', 'major', 'european', 'automotive', 'supplier', 'continental', 'continental', 'pretty', 'significant', 'order', 'windchill', 'nearly', 'pretty', 'significant', 'order', 'integrity', 'example', 'continental', 'course', 'automotive', 'supplier', 'really', 'evolve', 'toward', 'system', 'evolve', 'toward', 'system', 'become', 'discussion', 'electronics', 'especially', 'software', 'continental', 'software', 'engineer', 'would', 'mechanical', 'electrical', 'electronic', 'example', 'collaborate', 'together', 'covering', 'software', 'covering', 'across', 'discipline', 'mechanical', 'electrical', 'software'] 439 439 ['couple', 'example', 'waterloo', 'company', 'make', 'blackberry', 'course', 'think', 'mechanical', 'device', 'engineer', 'formerly', 'design', 'mechanical', 'device', 'windchill', 'management', 'think', 'phone', 'software', 'furthermore', 'turn', 'software', 'different', 'software', 'configuration', 'mobile', 'sprint', 'somebody', 'different', 'software', 'configuration', 'inside', 'different', 'hardware', 'configuration', 'software', 'stack', 'layer', 'across', 'discipline', 'together', 'solve', 'whole', 'problem'] 440 440 ['would', 'another', 'example', 'common', 'customer', 'think', 'important', 'place', 'common', 'customer', 'today', 'distribution', 'generally', 'speaking', 'revenue', 'synergy', 'second', 'question', 'second', 'question'] 441 441 ['timing', 'make', 'compel', 'right'] 442 442 ['heppelmann', 'think', 'become', 'course', 'strategic', 'inventory', 'barry', 'cohen', 'phone', 'strategy', 'council', 'look', 'opportunity', 'front', 'really', 'conclude', 'need', 'evolve', 'thinking', 'industry', 'change', 'world', 'importance', 'mechanical', 'years', 'years', 'found', 'everything', 'mechanical', 'software', 'years', 'years', 'today', 'start', 'chance', 'software', 'terms', 'evolve', 'world', 'future', 'software', 'world', 'today', 'yesterday', 'mechanical', 'strategic', 'thinking', 'strategic', 'inventory', 'conclusion', 'need', 'deepen', 'expertise', 'particular'] 443 443 444 444 ['operator', 'sterling', 'jpmorgan'] 445 445 446 446 ['heppelmann', 'quantitative', 'front', 'public', 'company', 'available', 'qualitatively', 'speaking', 'think', 'happen', 'maybe', 'couple', 'shop', 'software', 'company', 'probably', 'large', 'extent', 'market', 'penetrate', 'think', 'interest', 'manufacturing', 'engineering', 'company', 'become', 'software', 'company', 'accident', 'starting', 'software', 'product', 'probably', 'bigger', 'growth', 'opportunity', 'cover', 'certain', 'extent', 'thing', 'really', 'interest', 'opportunity', 'within', 'within', 'manufacturing', 'reality', 'point', 'interest', 'people'] 447 447 448 448 449 449 ['heppelmann', 'think', 'engineering', 'responsible', 'software', 'engineering', 'electronic', 'engineering', 'mechanical', 'engineering', 'primary', 'windchill', 'target', 'customer', 'primary', 'integrity', 'target', 'customer', 'level', 'engineer', 'selling', 'mechanical', 'engineering', 'level', 'perhaps', 'integrity', 'going', 'level', 'software', 'branch', 'organization', 'come', 'together', 'engineering', 'responsible', 'inside', 'manufacturing', 'company', 'different', 'reason', 'purpose', 'developing', 'embed', 'software', 'purchase', 'engineering', 'primary', 'customer'] 450 450 ['barry', 'cohen', 'strategic', 'services', 'partner', 'parametric', 'technology', 'think', 'important', 'synergy', 'separate', 'buyer', 'engineering', 'separate', 'budget', 'incremental', 'opportunity', 'revenue', 'fighting', 'budget', 'dollar', 'would', 'share'] 451 451 ['sterling', 'question', 'separate', 'buyer', 'engineering', 'take', 'resource', 'service', 'buyer', 'maintain', 'entire', 'sales', 'force', 'sales', 'force', 'would', 'actually', 'enhance', 'number', 'street', 'order', 'drive', 'revenue', 'synergy'] 452 452 ['heppelmann', 'think', 'independent', 'synergy', 'opportunity', 'capacity', 'execute', 'right', 'quite', 'frankly', 'right', 'probably', 'eyeball', 'opportunity', 'base', 'organic', 'growth', 'rates', 'eyeball', 'opportunity', 'base', 'organic', 'growth', 'rates', 'think', 'point', 'really', 'going', 'add', 'distribution', 'capacity', 'things', 'growing', 'rates', 'capable', 'carefully', 'selectively'] 453 453 454 454 ['sterling', 'great', 'question', 'administrative', 'look', 'balance', 'sheet', 'anything', 'structure', 'structure', 'would', 'cause', 'defer', 'revenue', 'write', 'acquisition', 'different', 'would', 'standard', 'software', 'second', 'update', 'count', 'expect', 'bring', 'everybody'] 455 455 456 456 ['think', 'overall', 'employee', 'report', 'publicly', 'employee', 'continue', 'expand', 'point', 'infrastructure', 'support', 'regional', 'growth', 'particularly', 'focus', 'really', 'germany', 'area', 'europe', 'japan', 'operations', 'world', 'infrastructure', 'leverage', 'nicely', 'think', 'opportunity', 'expand', 'regional', 'market', 'vertical', 'already', 'talk', 'think', 'opportunity', 'growth', 'sterling'] 457 457 ['sterling', 'great', 'thank'] 458 458 ['operator', 'blair', 'abernethy', 'stifel', 'nicolaus'] 459 459 ['blair', 'abernethy', 'analyst', 'stifel', 'nicolaus', 'company', 'congratulations', 'wonder', 'little', 'channel', 'exist', 'today', 'overlap', 'channel'] 460 460 461 461 462 462 ['heppelmann', 'anecdotal', 'qualitative', 'suggest', 'think', '25,000', 'customer', 'software', 'inside', 'product', 'least', 'third', 'would', 'suggest', 'talking', '15,000', '20,000', 'potential', 'customer', 'currently', '1,000', 'course', 'already', 'decision', 'theoretically', 'could', 'thousand', 'thousand', 'synergy', 'customer', 'could', 'create', 'bringing', 'things', 'together'] 463 463 464 464 465 465 ['glidden', 'question', 'management', 'employee', 'excite', 'question', 'would', 'terrific'] 466 466 467 467 468 468 469 469 ['heppelmann', 'would', 'expect', 'probably', 'fulsome', 'description', 'happen', 'additional', 'information', 'available'] 470 470 471 471 ['heppelmann', 'kristian'] 472 472 473 473 474 474 ['operator', 'conclude', 'today', 'conference', 'thank', 'participate', 'disconnect'] 475 475 ['thomson', 'financial', 'reserves', 'right', 'change', 'document', 'content', 'information', 'without', 'obligation', 'notify', 'person', 'change'] 476 476 477 477 ['information', 'contain', 'event', 'transcript', 'textual', 'representation', 'applicable', 'company', 'conference', 'effort', 'provide', 'accurate', 'transcription', 'material', 'error', 'omission', 'inaccuracy', 'reporting', 'substance', 'conference', 'call', 'thomson', 'financial', 'applicable', 'company', 'applicable', 'company', 'assume', 'responsibility', 'investment', 'decision', 'base', 'information', 'provide', 'event', 'transcript', 'user', 'advise', 'review', 'applicable', 'company', 'conference', 'applicable', 'company', 'filing', 'making', 'investment', 'decision'] 478 479 479 480 481 481 482 483 483 ['transcript', '040711a3947907.707'] 484 485 485 486 487 487 ['copyright'] 488 488 489 490 490 ['copyright'] 491 492 492 493 494 494 ['focus', 'document'] 495 496 497 497 498 499 499 ['february', 'wednesday'] 500 501 501 502 503 503 504 505 505 506 506 ['derek', 'bingham', 'goldman', 'sachs', 'analyst', 'glidden', 'parametric', 'technology', 'corp.', 'kristian', 'talvitie', 'parametric', 'technology', 'corp.', 'investor', 'relations', 'financial', 'planning'] 507 507 ['presentation'] 508 508 ['derek', 'bingham', 'analyst', 'goldman', 'sachs', 'right', 'everybody', 'going', 'thanks', 'joining', 'please', 'glidden', 'thank'] 509 509 510 510 511 511 ['glidden', 'thank', 'derek'] 512 512 513 513 ['glidden', 'terrific', 'thank', 'join', 'fiscal', 'september', 'terrific', 'strong', 'finish', 'great', 'closeout', 'successful', 'quarter'] 514 514 515 515 ['maybe', 'story', 'billion', 'terms', 'software', 'services', 'revenue', 'international', 'business', 'business', 'outside', 'america', 'america', 'similar', 'amount', 'europe', 'japan'] 516 516 517 517 518 518 ['expect', 'growth', 'significant', 'margin', 'expansion', 'attractive', 'business', 'think', 'growth', 'prospect', 'business', 'outlook', 'guide', 'revenue', 'growth', 'earnings', 'growth'] 519 519 ['quick', 'overview', 'company', 'delight', 'business', 'think', 'attractive', 'growth', 'story', 'investor'] 520 520 521 521 522 522 523 523 ['would', 'business', 'show', 'significant', 'sign', 'rebound', 'growth', 'turn', 'pretty', 'prior', 'number', 'quarters', 'either', 'think', 'business', 'actually', 'seeing', 'sign', 'performance', 'economic', 'recovery'] 524 524 ['think', 'business', 'quarterly', 'maybe', 'annual', 'focus', 'taking', 'longer', 'really', 'optimize', 'business', 'drive', 'profitability', 'probably', 'sooner', 'fast', 'within', 'company', 'taking', 'profit', 'generate', 'putting', 'return', 'shareholder', 'investing', 'growth', 'future'] 525 525 526 526 527 527 528 528 529 529 530 530 ['glidden', 'think', 'thing', 'talk', 'dominos', 'familiar', 'competitive', 'large', 'billion', 'company', 'decision', 'select', 'product', 'target', 'think', 'years', 'target', 'looking', 'counting'] 531 531 ['interestingly', 'close', 'large', 'prospective', 'hyundai', 'motor', 'interest', 'revenue', 'quarter', 'derive', 'think', 'three', 'seven', 'years', 'tremendous', 'automotive', 'vertical'] 532 532 533 533 ['derek', 'bingham', 'sense', 'market', 'grow', 'expect', 'relative', 'growth', 'seeing', 'sense', 'share', 'shift'] 534 534 ['kristian', 'talvitie', 'market', 'overall'] 535 535 ['derek', 'bingham'] 536 536 537 537 538 538 539 539 ['think', 'business', 'standpoint', 'think', 'understand', 'getting', 'involve', 'engagement', 'really', 'partnership', 'customer', 'think', 'customer', 'select', 'select', 'technology', 'structure', 'business'] 540 540 ['derek', 'bingham', 'could', 'drill', 'little', 'architecture', 'differentiator', 'talking', 'appeal', 'customer', 'versus', 'alternative', 'market'] 541 541 542 542 543 543 544 544 ['derek', 'bingham'] 545 545 546 546 ['derek', 'bingham', 'still', 'homegrown', 'parameter', 'around'] 547 547 548 548 549 549 550 550 ['really', 'compel', 'reason', 'economy', 'turn', 'program', 'continue', 'economy', 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'innovation', 'within', 'company'] 564 564 ['glidden', 'derek', 'announcement', 'product', 'strategy', 'really', 'october', 'early', 'november', 'timeframe', 'early', 'november', 'really', 'october', 'deliver', 'product', 'first', 'version', 'product', 'would', 'essentially'] 565 565 566 566 ['result', 'first', 'quarter', 'response', 'feedback', 'press', 'current', 'customer', 'continue', 'business', 'first', 'quarter', 'partner', 'channel', 'partner', 'response'] 567 567 568 568 569 569 570 570 571 571 572 572 573 573 ['derek', 'bingham', 'story', 'respond', 'lower', 'fast', 'grower', 'solidworks', 'autodesk', 'inventor'] 574 574 ['kristian', 'talvitie', 'think', 'competitively', 'speaking', 'previously', 'engineer', 'platform', 'actually', 'compete', 'quite', 'lower', 'space', 'right', 'wildfire', 'family', 'launch', 'engineer', 'scalable', 'platform', 'compete', 'lower', 'functionality', 'lower', 'price', 'point', 'functionality', 'higher', 'price', 'point', 'certainly', 'continue', 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'competition', 'inaudible', 'especially', 'segment', 'dassault', 'system', 'inaudible', 'product', 'dassault', 'system', 'inaudible', 'thing', 'seeing', 'traction', 'industry', 'vertical', 'vertical', 'complementary', 'marketing', 'market', 'benign'] 587 587 588 588 ['vertical', 'market', 'exposure', 'different', 'look', 'competitor', 'dassault', 'siemens', 'business', 'traditional', 'automotive', 'market', 'think', 'large', 'instal', 'space', 'really', 'comer', 'automotive', 'continental', 'volvo', 'truck', 'forth', 'along'] 589 589 ['think', 'going', 'penetration', 'least', 'vertical', 'think', 'important', 'traditionally', 'large', 'vertical', 'technical', 'difficulty', 'federal', 'aerospace', 'defense', 'industrial', 'strong', 'market', 'think', 'probably', 'competitive', 'position', 'probably', 'think', 'different', 'dimension', 'within', 'important', 'vertical'] 590 590 591 591 592 592 593 593 ['glidden', 'derek', 'thank'] 594 594 595 595 ['derek', 'bingham', 'pleasure'] 596 596 ['thomson', 'financial', 'reserves', 'right', 'change', 'document', 'content', 'information', 'without', 'obligation', 'notify', 'person', 'change'] 597 597 598 598 599 600 600 ['march'] 601 602 602 ['language', 'english'] 603 604 604 ['transcript', '021611a3720087.787'] 605 606 606 ['publication', 'transcript'] 607 608 608 ['copyright'] 609 609 610 611 611 ['copyright'] 612 613 613 614 615 615 616 617 618 618 619 620 620 ['january', 'thursday'] 621 622 622 623 624 624 625 626 626 ['corporate', 'participant'] 627 627 628 628 629 629 ['sterling', 'jpmorgan', 'chase', 'analyst', 'gleacher', 'company', 'analyst', 'blair', 'abernethy', 'stifel', 'nicolaus', 'company', 'analyst', 'steve', 'koenig', 'longbow', 'research', 'analyst', 'richard', 'davis', 'canaccord', 'genuity', 'analyst', 'macmillan', 'jefferies', 'company', 'analyst', 'battle', 'research', 'analyst', 'andrew', 'kaplan', 'deutsche', 'analyst'] 630 630 631 631 ['operator', 'morning', 'lady', 'gentleman', 'welcome', 'first', 'quarter', 'fiscal', 'result', 'conference', 'brief', 'comment', 'management', 'directly', 'question', 'answer', 'session', 'operator', 'instructions)as', 'reminder', 'lady', 'gentleman', 'conference', 'record', 'would', 'introduce', 'kristian', 'talvitie', 'senior', 'president', 'investor', 'relations', 'please', 'ahead'] 632 632 ['kristian', 'talvitie', 'corporate', 'communications', 'parametric', 'technology', 'morning', 'afternoon', 'everyone', 'start', 'remind', 'everybody', 'session', 'include', 'forward', 'looking', 'statement', 'regard', 'product', 'anticipate', 'future', 'operations', 'financial', 'performance', 'statement', 'base', 'current', 'assumption', 'management', 'subject', 'risk', 'uncertainty', 'could', 'cause', 'actual', 'event', 'result', 'differ', 'materially', 'information', 'concert', 'risk', 'uncertainty', 'contain', 'recent', 'form', 'financial', 'measure', 'financial', 'measure', 'reconciliation', 'measure', 'comparable', 'measure', 'locate', 'prepare', 'remark', 'document', 'investor', 'relations', 'website', 'today', 'heppelmann', 'president', 'glidden', 'barry', 'cohen', 'strategy'] 633 633 634 634 635 635 ['would', 'start', 'comment', 'regard', 'automotive', 'industry', 'general', 'hyundai', 'motor', 'company', 'particular', 'background', 'context', 'automotive', 'big', 'vertical', 'within', 'manufacturing', 'industry', 'automotive', 'segment', 'historical', 'strength', 'competitor', 'siemens', 'dessault', 'particular', 'relatively', 'speaking', 'underrepresented', 'automotive', 'industry', 'years', 'competitive', 'strength', 'ought', 'advantage', 'better', 'represent', 'automotive', 'industry', 'think', 'right', 'really', 'quarters', 'starting', 'progress', 'taking', 'share', 'important', 'automotive', 'segment'] 636 636 637 637 638 638 639 639 640 640 ['waning', 'quarter', 'start', 'pretty', 'typical', 'phase', 'deployment', 'remember', 'monetization', 'model', 'deployment', 'start', 'relatively', 'small', 'first', 'phase', 'try', 'prove', 'solution', 'customer', 'environment', 'actual', 'user', 'actual', 'actual', 'production', 'process', 'successful', 'things', 'expand', 'expand', 'take', 'model', 'actual', 'relatively', 'small', 'revenue', 'first', 'phase', 'larger'] 641 641 ['press', 'release', 'prepare', 'remark', 'talk', 'quite', 'contract', 'accounting', 'cause', 'accountant', 'accountant', 'going', 'plain', 'english', 'explanation', 'happen', 'means'] 642 642 643 643 644 644 ['accounting', 'treatment', 'commitment', 'deliverable', 'deliver', 'contract', 'assign', 'contract', 'incremental', 'would', 'assign', 'swoop', 'contract', 'costs', 'deployment', 'costs', 'actually', 'putting', 'phase', 'deployment', 'place', 'situation', 'costs', 'phase', 'count', 'exceed', 'revenue', 'phase', 'accountant', 'excess', 'costs', 'current', 'period'] 645 645 646 646 ['think', 'important', 'discussion', 'around', 'accounting', 'obfuscate', 'important', 'thing', 'tremendous', 'strategic', 'important', 'account', 'pursue', 'fiscal', 'going', 'reinforce', 'momentum', 'start', 'unbelievable', 'number', 'conversation', 'automotive', 'industry', 'level', 'cement', 'claim', 'leadership', 'industry'] 647 647 ['move', 'customer', 'successful', 'secure', 'domino', 'account', 'quarter', 'count', 'versus', 'target', 'target', 'confident', 'potentially', 'exceed', 'target', 'domino', 'account', 'thing', 'detail', 'seeing', 'domino', 'account', 'previously', 'contribute', 'pretty', 'meaningful', 'pipeline', 'third', 'deal', 'domino', 'account', 'previously'] 648 648 649 649 650 650 ['overall', 'reflect', 'think', 'great', 'start', 'ahead', 'revenue', 'actually', 'taking', 'ahead', 'clear', 'confident', 'revenue', 'guidance', 'remains', 'achievable', 'think', 'place', 'relative', 'longer', 'sustainable', 'revenue', 'growth', 'brief', 'comment'] 651 651 ['glidden', 'parametric', 'technology', 'great', 'thank', 'going', 'little', 'color', 'business', 'metrics', 'quarter', 'guidance', 'balance'] 652 652 ['cite', 'terrific', 'highlight', 'quarter', 'large', 'deal', 'obviously', 'large', 'customer', 'generate', 'million', 'quarter', 'compare', 'customer', 'generate', 'million', 'really', 'speak', 'increase', 'breadth', 'depth', 'business', 'obviously', 'average', 'customer', 'million', 'reflective', 'handful', 'large', 'deal', 'difficult', 'forecast', 'compare', 'think', 'health', 'business', 'really', 'reflect', 'deal', 'average', 'million', 'consistent', 'metric', 'think', 'expect', 'going', 'forward'] 653 653 654 654 655 655 656 656 657 657 ['close', 'guidance', 'reiterate', 'guidance', 'assume', 'consistent', 'simple', 'average', 'guidance', 'holding', 'move', 'fairly', 'significantly', 'within', 'period', 'right', 'forecast', 'currency', 'really', 'flow', 'guidance', 'base', 'expect', 'revenue', 'million', 'million', 'would', 'growth', 'expect', 'revenue', 'growth', 'billion', 'billion', 'thank', 'interest', 'question'] 658 658 ['question', 'answer'] 659 659 ['operator', 'operator', 'instructions'] 660 660 661 661 ['sterling', 'analyst', 'jpmorgan', 'chase', 'thanks', 'thanks', 'morning', 'snowy', 'suffering', 'right', 'along', 'start', 'contract', 'hyundai', 'understand', 'revenue', 'actually', 'recognize', 'quarter', 'contract', 'construct'] 662 662 663 663 664 664 665 665 ['glidden', 'occasion', 'think', 'couple', 'occasions', 'commitment', 'services', 'majority', 'would', 'contract', 'accounting', 'consistent', 'practice', 'software', 'revenue', 'majority', 'business', 'software', 'revenue'] 666 666 ['heppelmann', 'unusual', 'commitment', 'around', 'product', 'development', 'normally', 'customer', 'give', 'requirement', 'requirement', 'sound', 'future', 'product', 'commit', 'normally', 'would', 'percent', 'complete', 'would', 'really', 'strange', 'product', 'enhancement', 'commitment', 'bring', 'future', 'period', 'look', 'strange', 'happen', 'prior'] 667 667 668 668 ['glidden', 'would', 'contract', 'accounting', 'license', 'piece', 'small', 'number', 'license', 'front', 'phase', 'expect', 'broaden', 'significantly', 'phase', 'three', 'significant', 'amount', 'additional', 'revenue', 'recognize', 'future', 'period', 'phase', 'three', 'complete', 'phase', 'small', 'amount', 'license', 'would', 'uncommon', 'domino', 'program', 'services', 'front', 'deployment', 'complete', 'rapid', 'expansion', 'license', 'seats'] 669 669 ['heppelmann', 'phase', 'fully', 'complete', 'within', 'fiscal', 'target', 'calendar'] 670 670 ['glidden', 'correct'] 671 671 672 672 ['glidden', 'services', 'million', 'services', 'recognize', 'services', 'contract', 'percentage', 'point', 'impact', 'gross', 'margin', 'quarter', 'bottom', 'really', 'bridges', 'think', 'quarter', 'overall', 'margin', 'services', 'margin', 'exclude'] 673 673 674 674 675 675 676 676 ['analyst', 'gleacher', 'company', 'thank', 'think', 'sterling', 'asking', 'right', 'question', 'regard', 'hyundai', 'contracting', 'accounting', 'something', 'look', 'mention', 'desktop', 'business', 'quarter', 'account', 'strong', 'business', 'front', 'major', 'release', 'coming', 'product', 'month', 'effect', 'happening', 'large', 'basically', 'windchill', 'driving', 'sales', 'right', 'thanks'] 677 677 ['heppelmann', 'couple', 'question', 'think', 'desktop', 'number', 'strong', 'reason', 'large', 'deal', 'contain', 'desktop', 'probably', 'function', 'renewal', 'renegotiate', 'special', 'connection', 'windchill', 'anything', 'robust', 'strength', 'channel', 'buying', 'behavior', 'happen', 'helping', 'remember', 'story', 'interest'] 678 678 679 679 680 680 681 681 682 682 683 683 ['great', 'closure', 'follow', 'domino', 'deal', 'higher', 'initial', 'contract', 'right', 'probably', 'assumption'] 684 684 685 685 ['great', 'pretty', 'sizeable', 'sequential', 'defer', 'revenue', 'quarter', 'maintenance', 'renewal', 'consult', 'license', 'revenue'] 686 686 ['glidden', 'piece', 'maintenance', 'renewal', 'event', 'terrific', 'drive', 'significant', 'increase'] 687 687 688 688 689 689 690 690 ['heppelmann', 'thank', 'could', 'question', 'question', 'follow', 'would', 'great', 'thanks'] 691 691 ['operator', 'question', 'come', 'blair', 'abernethy', 'stifel', 'nicolaus'] 692 692 ['blair', 'abernethy', 'analyst', 'stifel', 'nicolaus', 'company', 'thanks'] 693 693 ['heppelmann'] 694 694 ['blair', 'abernethy', 'domino', 'wonder', 'could', 'terms', 'characterize', 'backlog', 'license', 'group', 'could', 'bucketize', 'first', 'phase', 'versus', 'second', 'phase', 'versus', 'final', 'phase', 'implementation'] 695 695 ['heppelmann', 'think', 'begin', 'program', 'begin', 'talking', 'domino', 'account', 'mid-2009', 'could', 'earliest', 'seven', 'quarters', 'latest', 'course', 'think', 'account', 'somewhat', 'early', 'multi', 'multi', 'phenomenon', 'take', 'course', 'quite', 'frankly', 'never', 'actually', 'course', 'become', 'engagement', 'become', 'strategic', 'partner', 'continue', 'incremental', 'business', 'try', 'question', 'think', 'would', 'characterize', 'ample', 'additional', 'opportunity', 'stand', 'starting', 'pretty', 'meaningful'] 696 696 ['barry', 'cohen', 'would', 'mention', 'final', 'phase', 'actuality', 'think', 'final', 'phase', 'rollout', 'windchill', 'expand', 'footprint', 'think', 'hear', 'expand', 'service', 'market', 'within', 'account', 'arbortext', 'offering', 'really', 'never', 'ending', 'annuity'] 697 697 698 698 699 699 ['general', 'motor', 'watch', 'extremely', 'closely', 'happening', 'hyundai', 'speak', 'specifically', 'general', 'motor', 'company', 'wonder', 'maybe', 'leapfrog', 'hyundai', 'follow', 'strategy', 'leap', 'ahead', 'strategy', 'current', 'market', 'leader', 'think', 'automotive', 'company', 'move', 'defend', 'questioning', 'start', 'sales', 'cycle', 'take', 'think', 'going', 'immediate', 'difference', 'terms', 'working', 'increasingly', 'industry', 'coming', 'years'] 700 700 ['blair', 'abernethy', 'great', 'thank'] 701 701 ['operator', 'question', 'come', 'steve', 'koenig', 'longbow', 'research'] 702 702 ['steve', 'koenig', 'analyst', 'longbow', 'research'] 703 703 704 704 705 705 ['glidden', 'steve', 'relative', 'hyundai', 'provide', 'specific', 'revenue', 'margin', 'guidance', 'would', 'suffice', 'bake', 'forecast', 'small', 'effect', 'going', 'forward', 'dollar', 'help', 'mitigate', 'percentage', 'completion', 'uptick', 'expect', 'phase', 'phase', 'license', 'revenue', 'would', 'small', 'effect'] 706 706 707 707 708 708 709 709 ['heppelmann', 'think', 'definitely', 'believe', 'going', 'overall', 'think', 'license', 'growth', 'range', 'talking', 'sorry', 'upper', 'range', 'license', 'growth', 'windchill', 'scaling', 'license', 'growth', 'previous', 'attribute', 'previous', 'license', 'growth', 'economic', 'recovery', 'comp', 'previous', 'forth', 'think', 'growth', 'windchill', 'completely', 'doable', 'pipeline', 'support'] 710 710 ['steve', 'koenig', 'great', 'thanks', 'thanks'] 711 711 712 712 ['richard', 'davis', 'analyst', 'canaccord', 'genuity', 'thanks', 'question', 'talking', 'accounting', 'reckoning', 'barely', 'allocate', 'expense', 'windchill', 'somewhere', 'guess', 'breakeven', 'single', 'digit', 'operate', 'margin', 'every', 'software', 'company', 'generate', 'revenue', 'roughly', 'million', 'million', 'operate', 'margin', 'awesome', 'windchill', 'growing', 'margin', 'better', 'industry', 'average', 'think', 'could', 'awfully', 'interest', 'story'] 713 713 714 714 715 715 716 716 ['heppelmann', 'think', 'exactly', 'right', 'exactly', 'working', 'continue', 'eliminate', 'minimize', 'amount', 'services', 'customization', 'forth', 'never', 'going', 'impossible'] 717 717 ['think', 'people', 'think', 'terms', 'multiplier', 'license', 'service', 'revenue', 'multiplier', 'drop', 'dramatically', 'years', 'try', 'forward', 'basis', 'bigger', 'portion', 'services', 'services', 'economy', 'beyond', 'really', 'windchill', 'license', 'revenue', 'fast', 'maintenance', 'revenue', 'pretty', 'actually', 'throttle', 'services', 'growth', 'parts', 'throttling', 'throttle', 'demand', 'number', 'throttle', 'supply', 'third', 'party', 'ecosystem', 'increasingly', 'interest'] 718 718 ['benefit', 'scale', 'percent', 'revenue', 'example', 'think', 'benefit', 'leadership', 'economy', 'leadership', 'means', 'short', 'sales', 'cycle', 'higher', 'productivity', 'better', 'pricing', 'power', 'things', 'think', 'stuff', 'together', 'really', 'fixing', 'think', 'going', 'windchill', 'interest', 'going', 'forward'] 719 719 ['richard', 'davis', 'thanks'] 720 720 721 721 722 722 ['glidden', 'first', 'accounting', 'correct', 'second', 'correct', 'fund', 'exist', 'spending', 'program', 'plan', 'incremental', 'expense', 'different', 'bucket', 'record', 'services', 'lower', 'level', 'course', 'really', 'function', 'already', 'bake', 'expense', 'plan', 'therefore', 'despite', 'impact', 'comfortable', 'maintain', 'guidance', 'balance'] 723 723 724 724 725 725 ['macmillan', 'want', 'clear', 'point', 'contract', 'sound', 'contract', 'accounting', 'sound', 'material', 'amount', 'license', 'revenue', 'associate', 'phase', 'accounting', 'would', 'delta', 'license', 'revenue', 'take', 'first', 'quarter'] 726 726 727 727 728 728 ['macmillan', 'great', 'could', 'remind', 'phase', 'think', 'product', 'introduction', 'elements', 'remind', 'expect', 'elements', 'explain', 'elements', 'relate', 'exist', 'install', 'today', 'second', 'phase', 'example', 'really', 'incremental', 'functionality', 'phase', 'really', 'going', 'satisfy', 'upgrade', 'majority', 'thanks'] 729 729 730 730 ['macmillan', 'helpful', 'thanks'] 731 731 732 732 733 733 ['heppelmann', 'first', 'essentially', 'calendar', 'contract', 'contract', 'calendar', 'execute', 'wrapping', 'january', 'second', 'question', 'vertical', 'anecdotal', 'information', 'would'] 734 734 735 735 736 736 ['operator', 'final', 'question', 'come', 'andrew', 'kaplan', 'deutsche'] 737 737 738 738 ['glidden', 'speak', 'hyundai', 'program', 'phase', 'incentive', 'contract', 'clause', 'really', 'execute', 'deliver', 'expect', 'accounting', 'issue', 'phase', 'phase', 'phase', 'three', 'iceberg', 'phase', 'small', 'deployment', 'hundred', 'seats', 'windchill', 'think', 'thousand', 'seats', 'windchill', 'really', 'represent', 'opportunity', 'think', 'majority', 'opportunity', 'ahead', 'tremendous', 'upside', 'forward'] 739 739 ['second', 'question', 'litigation', 'behind', 'thing', 'million', 'effect', 'litigation', 'settlement', 'think', 'behind', 'thing', 'reiterate', 'expect', 'strong', 'growth', 'balance', 'fully', 'disclose', 'risk', 'litigation', 'think', 'settlement', 'terrific', 'behind', 'nothing', 'ahead'] 740 740 741 741 742 742 743 743 744 744 ['thomson', 'financial', 'reserves', 'right', 'change', 'document', 'content', 'information', 'without', 'obligation', 'notify', 'person', 'change'] 745 745 ['conference', 'call', 'event', 'transcript', 'base', 'company', 'projection', 'forward', 'looking', 'statement', 'regard', 'variety', 'item', 'forward', 'looking', 'statement', 'base', 'current', 'expectation', 'involve', 'risk', 'uncertainty', 'actual', 'result', 'differ', 'materially', 'state', 'forward', 'looking', 'statement', 'base', 'number', 'important', 'factor', 'risk', 'specifically', 'identify', 'company', 'recent', 'filing', 'although', 'company', 'indicate', 'believe', 'assumption', 'underlie', 'forward', 'looking', 'statement', 'reasonable', 'assumption', 'could', 'prove', 'inaccurate', 'incorrect', 'therefore', 'assurance', 'result', 'contemplate', 'forward', 'looking', 'statement', 'realize'] 746 746 747 748 748 ['march'] 749 750 750 751 752 752 ['transcript', '012711a3664714.714'] 753 754 754 755 756 756 757 757 ['right', 'reserve'] 758 759 759 ['copyright'] 760 761 761 762 763 763 ['focus', 'document'] 764 765 766 766 767 768 768 769 770 770 ['parametric', 'technology', 'corp.', 'needham', 'company', 'growth', 'conference', 'final'] 771 772 772 773 774 774 ['corporate', 'participant'] 775 775 776 776 ['presentation'] 777 777 778 778 ['glidden', 'parametric', 'technology', 'corporation', 'thank', 'delight', 'excite', 'opportunity', 'bring', 'think', 'hear', 'inch', 'boston', 'three', 'bring', 'football', 'folks', 'watch', 'sunday', 'patriot'] 779 779 780 780 781 781 ['going', 'really', 'couple', 'things', 'today', 'quick', 'overview', 'better', 'little', 'deep', 'customer', 'customer', 'driving', 'growth', 'product', 'leadership', 'financial', 'performance', 'company', 'longer', 'model'] 782 782 783 783 784 784 785 785 ['right', 'business', 'history', 'growth', 'profitability', 'significantly', 'exceed', 'billion', 'revenue', 'economy', 'downturned', 'people', 'engineering', 'team', 'engineering', 'market', 'number', 'customer', 'defer', 'purchase', 'significantly', 'decline', 'margin', 'growth', 'track'] 786 786 787 787 788 788 ['desktop', 'business', 'million', 'growth', 'business', 'essentially', 'several', 'years', 'think', 'program', 'growth', 'business', 'important', 'business', 'revenue', 'profitable', 'generate', 'significant', 'business', 'start', 'growing', 'strategy', 'desktop', 'business'] 789 789 ['business', 'growing', 'significantly', 'license', 'revenue', 'overall', 'revenue', 'growing', 'better', 'business', 'investing', 'today', 'lower', 'level', 'profitability', 'model', 'business', 'expand', 'profitability', 'really', 'fairly', 'simple', 'straightforward', 'approach', 'growth', 'engine', 'drive'] 790 790 ['going', 'little', 'articulate', 'really', 'elements', 'strategy', 'first', 'foremost', 'growth', 'leadership', 'really', 'relate', 'market', 'leader', 'believe', 'market', 'leader', 'strong', 'position', 'continue', 'invest', 'leaders', 'market', 'generally', 'generate', 'stay', 'power', 'pricing', 'power', 'profit', 'power', 'growth', 'leadership'] 791 791 792 792 ['another', 'product', 'speak', 'later', 'arbortext', 'really', 'information', 'services', 'business', 'customer', 'think', 'million', 'business', 'today', 'think', 'nicely', 'think', 'opportunity', 'significant', 'opportunity', 'exceed'] 793 793 ['talk', 'leadership', 'really', 'technology', 'leader', 'market', 'leader', 'various', 'segment', 'focus', 'efficiency', 'predictability', 'efficiency', 'business', 'strong', 'profitable', 'number', 'things', 'include', 'pricing', 'discount', 'market', 'leader', 'think', 'opportunity', 'command', 'premium', 'market', 'great'] 794 794 ['customer', 'money', 'installing', 'product', 'really', 'value', 'deliver', 'customer', 'deliver', 'value', 'shareholder'] 795 795 796 796 797 797 798 798 799 799 ['continue', 'think', 'important', 'continue', 'reinvest', 'business', 'growth', 'add', 'salesperson', 'example', 'add', 'sales', 'capacity', 'midway', 'continue', 'judgment', 'trade', 'attractive', 'achievable', 'sustainable'] 800 800 801 801 802 802 ['large', 'account', 'strong', 'business', 'think', 'really', 'business', 'recovery', 'anticipate', 'hope', 'large', 'business', 'strong'] 803 803 ['close', 'would', 'quarter', 'ending', 'september', 'activity', 'beginning', 'develop', 'channel', 'think', 'channel', 'business', 'small', 'medium', 'size', 'business', 'activity', 'recovery', 'quarters', 'years', 'ahead', 'would', 'expect', 'channel', 'business', 'strong', 'hopefully', 'build', 'channel', 'business'] 804 804 ['speaking', 'large', 'account', 'business', 'parse', 'area', 'would', 'strategic', 'account', 'instal', 'account', 'dominoes', 'target', 'account'] 805 805 ['goal', 'call', 'dominoes', 'would', 'billion', 'company', 'think', 'could', 'unique', 'position', 'would', 'competitive', 'would', 'close', 'least', 'within'] 806 806 807 807 808 808 809 809 810 810 811 811 ['retail', 'consumer', 'medical', 'devices', 'smaller', 'new', 'market', 'think', 'important', 'forward'] 812 812 813 813 ['success', 'means', 'production', 'typically', 'means', 'broad', 'footprint', 'license', 'additional', 'services', 'maintenance', 'start'] 814 814 815 815 ['software', 'model', 'largely', 'almost', 'exclusively', 'perpetual', 'license', 'model', 'software', 'model', 'maintenance', 'add', 'maintenance', 'provide', 'update', 'upgrade', 'important', 'piece'] 816 816 817 817 ['would', 'relatively', 'onboard', 'quarters', 'pleasant', 'surprise', 'depth', 'breadth', 'customer', 'willingness', 'nasdaq', 'investor', 'november', 'customer', 'three', 'customer', 'present', 'terrific', 'listen', 'listen', 'customer', 'think', 'would', 'excite'] 818 818 819 819 ['complex', 'slide', 'company', 'engineer', 'engineer', 'slide', 'together', 'fundamentally', 'think', 'system', 'product', 'windchill', 'really', 'heart', 'product', 'lifecycle', 'management', 'program', 'place', 'really', 'process', 'customer'] 820 820 821 821 ['building', 'product', 'think', 'system', 'front', 'system', 'probably', 'today', 'years', 'heart', 'develop', 'product'] 822 822 823 823 824 824 825 825 826 826 827 827 828 828 ['pretty', 'excite', 'things', 'really', 'solving', 'customer', 'problem', 'understand', 'market', 'heretofore', 'expensive', 'switch', 'vendor', 'another', 'instal', 'become', 'lock'] 829 829 830 830 831 831 ['different', 'product', 'basically', 'expand', 'number', 'seats', 'maybe', 'little', 'light', 'version', 'really', 'application', 'solution', 'marketing', 'need', 'services', 'really', 'starting', 'wealth', 'breadth', 'system', 'system', 'accessible', 'user', 'within', 'environment'] 832 832 ['talk', 'adoption', 'bring', 'competitive', 'easily', 'system', 'people', 'direct', 'modeling', 'forth', 'really', 'think', 'provide', 'tremendous', 'opportunity', 'instal', 'customer', 'importantly', 'penetrate', 'competitor', 'instal', 'customer'] 833 833 834 834 835 835 836 836 837 837 838 838 839 839 840 840 ['service', 'equipment', 'service', 'making', 'money', 'anybody', 'important', 'piece', 'making', 'uptime'] 841 841 ['terms', 'solution', 'really', 'taking', 'system', 'making', 'available', 'service', 'information', 'system'] 842 842 843 843 ['basis', 'provide', 'right', 'graphical', 'representation', 'disassemble', 'reassemble', 'component', 'dramatically', 'reduce', 'language', 'everyone', 'understand', 'picture', 'translate', 'documentation', 'today', 'translate', 'system', 'terrific'] 844 844 845 845 ['excite', 'think', 'customer', 'great', 'product', 'strategy', 'excite', 'things', 'coming', 'financial', 'finish', 'terrific', 'performance', 'earlier', '1.010', 'billion', 'fiscal'] 846 846 ['software', 'license', 'growth', 'software', 'represent', 'license', 'revenue', 'represent', 'business', 'expand', 'profit', 'margin', 'operate', 'margin', 'achieve', 'exceed', 'generate', 'operations', 'million', 'end', 'million'] 847 847 848 848 849 849 850 850 ['product', 'market', 'leverage', 'fundamentally', 'continue', 'invest', 'think', 'range', 'technology', 'company', 'today', 'think', 'quite', 'confident', 'achieve', 'operate', 'margin', 'basically', 'deliver', 'compound', 'annually', 'years'] 851 851 ['business', 'reporting', 'first', 'fiscal', 'quarter', 'end', 'december', 'provide', 'information', 'provide', 'earnings', 'release', 'information', 'market', 'close', 'january', 'follow', 'conference', 'january', 'think', 'thursday', 'morning', 'eight', "o'clock"] 852 852 853 853 ['question', 'answer'] 854 854 ['unidentified', 'audience', 'member', 'accelerate', 'depreciation', 'inaudible', 'question', 'microphone', 'inaccessible', 'software', 'project', 'would', 'think', 'benefit', 'company'] 855 855 856 856 857 857 ['glidden', 'right'] 858 858 ['unidentified', 'audience', 'member', 'inaudible', 'question', 'microphone', 'inaccessible'] 859 859 860 860 ['pass', 'credits', 'fundamentally', 'slightly', 'favorable', 'impact', 'speak', 'later'] 861 861 ['guide', 'credit', 'probably', 'little', 'update', 'give', 'another', 'small', 'little', 'tailwind', 'little', 'better', 'situation', 'question'] 862 862 ['unidentified', 'audience', 'member', 'inaudible', 'question', 'microphone', 'inaccessible'] 863 863 864 864 ['think', 'least', 'business', 'performance', 'productivity', 'direct', 'large', 'customer', 'think', 'would', 'expect', 'small', 'medium', 'business', 'starting', 'reinvest', 'think', 'drive', 'economy', 'direct', 'stuff', 'drive', 'compel', 'story'] 865 865 866 866 ['terms', 'vertical', 'cite', 'midwest', 'blank', 'piece', 'paper', 'years', 'performance', 'midwest', 'account', 'deal', 'close', 'midwest', 'think', 'health', 'industry', 'important', 'customer', 'affect', 'overall', 'market', 'would', 'expect', 'would', 'industrial', 'sector', 'continue', 'improve', 'forward'] 867 867 868 868 869 869 870 870 ['think', 'early', 'stage', 'try', 'market', 'interest', 'customer', 'finding', 'opportunity', 'market', 'really', 'think', 'exist', 'today', 'saying', 'market', 'customer', 'whole', 'change', 'paradigm', 'think', 'could', 'million', 'billion', 'market'] 871 871 872 872 873 873 874 874 ['conference', 'call', 'event', 'transcript', 'base', 'company', 'projection', 'forward', 'looking', 'statement', 'regard', 'variety', 'item', 'forward', 'looking', 'statement', 'base', 'current', 'expectation', 'involve', 'risk', 'uncertainty', 'actual', 'result', 'differ', 'materially', 'state', 'forward', 'looking', 'statement', 'base', 'number', 'important', 'factor', 'risk', 'specifically', 'identify', 'company', 'recent', 'filing', 'although', 'company', 'indicate', 'believe', 'assumption', 'underlie', 'forward', 'looking', 'statement', 'reasonable', 'assumption', 'could', 'prove', 'inaccurate', 'incorrect', 'therefore', 'assurance', 'result', 'contemplate', 'forward', 'looking', 'statement', 'realize'] 875 875 876 877 877 878 879 879 880 881 881 882 883 883 884 885 885 ['copyright'] 886 886 ['right', 'reserve'] 887 888 888 ['copyright'] 889 0 1 2 3 4 4 5 5 6 7 7 [] 8 9 9 10 10 11 11 12 13 14 14 ['terms', 'parkway', 'property'] 15 16 17 17 ['source', 'disclosure'] 18 18 19 20 21 21 22 22 23 23 ['parkway', 'property', 'earnings', 'final', 'disclosure', 'february', 'tuesday', '10149', 'words'] 24 25 26 26 27 27 ['parkway', 'property', 'earnings', 'final', 'disclosure', 'october', 'friday', '10747', 'words'] 28 29 30 30 [] 31 31 ['parkway', 'property', 'earnings', 'final', 'disclosure', 'august', 'friday', '12486', 'words'] 32 33 34 34 35 35 ['parkway', 'property', 'reitweekâ', 'nareit', 'investor', 'forum', 'final', 'disclosure', 'wednesday', 'words'] 36 37 38 38 39 39 ['parkway', 'property', 'earnings', 'conference', 'final', 'disclosure', 'tuesday', 'words'] 40 41 42 42 [] 43 43 44 45 46 46 47 47 ['parkway', 'property', 'raymond', 'james', 'financial', 'institutional', 'investor', 'conference', 'final', 'disclosure', 'march', 'monday', 'words'] 48 49 50 50 ['return'] 51 52 52 53 54 55 55 56 57 57 ['february', 'tuesday'] 58 59 59 60 61 61 ['length', '10149', 'words'] 62 63 63 ['corporate', 'participant'] 64 64 65 65 ['parkway', 'property', 'general', 'counsel'] 66 66 ['heistand'] 67 67 68 68 69 69 ['parkway', 'property'] 70 70 71 71 72 72 73 73 ['parkway', 'property'] 74 74 ['conference', 'participant'] 75 75 76 76 77 77 ['jordan', 'sadler'] 78 78 79 79 ['jamie', 'feldman'] 80 80 ['merrill', 'lynch', 'analyst'] 81 81 ['alexander', 'goldfarb'] 82 82 ['sandler', "o'neill", 'partner', 'analyst'] 83 83 84 84 ['citigroup', 'analyst'] 85 85 86 86 87 87 88 88 89 89 [] 90 90 ['raymond', 'james', 'associate', 'analyst'] 91 91 ['presentation'] 92 92 93 93 ['operator', 'instructions'] 94 94 95 95 96 96 97 97 ['certain', 'statement', 'today', 'present', 'tense', 'discus', 'company', 'expectation', 'forward', 'looking', 'statement', 'within', 'meaning', 'federal', 'security', 'although', 'believe', 'expectation', 'reflect', 'forward', 'looking', 'statement', 'base', 'reasonable', 'assumption', 'assurance', 'expectation', 'achieve'] 98 98 99 99 ['heistand', 'president', 'parkway', 'property', 'thank', 'joining', 'today', 'result', 'reflect', 'execution', 'operational', 'investment', 'financing', 'strategy', 'instrumental', 'parkway', 'recent', 'success'] 100 100 ['first', 'regard', 'operational', 'performance', 'continue', 'expertise', 'local', 'market', 'operate', 'team', 'improve', 'economy', 'scale', 'within', 'market', 'achieve', 'record', 'lease', 'gain', 'specifically', 'lease', 'million', 'square', 'space', 'increase', 'strong', 'lease', 'activity', 'company', 'history', 'exceed', 'previous', 'record'] 101 101 102 102 103 103 ['result', 'operational', 'execution', 'believe', 'portfolio', 'position', 'value', 'creation', 'include', 'million', 'square', 'lease', 'activity', 'variety', 'lease', 'commencement', 'date', 'period', 'impact', 'impact', 'assume', 'guidance', 'however', 'lease', 'online', 'abatement', 'period', 'conclude', 'expect', 'lease', 'contribute', 'meaningfully', 'growth', 'beyond'] 104 104 ['turning', 'investment', 'strategy', 'continue', 'identify', 'acquisition', 'opportunity', 'strengthen', 'portfolio', 'favorable', 'pricing', 'investment', 'help', 'increase', 'scale', 'submarkets', 'miami', 'orlando', 'buckhead', 'atlanta', 'additionally', 'corporate', 'center', 'three', 'acquisition', 'allow', 'million', 'square', 'class', 'value', 'assets', 'amenity', 'westshore', 'submarket', 'tampa'] 105 105 ['result', 'strategic', 'quality', 'value', 'acquisition', 'believe', 'construct', 'attainable', 'replicate', 'recent', 'lease', 'success', 'drive', 'occupancy', 'unlock', 'value', 'process', 'integration', 'investment', 'operate', 'strategy', 'yield', 'strong', 'result'] 106 106 107 107 108 108 109 109 ['disposition', 'increase', 'capital', 'recycling', 'activity', 'seven', 'assets', 'total', 'million', 'highlight', 'unwind', 'austin', 'joint', 'venture', 'north', 'tryon', 'charlotte', 'clear', 'opportunity', 'capitalize', 'value', 'creation', 'monetize', 'investment', 'generate', 'outside', 'return'] 110 110 ['looking', 'towards', 'remain', 'commit', 'continue', 'recycle', 'capital', 'project', 'million', 'million', 'disposition', 'consist', 'recently', 'acquire', 'assets', 'believe', 'maximize', 'value', 'legacy', 'parkway', 'property', 'assets', 'third', 'remain', 'focus', 'executing', 'financial', 'strategy', 'center', 'maintain', 'conservative', 'flexible', 'balance', 'sheet'] 111 111 ['financing', 'highlight', 'include', 'lower', 'ebitda', 'level', 'continue', 'maintain', 'metric', 'within', 'state', 'range', 'times', 'throughout', 'amend', 'credit', 'facility', 'provide', 'greater', 'financial', 'flexibility', 'increase', 'borrowing', 'capacity'] 112 112 113 113 114 114 115 115 116 116 117 117 118 118 ['fourth', 'quarter', 'complete', 'total', '936,000', 'square', 'lease', 'fourth', 'quarter', 'lease', 'activity', 'complete', 'average', '32.20', 'square', 'represent', 'increase'] 119 119 120 120 ['continue', 'effectuate', 'healthy', 'lease', 'across', 'portfolio', 'fourth', 'quarter', 'addition', 'executing', '326,000', 'square', 'lease', 'assets', 'acquire', '43.36', 'square', 'continue', 'improve', 'store', 'portfolio'] 121 121 ['fourth', 'quarter', 'store', 'recur', 'increase', 'basis', 'compare', 'prior', 'basis', 'lease', 'fourth', 'quarter', 'total', '304,000', 'square', 'execute', '35.98', 'square', 'double', 'lease', 'activity', 'third', 'quarter', 'average', 'increase', 'approximately'] 122 122 ['lease', 'activity', 'fourth', 'quarter', 'complete', 'average', 'square', 'approximately', 'third', 'quarter', 'level', 'regard', 'renewal', 'lease', 'complete', '404,000', 'square', 'lease', 'quarter', 'average', '32.02', 'square', 'represent', 'positive', 'renewal', 'spread', 'expire', 'rental'] 123 123 124 124 125 125 126 126 127 127 128 128 129 129 ['additionally', 'complete', '81,000', 'square', 'renewal', 'expansion', 'lease', 'result', 'lease', 'strategic', 'lease', 'complete', 'gates', 'increase', 'weight', 'average', 'lease', 'hearst', 'tower', 'approximately', 'years', 'years', 'since', 'acquire', 'asset'] 130 130 131 131 ['total', 'lease', 'quarter', 'include', 'activity', 'orlando', 'assets', 'highlighting', 'contribution', 'recent', 'acquisition', 'orlando', 'center', 'millennium', 'additionally', 'subsequent', 'quarter', 'complete', '82,000', 'square', 'early', 'renewal', 'wells', 'fargo', 'orlando', 'center', 'locate', 'orlando', 'renewal', 'seven', 'years', 'initial', 'expiration', 'stabilize', 'asset'] 132 132 133 133 ['additionally', 'silicon', 'valley', 'sign', '50,000', 'square', 'expansion', 'lease', 'hayden', 'ferry', 'commence', 'incrementally', 'order', 'accommodate', 'expansion', 'hayden', 'ferry', 'execute', '20,000', 'square', 'lease', 'davis', 'mile', 'commence', 'point', 'customer', 'relocate', 'hayden', 'ferry', 'complete', 'hayden', 'ferry', 'property', 'lease', 'davis', 'mile', 'create', 'positive', 'market', 'compare', 'current', 'hayden', 'ferry', 'lakeside'] 134 134 ['turning', 'occupancy', 'exclude', 'impact', 'fourth', 'quarter', 'acquisition', 'disposition', 'activity', 'fourth', 'quarter', 'occupancy', 'portfolio', 'lease', 'represent', 'increase', 'basis', 'point', 'occupancy', 'compare', 'prior', 'quarter'] 135 135 136 136 137 137 ['turn', 'another', 'include', 'million', 'acquisition', 'activity', 'million', 'disposition', 'include', 'restructure', 'purchase', 'default', 'buying', 'larger', 'portfolio', 'simultaneous', 'disposition', 'assets', 'simplify', 'ownership', 'structure', 'previously', 'balance', 'sheet', 'joint', 'venture'] 138 138 139 139 140 140 ['furthermore', 'allow', 'assets', 'estimate', 'replacement', 'costs', 'buying', 'assets', 'believe', 'additional', 'value', 'create', 'looking', 'ahead', 'excite', 'opportunity', 'reposition', 'assets', 'unlock', 'value', 'lease', 'congress', 'plaza', 'jacinto', 'center', 'blend', 'occupancy', 'january', 'additionally', 'given', 'recent', 'delivery', 'within', 'austin', 'largely', 'absorb', 'along', 'limited', 'amount', 'large', 'block', 'contiguous', 'vacancy', 'believe', 'strong', 'position', 'lease', 'assets'] 141 141 142 142 ['current', 'westshore', 'portfolio', 'lease', 'submarket', 'active', 'believe', 'building', 'significantly', 'perform', 'ownership', 'structure', 'stabilize', 'normalize', 'occupancy', 'own', 'assets', 'month', 'encourage', 'initial', 'interest', 'building', 'prospective', 'tenant'] 143 143 144 144 ['immediately', 'following', 'corporate', 'center', 'portfolio', 'acquisition', 'complete', 'office', 'property', 'consistent', 'investment', 'strategy', 'gross', 'sales', 'price', 'million', 'corporate', 'center', 'portfolio', 'acquisition', 'exemplify', 'willingness', 'ability', 'execute', 'complex', 'transactions', 'position', 'create', 'value', 'simultaneously', 'mitigate', 'exposure'] 145 145 146 146 147 147 148 148 ['acquire', 'asset', 'gross', 'price', 'million', 'represent', 'imply', 'approximately', 'buckhead', 'property', 'prior', 'neighbor', 'november', 'boutique', 'building', 'locate', 'gateway', 'buckhead', 'submarket', 'provide', 'tenant', 'access', 'executive', 'housing', 'retail', 'hotel', 'amenities', 'connect', 'legacy', 'buckhead', 'assets', 'recently', 'acquire', 'value', 'property', 'forum'] 149 149 150 150 ['turning', 'disposition', 'december', 'complete', 'north', 'tryon', '405,000', 'square', 'asset', 'locate', 'charlotte', 'gross', 'sales', 'price', 'million', 'represent', 'imply', 'approximately', 'charlotte', 'remains', 'market', 'parkway', 'particular', 'asset', 'deem', 'appropriate', 'given', 'current', 'relative', 'value', 'project', 'return', 'profile', 'north', 'tryon', 'occupy', 'america', 'approximately', 'entire', 'building', 'significantly', 'market'] 151 151 ['first', 'underwrite', 'acquisition', 'north', 'tryon', 'believe', 'opportunity', 'create', 'value', 'unlock', 'positive', 'market', 'exist', 'america', 'space', 'asset', 'instead', 'believe', 'likely', 'execute', 'market', 'renewal', 'option'] 152 152 153 153 154 154 155 155 156 156 ['october', 'portfolio', 'tempe', 'parcel', 'zone', 'hotel', 'locate', 'alongside', 'hayden', 'ferry', 'lakeside', 'campus', 'tempe', 'submarket', 'phoenix', 'parcel', 'hotel', 'developer', 'million', 'recognize', '739,000', '222,700', 'parkway', 'share'] 157 157 ['asset', 'purchase', 'foreclosure', 'consolidate', 'ownership', 'hayden', 'ferry', 'lakeside', 'ultimately', 'allow', 'control', 'final', 'piece', 'generate', 'allow', 'quality', 'amenity', 'potential', 'additional', 'revenue', 'stream', 'leveraging', 'exist', 'parking', 'garage'] 158 158 ['finally', 'mention', 'disposition', 'environment', 'remains', 'robust', 'heading', 'expect', 'million', 'million', 'assets', 'include', 'recently', 'announce', 'asset', 'sales', 'raymond', 'james', 'tower', 'honeywell', 'building', 'believe', 'continue', 'portfolio', 'transformation', 'important'] 159 159 ['david', 'update', 'financial', 'result'] 160 160 ['david', "o'reilly", 'parkway', 'property', 'thanks', 'jason', 'complete', 'fourth', 'quarter', 'dilute', 'share', 'fourth', 'quarter', 'result', 'include', 'negative', 'impact', 'charge', 'total', 'million', 'dilute', 'share', 'fourth', 'quarter', 'incur', 'notable', 'charge', 'worth', 'discuss'] 161 161 162 162 ['partially', 'offset', 'nonrecurring', 'item', 'exclude', 'nonrecurring', 'item', 'fourth', 'quarter', 'recur', 'dilute', 'share', 'fourth', 'quarter', 'dilute', 'share'] 163 163 164 164 ['exclude', 'item', 'recur', 'dilute', 'share', 'lastly', 'dilute', 'share', 'provide', 'reconciliation', 'recur', 'income', 'supplemental', 'report'] 165 165 ['would', 'briefly', 'address', 'quarter', 'quarter', 'decline', 'dilute', 'share', 'result', 'number', 'large', 'strategic', 'lease', 'deal', 'incur', 'elevated', 'level', 'gross', 'capital', 'expenditure', 'relate', 'tenant', 'improvement', 'lease', 'commission', 'large', 'portion', 'increase', 'capital', 'costs', 'result', 'strategic', 'lease', 'houston', 'charlotte', 'atlanta', 'total', '562,000', 'square', 'average', 'lease', 'years'] 166 166 167 167 ['state', 'financing', 'strategy', 'focus', 'shifting', 'unsecured', 'capital', 'structure', 'accomplish', 'significant', 'steps', 'process', 'month'] 168 168 169 169 170 170 171 171 172 172 173 173 ['third', 'first', 'provide', 'recur', 'store', 'growth', 'projection', 'believe', 'speak', 'volume', 'overall', 'portfolio', 'given', 'impact', 'downtime', 'recognition', 'operate', 'expense', 'period', 'triple', 'lease', 'expect', 'occur'] 174 174 175 175 176 176 ['closing', 'remark'] 177 177 178 178 179 179 180 180 181 181 ['craig', 'melman', 'analyst', 'keybanc', 'capital', 'market', 'jordan', 'sadler', 'maybe', 'could', 'disposition', 'curious', 'million', 'million'] 182 182 183 183 ['david', "o'reilly", 'craig', 'jordan', 'david', 'candidly', 'specific', 'would', 'handful', 'market'] 184 184 185 185 ['houston', 'subject', 'market', 'change', 'giving', 'specific', 'assets', 'pricing', 'market', 'guidance', 'think', 'disservice'] 186 186 187 187 188 188 189 189 ['heistand', 'think', 'craig', 'first', 'question', 'number', 'already', 'market'] 190 190 ['craig', 'melman', 'move', 'unsecured', 'rating', 'think', 'analyst', 'talk', 'maturity', 'forward'] 191 191 ['curious', 'could', 'issue', 'point', 'become', 'positive', 'pulling', 'forward', 'prepayment', 'penalty'] 192 192 193 193 194 194 ['others', 'little', 'complicate', 'underlie', 'volatility', 'treasury', 'refinance', 'risk', 'impact', 'calculation', 'constantly'] 195 195 ['craig', 'melman', 'right', 'look', 'index', 'eligible', 'size', 'offering'] 196 196 ['david', "o'reilly", 'ideally', 'would', 'unsecured', 'something', 'regular', 'index', 'eligible', 'would', 'consistent', 'covenant', 'terms', 'would', 'first', 'issuer'] 197 197 ['jordan', 'sadler', 'analyst', 'keybanc', 'capital', 'market', 'jordan', 'follow', 'charlotte', 'comment', 'prepare', 'remark', 'remain', 'market', 'speak', 'experience', 'charlotte', 'merit', 'market', 'going', 'forward', 'prospect'] 198 198 ['jayson', 'lipsey', 'jordan', 'jayson', 'think', 'ownership', 'hearst', 'tower', 'certainly', 'nascar', 'remains', 'really', 'dynamic', 'market', 'standpoint', 'attract', 'banks', 'attract', 'banks', 'point', 'dynamic', 'energy', 'market'] 199 199 200 200 201 201 ['jordan', 'sadler', 'expect', 'additional', 'sales', 'remain', 'couple', 'assets'] 202 202 203 203 ['building', 'dynamics', 'going', 'right', 'pricing', 'jordan', 'seller', 'somebody', 'number', 'think', 'create', 'years'] 204 204 205 205 206 206 ['operator', 'jamie', 'feldman', 'america', 'merrill', 'lynch'] 207 207 208 208 ['jayson', 'lipsey', 'morning', 'first', 'jamie', 'think', 'really', 'building', 'buy', 'think', 'optimistic', 'ability', 'reposition', 'marketplace', 'significantly', 'lease', 'couple', 'years'] 209 209 ['think', 'take', 'ownership', 'really', 'start', 'executing', 'repositioning', 'strategy', 'think', 'expectation', 'exceed', 'terms', 'ability', 'lease', 'space', 'short', 'period', 'probably', 'generate', '100,000', 'square', 'lease', 'prospect', 'corporate', 'center', 'three'] 210 210 211 211 212 212 ['jamie', 'feldman', 'great', 'think', 'think', 'david', 'spend', 'talking', 'capex', 'impact', 'think', 'dividend', 'growth', 'prospect'] 213 213 214 214 215 215 216 216 ['think', 'appropriate', 'price', 'david', 'point', 'obviously', 'would', 'would', 'suggest', 'anything', 'think', 'company', 'potential', 'years', 'going', 'forward'] 217 217 218 218 ['heistand', 'speak', 'statoil', 'first', 'sublease', 'think', 'position', 'citywestplace', 'position', 'couple', 'reason'] 219 219 220 220 ['clearly', 'disruption', 'houston', 'month', 'uncertainty', 'around', 'energy', 'price', 'think', 'outcome', 'going', 'dramatically', 'development', 'pipeline'] 221 221 222 222 ['thing', 'statoil', 'couple', 'different', 'block', 'need', 'contiguous', 'perspective', 'smaller', 'block', 'really', 'directly', 'competitive', 'try', 'citywestplace', 'statoil', 'space'] 223 223 ['jamie', 'feldman', 'charge'] 224 224 225 225 226 226 227 227 228 228 ['heistand', 'generally', 'across', 'three', 'user', 'specific'] 229 229 ['jamie', 'feldman', 'worleyparsons', 'move', 'older', 'space'] 230 230 231 231 ['probably', 'terms', 'specific', 'things', 'driving', 'intuition'] 232 232 233 233 234 234 235 235 236 236 ['jayson', 'lipsey', 'adjust', 'range', 'announce', 'disposition'] 237 237 ['alexander', 'goldfarb', 'base', 'currently', 'market', 'try', 'jayson', 'another', 'million', 'lease', 'think', 'occupancy', 'range', 'think', 'range', 'provide', 'think', 'could', 'exceed'] 238 238 ['jayson', 'lipsey', 'going', 'comment', 'disposition', 'adjust', 'base', 'timing', 'uncertain', 'point', 'steady', 'state', 'answer', 'question', 'project', 'expect', 'another', 'million', 'square', 'lease'] 239 239 ['great', 'think', 'together', 'occupancy', 'guidance', 'try', 'measure', 'terms', 'likely', 'achieve', 'think'] 240 240 241 241 242 242 243 243 ['think', 'measure', 'approach', 'absorption', 'effectuate', 'clearly', 'would', 'outperform', 'guide', 'today'] 244 244 245 245 246 246 ['alexander', 'goldfarb', 'question', 'maybe', 'address', 'talk', 'nascar', 'chiquita', 'space', 'dealing', 'try', 'sublease'] 247 247 ['possibility', 'lease', 'space'] 248 248 249 249 250 250 251 251 ['alexander', 'goldfarb', 'perfect', 'thank'] 252 252 ['operator', 'emmanuel', 'korchman'] 253 253 254 254 255 255 ['david', "o'reilly", 'absolutely', 'think', 'clarify', 'little', 'manny', 'happen', 'contraction', 'always', 'contemplate', 'large', 'lease', 'deal', 'need', 'clean', 'couple', 'things', 'clean', 'lease', 'document'] 256 256 257 257 ['cleanup', 'amendment', 'essentially', 'effectuate', 'certainty', 'around', 'space', 'lease', 'going', 'always', 'numbers', 'projection', 'expectation', 'think', 'reason', 'change', 'footnote', 'certainty', 'clarity', 'around', 'contraction'] 258 258 259 259 260 260 261 261 ['reflect', 'either', 'often', 'penalty', 'associate', 'contraction', 'general', 'customer', 'flexibility'] 262 262 ['sometimes', 'take', 'contraction', 'option', 'essentially', 'fairly', 'compensate', 'flexibility', 'giving', 'customer'] 263 263 ['emmanual', 'korchman', 'right', 'disposition', 'contemplate', 'portfolio', 'sales', 'going', 'disposition'] 264 264 ['david', "o'reilly", 'think', 'subject', 'change', 'something', 'continue', 'evaluate', 'think', 'wholesale', 'portfolio', 'think', 'likely', 'scenario', 'individual', 'ability', 'group', 'couple', 'together', 'still', 'pricing', 'minimize', 'transaction', 'risk', 'absolutely', 'opportunity'] 265 265 ['emmanual', 'korchman', 'right', 'thanks'] 266 266 267 267 ['operator', 'brendan', 'maiorana', 'wells', 'fargo'] 268 268 ['brendan', 'maiorana', 'analyst', 'wells', 'fargo', 'security', 'thanks', 'morning', 'jayson', 'occupancy', 'percentage', 'point', 'clarification', 'overall', 'number', 'parkway', 'share'] 269 269 ['sense', 'ending', 'lease', 'percentage', 'would', 'number', 'ratably', 'occupancy', 'move', 'think', 'lease', 'outlook', 'would', 'least', 'occupy', 'spread', 'could', 'widen', 'would', 'narrow'] 270 270 271 271 ['generally', 'lease', 'percentage', 'track', 'occupancy', 'number', 'think', 'function', 'constant', 'deal', 'pipeline', 'always', 'always', 'terms', 'sign', 'deal', 'expectation', 'would', 'reasonable', 'assume', 'trend', 'continue'] 272 272 273 273 274 274 275 275 ['think', 'trend', 'continue', 'expect', 'continue', 'effectuate', 'deal', 'relate', 'ongoing', 'revenue', 'enhance', 'capital', 'within', 'portfolio', 'expect', 'remain', 'relatively', 'stable', 'couple', 'years', 'think', 'couple', 'lower', 'within', 'portfolio', 'capital', 'really', 'stabilize'] 276 276 ['brendan', 'maiorana', 'great', 'couple', 'cross', 'shield', 'option', 'think', 'space', 'beginning', 'january', 'think', 'month', 'notice', 'maybe', 'couple', 'month', 'sense', 'whether', 'exercise', 'option'] 277 277 ['jayson', 'lipsey', 'conversation', 'brendan', 'think', 'recent', 'activity', 'lease', 'expansion', 'around', 'pulte', 'lease', 'really', 'expectation', 'fully', 'utilize', 'space', 'today'] 278 278 ['brendan', 'maiorana', 'great', 'relate', 'statoil', 'mention', 'sublease', 'space', 'market', 'space', 'sublet', '75,000', 'square', 'getting', 'august', 'september'] 279 279 ['jayson', 'lipsey', '75,000', 'square', 'include', 'amount', 'list', 'sublease'] 280 280 281 281 282 282 ['rodgers', 'analyst', 'robert', 'baird', 'company', 'morning', 'jayson', 'start', 'regard', 'space', 'think', 'investor', 'fransen', 'highlight', 'lease', 'activity', 'houston', 'actually', 'troughed', 'earlier', 'september', 'move', 'move', 'early'] 283 283 ['since', 'couple', 'week', 'curious', 'block', 'demand', 'looking', 'seeing', 'people', 'want', 'space', 'tour', 'space', 'discussion', 'really', 'postpone', 'regard'] 284 284 285 285 286 286 ['positive', 'market', 'project', 'building', 'opportunity', 'think', 'anything', 'change', 'comment', 'certainly', 'sentiment', 'investor'] 287 287 ['rodgers', 'great', 'jason', 'bate', 'maybe', 'little', 'acquisition', 'seeing', 'pipeline', 'address', 'depth', 'earlier'] 288 288 ['might', 'underwrite', 'currently', 'value', 'looking', 'think', 'thinner', 'acquisition', 'volume', 'overall'] 289 289 290 290 ['looking', 'things', 'could', 'acquisition', 'probably', 'exceed', 'disposition', 'course', 'forecast'] 291 291 292 292 ['rodgers', 'regard', 'development', 'parts', 'looking', 'development', 'opportunity'] 293 293 294 294 ['heistand', 'site', 'different', 'site', 'think', 'would', 'lower', 'price', 'point', 'across', 'street', 'would', 'would', 'higher', 'price', 'point'] 295 295 296 296 ['point', 'rates', 'would', 'support', 'development', 'think', 'buildable', 'think', 'pretty', 'pricing', 'development', 'budget', 'together'] 297 297 ['concept', 'control', 'adjacent', 'cluster', 'property', 'think', 'offensive', 'defensive', 'tempe', 'could', 'location', 'would', 'consider'] 298 298 299 299 ['operator', 'raymond', 'james'] 300 300 ['analyst', 'raymond', 'james', 'associate', 'morning', 'tempe', 'stabilize', 'lease', 'stabilize', 'prospect'] 301 301 ['heistand', 'everything', 'think'] 302 302 ['guess', 'looking', 'strategy', 'longer', 'market'] 303 303 304 304 ['still', 'think', 'could', 'create', 'additional', 'value', 'assets', 'building', 'theory', 'finish', 'development', 'maybe', 'following', 'really', 'increase', 'rent', 'market'] 305 305 ['anybody', 'putting', 'significant', 'development', 'would', 'compete', 'point', 'pricing', 'come', 'level', 'justify', 'think', 'years', 'bring', 'greater', 'would', 'consider', 'selling'] 306 306 ['enough', 'thank'] 307 307 ['operator', 'thank', 'reach', 'question', 'answer', 'session', 'floor', 'management', 'closing', 'comment'] 308 308 ['heistand', 'close', 'comment', 'justifiably', 'question', 'around', 'houston', 'assets', 'thing', 'think', 'management', 'assemble', 'portfolio'] 309 309 ['try', 'assets', 'think', 'quality', 'assets', 'location', 'outperform', 'market', 'perform', 'better', 'market', 'think', 'assets', 'purchase', 'houston', 'without', 'doubt', 'outperform', 'market', 'continue'] 310 310 311 311 312 312 313 313 314 314 315 315 ['conference', 'call', 'event', 'transcript', 'base', 'company', 'projection', 'forward', 'looking', 'statement', 'regard', 'variety', 'item', 'forward', 'looking', 'statement', 'base', 'current', 'expectation', 'involve', 'risk', 'uncertainty', 'actual', 'result', 'differ', 'materially', 'state', 'forward', 'looking', 'statement', 'base', 'number', 'important', 'factor', 'risk', 'specifically', 'identify', 'company', 'recent', 'filing', 'although', 'company', 'indicate', 'believe', 'assumption', 'underlie', 'forward', 'looking', 'statement', 'reasonable', 'assumption', 'could', 'prove', 'inaccurate', 'incorrect', 'therefore', 'assurance', 'result', 'contemplate', 'forward', 'looking', 'statement', 'realize'] 316 316 317 318 318 319 320 320 321 322 322 ['transcript', '021015a5602022.722'] 323 324 324 325 326 326 327 327 ['right', 'reserve'] 328 329 329 330 331 331 ['return'] 332 333 333 ['document'] 334 335 336 336 ['disclosure'] 337 338 338 339 340 340 ['parkway', 'property', 'earnings', 'final'] 341 342 342 ['length', '10747', 'words'] 343 344 344 ['corporate', 'participant'] 345 345 ['jeremy', 'dorsett'] 346 346 347 347 348 348 ['parkway', 'property', 'president'] 349 349 350 350 351 351 ['jayson', 'lipsey'] 352 352 ['parkway', 'property'] 353 353 354 354 355 355 ['sandler', "o'neill", 'analyst'] 356 356 ['craig', 'mailman'] 357 357 ['keybanc', 'capital', 'market', 'analyst'] 358 358 ['jamie', 'feldman'] 359 359 ['america', 'merrill', 'lynch', 'analyst'] 360 360 361 361 ['wells', 'fargo', 'security', 'analyst'] 362 362 363 363 ['mizuho', 'security', 'analyst'] 364 364 365 365 366 366 367 367 ['stifel', 'analyst'] 368 368 369 369 370 370 [] 371 371 ['raymond', 'james', 'associate', 'analyst'] 372 372 373 373 374 374 ['jeremy', 'dorsett', 'general', 'counsel', 'parkway', 'property', 'morning', 'welcome', 'parkway', 'third', 'quarter', 'earnings', 'today', 'heistand', 'president', 'chief', 'executive', 'officer', 'david', "o'reilly", 'parkway', 'chief', 'financial', 'officer', 'jayson', 'lipsey', 'parkway', 'chief', 'operate', 'officer'] 375 375 ['begin', 'would', 'direct', 'website', 'download', 'third', 'quarter', 'earnings', 'press', 'release', 'supplemental', 'information', 'package', 'earnings', 'release', 'supplemental', 'package', 'include', 'reconciliation', 'measure', 'discuss', 'today', 'directly', 'comparable', 'financial', 'measure', 'certain', 'statement', 'today', 'present', 'tense', 'discus', 'company', 'expectation', 'forward', 'looking', 'statement', 'within', 'meaning', 'federal', 'security', 'although', 'belief', 'expectation', 'reflect', 'forward', 'looking', 'statement', 'base', 'reasonable', 'assumption', 'assurance', 'expectation', 'achieve', 'please', 'forward', 'looking', 'statement', 'disclaimer', 'parkway', 'third', 'quarter', 'earnings', 'press', 'release', 'factor', 'could', 'cause', 'material', 'difference', 'forward', 'looking', 'statement', 'actual', 'result'] 376 376 [] 377 377 378 378 379 379 380 380 ['second', 'respect', 'lease', 'operations', 'local', 'operate', 'team', 'execute', 'lease', 'strategy', 'result', 'record', 'setting', 'operational', 'performance', 'specifically', 'lease', 'total', 'million', 'square', 'strong', 'lease', 'activity', 'first', 'month', 'parkway', 'history', 'third', 'quarter', 'alone', 'lease', 'approximately', 'million', 'square', 'average', '30.27', 'square', 'high', 'company', 'history', 'increase', 'complete', '890,000', 'square', 'lease', 'assets', 'acquire', 'month', '40.67', 'square', 'represent', 'approximately', 'premium', 'place', 'rent', 'stand', 'parkway', 'overall', 'portfolio', 'third', 'quarter', 'complete', '771,000', 'square', 'renewal', 'lease', '32.46', 'square', 'represent', 'retention', 'ratio', 'positive', 'renewal', 'spread'] 381 381 ['third', 'quarter', 'activity', 'include', 'three', 'strategic', 'renewal', 'lease', 'nabors', 'industry', 'software', 'jpmorgan', 'help', 'stabilize', 'portfolio', 'provide', 'additional', 'opportunity', 'value', 'creation', 'store', 'recur', 'increase', 'third', 'quarter', 'respectively'] 382 382 ['finally', 'respect', 'balance', 'sheet', 'continue', 'maintain', 'conservative', 'balance', 'sheet', 'provide', 'flexibility', 'competitive', 'third', 'quarter', 'equity', 'allow', 'partially', 'corporate', 'center', 'portfolio', 'acquisition', 'pay', 'outstanding', 'balance', 'unsecured', 'revolve', 'credit', 'facility', 'remain', 'track', 'dispose', 'approximately', 'million', 'million', 'assets', 'sales', 'quarters', 'improve', 'leverage', 'position', 'would', 'highlight', 'considerable', 'progress', 'implement', 'sustainability', 'initiative', 'across', 'portfolio', 'summer', 'gresb', 'release', 'green', 'result', 'parkway', 'rank', 'quartile', 'category', 'ahead', 'office', 'group', 'average', 'continue', 'strive', 'towards', 'continue', 'improvement', 'result', 'reflect', 'commitment', 'corporate', 'sustainability'] 383 383 ['looking', 'ahead', 'believe', 'appropriate', 'infrastructure', 'place', 'continue', 'operate', 'momentum', 'experience', 'consider', 'embed', 'growth', 'believe', 'exist', 'current', 'portfolio', 'lease', 'potential', 'recently', 'acquire', 'assets', 'believe', 'clear', 'continue', 'drive', 'accretion'] 384 384 ['david', 'update', 'investment', 'activity', 'quarter'] 385 385 ['david', "o'reilly", 'parkway', 'property', 'thank', 'acquire', 'millenia', '157,000', 'square', 'class', 'office', 'building', 'locate', 'millenia', 'submarket', 'orlando', 'acquire', 'property', 'gross', 'purchase', 'price', 'million', 'represent', 'imply', 'approximately', 'former', 'asset', 'occupy', 'october', 'acquisition', 'price', 'square', 'millenia', 'quality', 'value', 'assets', 'acquire', 'replacement'] 386 386 ['acquire', 'million', 'first', 'mortgage', 'secure', 'forum', 'pace', '223,000', 'square', 'class', 'office', 'building', 'locate', 'buckhead', 'submarket', 'atlanta', 'assets', 'construct', '17-acre', 'luxury', 'development', 'northwest', 'buckhead', 'purchase', 'million', 'previously', 'special', 'service', 'oversight', 'gross', 'purchase', 'price', 'million', 'square', 'august', 'acquire', 'assets', 'october', 'forum', 'occupy', 'approximately', 'percentage', 'point', 'current', 'occupancy', 'level', 'class', 'buckhead', 'submarket', 'accord', 'believe', 'great', 'opportunity', 'capitalize', 'lease', 'momentum', 'submarket', 'successful', 'vacancy', 'drive', 'growth'] 387 387 ['september', 'reach', 'agreement', 'acquire', 'corporate', 'center', 'international', 'plaza', 'locate', 'westshore', 'submarket', 'tampa', 'three', 'assets', 'total', '974,000', 'square', 'directly', 'adjacent', 'exist', 'corporate', 'center', 'property', 'transaction', 'agree', 'acquire', 'portfolio', 'property', 'locate', 'state', 'total', 'million', 'square', 'parkway', 'gross', 'purchase', 'price', 'entire', 'portfolio', 'million', 'october', 'reach', 'agreement', 'portfolio', 'office', 'property', 'gross', 'price', 'million', 'agreement', 'prospective', 'buyer', 'post', 'million', 'earnest', 'money', 'deposit', 'expect', 'close', 'fourth', 'quarter', 'simultaneous', 'closing', 'corporate', 'center', 'acquisition'] 388 388 389 389 ['announce', 'yesterday', 'reach', 'agreement', 'acquire', 'buckhead', 'plaza', '462,000', 'square', 'class', 'assets', 'locate', 'buckhead', 'submarket', 'atlanta', 'assets', 'include', '36,000', 'square', 'ground', 'floor', 'retail', 'include', 'prominent', 'restaurant', 'chop', 'average', 'sales', 'excess', 'square'] 390 390 ['elude', 'earlier', 'buckhead', 'locate', 'gateway', 'buckhead', 'submarket', 'provide', 'tenant', 'access', 'executive', 'housing', 'retail', 'hotel', 'amenities', 'property', 'directly', 'adjacent', 'recently', 'compete', '800,000', 'square', 'billion', 'mix', 'development', 'include', '300,000', 'square', 'luxury', 'retail', '20-story', 'residential', 'tower', '125,000', 'square', 'boutique', 'office', 'space', 'lease', 'single', 'tenant', 'agree', 'acquire', 'buckhead', 'plaza', 'gross', 'price', 'million', 'represent', 'imply', 'approximately', 'assets', 'occupy', 'october'] 391 391 ['acquisition', 'recently', 'purchase', 'forum', 'assets', 'approximately', 'entire', 'class', 'buckhead', 'submarket', 'continue', 'command', 'high', 'rental', 'rates', 'atlanta', 'believe', 'buckhead', 'offer', 'great', 'value', 'opportunity', 'number', 'reason', 'first', 'believe', 'implementation', 'prove', 'submarket', 'lease', 'strategy', 'yield', 'positive', 'occupancy', 'gain', 'especially', 'consider', 'three', 'peachtree', 'assets', 'currently', 'lease', 'second', 'estimate', 'current', 'place', 'rent', 'buckhead', 'approximately', 'current', 'market', 'rates', 'indicate', 'considerable', 'embed', 'growth', 'additionally', 'recent', 'increase', 'demand', 'retail', 'space', 'within', 'buckhead', 'submarket', 'drive', 'rates', 'higher', 'believe', 'capitalize', 'going', 'forward', 'third', 'opportunity', 'reposition', 'assets', 'upgrade', 'lobby', 'common', 'area', 'allow', 'drive', 'office', 'retail', 'rental', 'maximize', 'retail', 'space'] 392 392 ['lastly', 'opportunity', 'exploit', 'synergy', 'regis', 'local', 'retailer', 'drive', 'ancillary', 'revenue', 'include', 'parking', 'host', 'buckhead', 'portfolio', 'include', 'buckhead', 'plaza', 'host', 'sandler', "o'neill", 'tuesday', 'morning', 'november', 'hopefully', 'attend', 'nareit', 'begin', 'interest', 'attending', 'please', 'reach', 'goldfarb', 'sandler', 'parkway', 'director', 'mchugh'] 393 393 ['turning', 'disposition', 'quarter', 'september', 'complete', 'schlumberger', 'building', '155,000', 'square', 'assets', 'houston', 'gross', 'price', 'million', 'record', 'asset', 'third', 'quarter', 'approximately', 'million'] 394 394 395 395 ['jayson', 'lipsey', 'parkway', 'property', 'thanks', 'david', 'continue', 'economic', 'recovery', 'throughout', 'sunbelt', 'market', 'continue', 'execution', 'operational', 'strategy', 'market', 'average', 'growth', 'approximately', 'three', 'years', 'compare', 'overall', 'growth', 'healthy', 'creation', 'reflect', 'strengthen', 'office', 'fundamentals', 'across', 'market', 'highlight', 'total', 'million', 'square', 'absorption', 'class', 'rental', 'growth', 'approximately', 'correspond', 'period', 'accord', 'costar'] 396 396 ['overall', 'portfolio', 'occupancy', 'third', 'quarter', 'lease', 'figure', 'reflect', 'third', 'quarter', 'acquisition', 'millenia', 'forum', 'represent', 'approximately', '380,000', 'square', 'value', 'assets', 'online', 'weight', 'average', 'occupancy'] 397 397 398 398 ['lease', 'third', 'quarter', 'total', '151,000', 'square', 'execute', '31.21', 'square', 'lease', 'sign', 'quarter', 'approximately', '77,000', 'square', 'complete', 'assets', 'acquire', 'month', 'average', '38.15', 'square', 'highlight', 'positive', 'impact', 'upgrade', 'portfolio', 'lease', 'economics', 'highlight', 'lease', 'activity', '32,000', 'square', 'wework', 'lease', 'american', 'center', 'austin', 'month', 'excite', 'welcome', 'wework', 'customer', 'building', 'business', 'attract', 'creative', 'class', 'technology', 'focus', 'user', 'become', 'unanimous', 'austin', 'office', 'market', 'additionally', 'lease', 'agreement', 'portion', 'wework', 'space', 'include', 'collaborative', 'space', 'ground', 'floor', 'american', 'center', 'significantly', 'upgrade', 'lobby', 'additionally', 'wework', 'lease', 'reduce', 'amount', 'capital', 'originally', 'budget', 'spend', 'lobby', 'renovation', 'assets', 'lastly', 'result', 'lease', 'american', 'lease', 'compare', 'occupy', 'purchase', 'december', 'represent', 'increase', 'approximately', 'percentage', 'point', 'strategic', 'importance', 'wework', 'lease', 'positive', 'impact', 'american', 'lobby', 'believe', 'worth', 'commit', 'capital', 'amount', '10.58', 'square', 'exclude', 'wework', 'lease', 'newly', 'lease', 'statistics', 'total', 'capital', 'lease', 'third', 'quarter', 'would', 'drop', 'square', 'trailing', 'quarter', 'average', 'lease', 'costs'] 399 399 400 400 401 401 402 402 ['believe', 'unlock', 'considerable', 'amount', 'embed', 'growth', 'gross', 'place', 'rent', 'vacate', 'space', 'approximately', 'square', 'current', 'market', 'rates', 'finally', 'given', 'begin', 'vacate', 'contraction', 'space', 'first', 'quarter', 'backfill', 'pending', 'vacancy', 'strategic', 'benefit', 'nabors', 'lease', 'necessary', 'commit', 'average', 'square', 'capital', 'lease', 'average', 'associate', 'renewal', 'lease', 'third', 'quarter', 'would', 'square', 'approximately', 'trailing', 'quarter', 'average'] 403 403 404 404 ['impact', 'recently', 'acquire', 'assets', 'continue', 'exceed', 'initial', 'expectation', 'please', 'lease', 'velocity', 'operational', 'performance', 'balance', 'portfolio', 'third', 'quarter', 'share', 'store', 'recur', 'increase', 'basis', 'compare', 'quarter', 'prior', 'basis', 'store', 'recur', 'compare', 'quarter', 'prior', 'decline', 'primarily', 'midterm', 'exist', 'lease', 'agreement', 'cross', 'shield', 'peachtree', 'atlanta', 'formally', 'know', 'capital', 'plaza'] 405 405 ['lastly', 'adjust', 'occupancy', 'guidance', 'result', 'recent', 'value', 'acquisition', 'range', 'include', 'impact', 'anticipate', 'fourth', 'quarter', 'close', 'corporate', 'center', 'acquisition', 'include', 'approximately', '974,000', 'square', 'assets', 'combine', 'occupancy', 'recently', 'announce', 'schlumberger', 'building', 'occupy', 'investment', 'transactions', 'reduce', 'overall', 'portfolio', 'occupancy', 'approximately', 'basis', 'point'] 406 406 407 407 ['david', "o'reilly", 'thank', 'jayson', 'complete', 'third', 'quarter', 'share', 'third', 'quarter', 'result', 'include', 'negative', 'impact', 'charge', 'total', 'million', 'exclude', 'nonrecurring', 'item', 'third', 'quarter', 'recur', 'share', 'quarter', 'share', 'provide', 'reconciliation', 'recur', 'income', 'supplemental', 'report'] 408 408 409 409 ['forma', 'proceeds', 'greenshoe', 'third', 'quarter', 'ebitda', 'would', 'approximately', 'times', 'total', 'equity', 'raise', 'generate', 'proceeds', 'approximately', '204.8', 'million', 'portion', 'previously', 'announce', 'portfolio', 'acquisition', 'assets', 'repay', 'amount', 'outstanding', 'unsecured', 'credit', 'facility'] 410 410 411 411 ['first', 'given', 'million', 'square', 'lease', 'velocity', 'high', 'rates', 'achieve', 'company', 'history', 'increase', 'assumption', 'recur', 'partially', 'offset', 'higher', 'anticipate', 'drive', 'acquisition', 'costs', 'continue', 'thomas', 'property', 'realignment', 'costs', 'allocation', 'personnel', 'parkway', 'third', 'party', 'management', 'company', 'increase', 'transaction', 'relate', 'recently', 'announce', 'corporate', 'center', 'acquisition', 'simultaneous', 'portfolio', 'costs', 'relate', 'bridge', 'establish', 'instance', 'buyer', 'unable', 'close', 'acquisition', 'remain', 'assets', 'revise', 'acquisition', 'expense', 'include', 'recently', 'complete', 'acquisition', 'millenia', 'forum', 'announce', 'acquisition', 'buckhead', 'plaza', 'schlumberger'] 412 412 ['regard', 'realignment', 'costs', 'would', 'prefer', 'already', 'incur', 'expense', 'relate', 'thomas', 'property', 'believe', 'prudent', 'ensure', 'maintain', 'necessary', 'infrastructure', 'ensure', 'seamless', 'transaction', 'public', 'entity', 'mention', 'indicate', 'guidance', 'expect', 'charge', 'significantly', 'lower', 'going', 'forward', 'addition', 'increase', 'range', 'management', 'company', 'income', 'range', 'result', 'reallocation', 'personnel', 'management', 'explain', 'number', 'employee', 'third', 'party', 'manage', 'assets', 'wholly', 'own', 'assets', 'quarter', 'complete', 'internal', 'review', 'allocation', 'employee', 'own', 'assets', 'portfolio', 'grow', 'manage', 'simultaneously', 'decrease', 'result', 'review', 'reflect', 'current', 'quarter', 'result', 'update', 'guidance', 'increase', 'forecast', 'capital', 'expenditure', 'direct', 'result', 'tremendous', 'lease', 'activity', 'jayson', 'execute', 'lastly', 'please', 'increase', 'share', 'count', 'reflect', 'million', 'share', 'offering', 'recently', 'complete', 'include', 'million', 'share', 'relate', 'execution', 'greenshoe', 'fourth', 'quarter'] 413 413 414 414 415 415 416 416 ['operator', 'thank', 'operator', 'instructions', 'first', 'question', 'come', 'goldfarb', 'sandler', "o'neill", 'please', 'proceed', 'question'] 417 417 418 418 ['heistand', 'morning'] 419 419 420 420 421 421 ['heistand', 'point', 'mention', 'regard', 'development', 'buckhead', 'things', 'like', 'assets', 'thought', 'important', 'downturn', 'asset', 'significantly', 'outperform', 'relative', 'competitive', 'maintain', 'tenancy', 'think', 'reason', 'relatively', 'smaller', 'tenant', 'building', 'sticky', 'average', 'building', 'years', 'tend', 'building', 'poach', 'development', 'buckhead', 'opportunity', 'market', 'development', 'think', 'maintain', 'occupancy', 'better', 'history', 'tell', 'things', 'like'] 422 422 ['alexander', 'goldfarb', 'second', 'question', 'acquisition', 'pretty', 'quick', 'deal', 'better', 'sense', 'deal', 'would', 'versus', 'actually', 'deal', 'select', 'number', 'deal'] 423 423 ['heistand', 'things', 'period', 'think', 'mention', 'target', 'building', 'going', 'ultimately', 'short', 'thomas', 'property', 'thomas', 'years', 'transaction', 'portfolio', 'contract', 'today', 'talking', 'assets', 'manager', 'years', 'particular', 'assets', 'buckhead', 'circle', 'want', 'obtain', 'awful', 'things', 'think', 'thing', 'benefit', 'looking', 'everywhere', 'respond', 'target', 'think', 'scale', 'really', 'focus', 'success', 'take', 'different', 'things', 'things', 'going', 'occur', 'front', 'ready', 'right', 'opportunity', 'advantage'] 424 424 425 425 ['operator', 'question', 'come', 'craig', 'mailman', 'keybanc', 'please', 'proceed', 'question'] 426 426 ['craig', 'mailman', 'analyst', 'keybanc', 'capital', 'market', 'morning', 'want', 'follow', 'acquisition', 'question', 'really', 'success', 'repositioning', 'portfolio', 'obviously', 'shrink', 'buy', 'assets', 'embed', 'thought', 'point', 'really', 'taking', 'acquisition', 'market', 'credit', 'value', 'embed', 'portfolio', 'maybe', 'jayson', 'chance', 'stride', 'occupancy', 'realize', 'ultimately', 'could', 'equity', 'capital', 'bring', 'leverage'] 427 427 ['david', "o'reilly", 'craig', 'question', 'would', 'organizationally', 'whether', 'operations', 'accounting', 'everywhere', 'capability', 'capacity', 'handle', 'integration', 'acquisition', 'bring', 'point', 'number', 'embed', 'growth', 'great', 'upside', 'assets', 'acquire', 'across', 'portfolio', 'limited', 'market', 'windows', 'opportunity', 'acquire', 'great', 'assets', 'really', 'create', 'value', 'hands', 'opportunity', 'windows', 'without', 'taking', 'advantage'] 428 428 429 429 ['jayson', 'lipsey', 'craig', 'thing', 'would', 'investment', 'strategy', 'aggregate', 'scale', 'performing', 'target', 'submarkets', 'scale', 'submarkets', 'really', 'operationally', 'things', 'company', 'submarkets', 'critical', 'occupancy', 'metrics', 'buy', 'building', 'drive', 'significant', 'performance', 'relative', 'submarkets', 'building', 'result', 'scale', 'submarkets'] 430 430 431 431 ['heistand', 'craig', 'terms', 'buckhead', 'look', 'three', 'tampa', 'assets', 'transaction', 'sufficient', 'handle', 'million', 'million', 'disposition', 'talk', 'perspective', 'situation', 'effectuate', 'transaction', 'without', 'efficiently', 'second', 'question', 'craig'] 432 432 433 433 ['heistand', 'assets', 'market', 'offer', 'coming', 'early', 'indication', 'close', 'calendar', 'think', 'probably', 'shortly', 'january', 'february', 'absolute', 'latest'] 434 434 435 435 ['heistand', 'thank'] 436 436 437 437 ['jamie', 'feldman', 'analyst', 'america', 'merrill', 'lynch', 'great', 'thank', 'morning'] 438 438 439 439 440 440 ['jayson', 'lipsey', 'tampa', 'portfolio', 'jamie', 'performing', 'lease', 'submarket', 'close', 'three', 'building', 'progress', 'although', 'laying', 'ground', 'quick', 'start', 'effort', 'stabilize', 'building', 'think', 'expect', 'couple', 'lease', 'always', 'outperform', 'think', 'realistically', 'years', 'probably', 'realistic', 'period', 'significant', 'absorption', 'gain'] 441 441 442 442 443 443 444 444 445 445 ['jayson', 'lipsey', 'discuss', 'halliburton', '12/31', 'expiration', 'know', 'space', 'completely', 'backfilled', 'statoil', 'discuss', 'early', 'expiration', 'southwestern', 'energy', 'little', '100,000', 'square', 'commerce', 'green', 'discuss', 'halliburton', 'statoil', 'market', 'positive', 'similar', 'dynamics', 'around', 'lease', 'continue', 'strong', 'market', 'rental', 'growth', 'specifically', 'westchase', 'submarket', 'houston', 'think', 'prospect', 'southwestern', 'energy', 'space', 'going', 'another', 'know', 'talk', 'think', 'couple', 'call', 'think', 'really', 'know', 'expiration', 'beyond', 'expiration', 'relatively'] 446 446 ['jamie', 'feldman', 'sound', 'still', 'feeling', 'pretty', 'houston', 'still'] 447 447 448 448 ['jamie', 'feldman', 'great', 'thank'] 449 449 ['jayson', 'lipsey', 'thank'] 450 450 ['operator', 'thank', 'question', 'come', 'brendan', 'maiorana', 'wells', 'fargo', 'security', 'please', 'proceed', 'question'] 451 451 ['brendan', 'maiorana', 'analyst', 'wells', 'fargo', 'security', 'thanks', 'morning', 'jayson', 'forget', 'answer', 'portfolio', 'ending', 'occupancy', 'target', 'total', 'share'] 452 452 453 453 454 454 ['jayson', 'lipsey', 'majority', 'brendan', 'halliburton', '690,000', 'halliburton', '500,000', 'midnight', 'december', 'rollout', 'january', 'think', 'dynamic'] 455 455 ['brendan', 'maiorana', 'stipulate', 'occupancy', 'sound', 'think', 'calculation', 'maybe', '75,000', 'square', 'remainder', 'expiration', 'think', 'actually', 'move', 'right'] 456 456 ['jayson', 'lipsey', 'think', 'reasonable', 'assumption'] 457 457 458 458 ['jayson', 'lipsey', 'interest', 'interest', 'building', 'challenge', 'lease', 'building', 'especially', 'think', 'likely', 'going', 'large', 'certainty', 'deliver', 'space', 'perspective', 'important', 'certainty', 'around', 'going', 'space', 'could', 'market', 'certain', 'deliver', 'westchase', 'continue', 'large', 'market', 'predominantly', 'company', 'several', 'large', 'user', 'market', 'think', 'reason', 'optimistic', 'think', 'prospect', 'lease', 'space', 'market', 'discuss', 'backfill', 'space', 'comfortable', 'amount', 'think', 'addition', 'things', 'restructure', 'restriction', 'termination', 'option', 'contraction', 'option', 'function', 'own', 'campus', 'positive', 'value', 'creation', 'project'] 459 459 ['heistand', 'think', 'brendan', 'things', 'jayson', 'getting', 'right', 'space', 'getting', 'building', 'think', 'important', 'negotiation', 'give', 'really', 'really', 'quality', 'market', 'people', 'market', 'going'] 460 460 ['brendan', 'maiorana', 'recall', 'development', 'adjacent', 'campus', 'lock', 'space', 'would', 'compete', 'block'] 461 461 462 462 463 463 ['heistand', 'doubt', 'brendan', 'pricing', 'today', 'different', 'years', 'stuff', 'whether', 'foreclosure', 'buying', 'whole', 'portfolio', 'assets', 'right', 'basis', 'become', 'challenge', 'extenuate', 'opportunity', 'right', 'return', 'profile', 'think', 'buckhead', 'enough', 'different', 'lever', 'relative', 'repositioning', 'retail', 'parking', 'think', 'repositioning', 'capital', 'going', 'building', 'generate', 'higher', 'opportunity', 'upside', 'purchase', 'opportunity', 'right', 'return'] 464 464 ['right', 'still', 'situation', 'unique', 'still', 'think', 'opportunity', 'beginning', 'recycle', 'capital', 'talk', 'assets', 'buy', 'couple', 'years', 'already', 'going', 'begin', 'monetize', 'would', 'maybe', 'without', 'doubt', 'difficult', 'challenge', 'little', 'creative', 'opportunity', 'things', 'still', 'think', 'opportunistic', 'continue', 'obtain'] 465 465 ['brendan', 'maiorana', 'think', 'portfolio', 'submarkets', 'scale', 'strategy', 'seem', 'completely', 'right', 'strategy', 'maybe', 'outside', 'miami', 'submarkets', 'sufficient', 'scale', 'today'] 466 466 467 467 ['brendan', 'maiorana', 'sorry', 'saying', 'miami', 'target', 'submarkets', 'operate', 'sufficient', 'scale'] 468 468 ['heistand', 'think', 'houston', 'building', 'want', 'aggregate', 'scale', 'beyond', 'sufficient', 'scale', 'buckhead', 'sufficient', 'scale', 'tampa', 'orlando', 'austin', 'absolutely', 'citywest', 'felipe', 'alone', 'tremendous', 'scale', 'submarkets', 'lack', 'scale', 'perhaps', 'greenway', 'plaza', 'submarket', 'houston', 'everywhere', 'feel', 'pretty', 'miami'] 469 469 470 470 471 471 ['heistand', 'thanks', 'brendan'] 472 472 ['operator', 'question', 'come', 'anderson', 'mizuho', 'security', 'please', 'proceed', 'question'] 473 473 ['anderson', 'analyst', 'mizuho', 'security', 'thanks', 'morning'] 474 474 475 475 ['anderson', 'brendan', 'stole', 'question', 'little', 'picture', 'buckhead', 'close', 'pricing', 'getting', 'point', 'could', 'sense'] 476 476 ['heistand', 'pricing', 'would', 'amount', 'going'] 477 477 ['anderson', 'point', 'years', 'think'] 478 478 ['heistand', 'would', 'characterize', 'timeframe', 'rent', 'market', 'something', 'think', 'think', 'upside', 'unlock', 'ancillary', 'revenue', 'amenities', 'continue', 'drive', 'ancillary', 'revenue', 'component', 'importantly', 'working', 'couple', 'plan', 'right', 'reconfigure', 'lobby', 'building', 'ferry', 'potentially', 'incremental', 'retail', 'square', 'footage', 'would', 'really', 'drive', 'return', 'higher', 'retail', 'rent', 'giving', 'buckhead', 'atlanta', 'right', 'across', 'street', 'rumor', 'rent', 'r$100', 'range', 'rent', 'numbers', 'fraction', 'create', 'value'] 479 479 480 480 481 481 ['anderson', 'corporate', 'center', 'subsequent', 'sales', 'plan', 'assets', 'buyer', 'chief', 'competitor', 'portfolio', 'decide', 'break', 'work'] 482 482 483 483 ['anderson', 'question', 'ask', 'houston', 'charlotte', 'chiquita', 'going', 'merger'] 484 484 485 485 ['heistand', 'pretty', 'place', 'prior', 'owner', 'place', 'market', 'substantially'] 486 486 ['anderson', 'chiquita', 'market', 'saying'] 487 487 ['heistand', 'chiquita'] 488 488 489 489 ['anderson', 'someone', 'banana', 'lease', 'expire'] 490 490 491 491 ['anderson', 'termination'] 492 492 ['jayson', 'lipsey'] 493 493 494 494 ['jayson', 'lipsey', 'problem'] 495 495 496 496 497 497 498 498 499 499 500 500 ['david', "o'reilly", 'remember', 'mitch', 'ownership', 'assets'] 501 501 502 502 ['jayson', 'lipsey', 'nabors', 'rent', 'effectively', 'commend', 'think', 'pretty', 'execution', 'given', 'theoretically', 'charge', 'little', 'premium', 'short', 'renewal', 'execute', 'renewal', 'rates', 'think', 'really', 'execution', 'francis', 'houston', 'relate', 'statoil'] 503 503 ['heistand', 'make', 'asset', 'marketable', 'liquid', 'result', 'lease'] 504 504 505 505 506 506 ['mitch', 'germain', 'month'] 507 507 ['jayson', 'lipsey', 'right'] 508 508 509 509 ['jayson', 'lipsey', 'thank'] 510 510 ['operator', 'question', 'come', 'guinee', 'stifel', 'please', 'proceed', 'question'] 511 511 ['guinee', 'analyst', 'stifel', 'first', 'jayson', 'correlation', 'costs', 'positive', 'market', 'portfolio', 'lease'] 512 512 ['jayson', 'lipsey', 'think', 'think', 'talk', 'prepare', 'remark', 'reason', 'elevated', 'quarter', 'really', 'three', 'lease', 'three', 'think', 'strategic', 'different', 'using', 'rates', 'think', 'team', 'really', 'pushing', 'rates', 'finding', 'execute', 'strategic', 'plan', 'relate', 'larger', 'deal', 'costs', 'think', 'example', 'already', 'discus', 'strategic', 'merit', 'relocate', 'building', 'citywestplace', 'restack', 'think', 'make', 'sense', 'world', 'create', 'value', 'report', 'report', 'extension', 'years', 'effectively', 'lease', 'structure', 'report', 'extension', 'think', 'driver', 'capital', 'look', 'elevated'] 513 513 ['heistand', 'think', 'listen', 'every', 'lease', 'transaction', 'basically', 'model', 'going', 'increase', 'value', 'lease', 'transaction', 'going', 'increase', 'value', 'building', 'going'] 514 514 515 515 516 516 517 517 ['operator', 'thank', 'operator', 'instructions', 'question', 'come', 'david', 'rogers', 'robert', 'baird', 'please', 'proceed', 'question'] 518 518 519 519 ['heistand', 'think', 'change', 'think', 'limit', 'potential', 'buyer', 'anymore', 'leverage', 'profile', 'change', 'leverage', 'opportunistic', 'buyer', 'still', 'compete', 'leverage', 'still', 'cheap', 'still', 'reit', 'competitive', 'compete', 'various', 'different', 'funds', 'money', 'aggressive', 'buyer', 'group', 'looking', 'stuff', 'pension', 'funds', 'space', 'strong', 'value', 'component', 'overall', 'portfolio', 'purchase', 'million', 'buyer', 'would', 'break', 'parts', 'piece', 'market', 'given', 'fundamental', 'think', 'jayson', 'spoke', 'growth', 'couple', 'years', 'exceed', 'national', 'average', 'people', 'aggressive', 'market', 'assets', 'acquire', 'worth'] 520 520 521 521 522 522 ['david', 'rogers'] 523 523 ['heistand', 'overall', 'submarket', 'remains', 'excite', 'might'] 524 524 525 525 ['jayson', 'lipsey', 'making', 'progress', 'nothing', 'report', 'think', 'mooney', 'really', 'fantastic', 'summertime', 'phoenix', 'happen', 'seasonally', 'every', 'commence', 'pipeline', 'really', 'fill', 'think', 'excite', 'showcase', 'going', 'investor', 'january', 'expectation', 'continue', 'lease', 'progress', 'delivery', 'still', 'prospect', 'deliver', 'close', 'building'] 526 526 527 527 ['david', 'rogers', 'point', 'thanks'] 528 528 ['operator', 'thank', 'question', 'come', 'anderson', 'mizuho', 'security', 'please', 'ahead', 'question'] 529 529 ['anderson', 'sorry', 'follow', 'crappy', 'market', 'property'] 530 530 ['jayson', 'lipsey', 'still', 'building', 'jackson'] 531 531 532 532 533 533 ['anderson', 'thanks'] 534 534 535 535 536 536 537 537 ['helpful', 'thanks'] 538 538 539 539 ['heistand', 'thank', 'joining', 'today', 'forward', 'seeing', 'going', 'attend', 'property', 'nareit', 'investor', 'event', 'january', 'thank', 'halloween'] 540 540 541 541 542 542 543 543 ['information', 'contain', 'event', 'transcript', 'textual', 'representation', 'applicable', 'company', 'conference', 'effort', 'provide', 'accurate', 'transcription', 'material', 'error', 'omission', 'inaccuracy', 'reporting', 'substance', 'conference', 'call', 'thomson', 'financial', 'applicable', 'company', 'applicable', 'company', 'assume', 'responsibility', 'investment', 'decision', 'base', 'information', 'provide', 'event', 'transcript', 'user', 'advise', 'review', 'applicable', 'company', 'conference', 'applicable', 'company', 'filing', 'making', 'investment', 'decision'] 544 545 545 ['november'] 546 547 547 548 549 549 ['transcript', '103114a5502243.743'] 550 551 551 552 553 553 ['copyright'] 554 554 555 556 556 ['copyright'] 557 558 558 559 560 560 561 562 563 563 ['disclosure'] 564 565 565 566 567 567 ['parkway', 'property', 'earnings', 'final'] 568 569 569 570 571 571 572 572 ['jeremy', 'dorsett'] 573 573 ['parkway', 'property', 'general', 'counsel'] 574 574 575 575 ['parkway', 'property', 'president'] 576 576 ['david', "o'reilly"] 577 577 ['parkway', 'property'] 578 578 579 579 580 580 581 581 ['craig', 'melman'] 582 582 ['keybanc', 'capital', 'market', 'analyst'] 583 583 ['jamie', 'feldman'] 584 584 585 585 586 586 ['sandler', "o'neill", 'partner', 'analyst'] 587 587 588 588 589 589 590 590 ['wells', 'fargo', 'security', 'analyst'] 591 591 ['anderson'] 592 592 593 593 ['guinee'] 594 594 ['stifel', 'nicolaus', 'analyst'] 595 595 [] 596 596 597 597 598 598 ['capital', 'market', 'analyst'] 599 599 600 600 601 601 ['presentation'] 602 602 ['operator', 'morning', 'welcome', 'parkway', 'property', 'incorporate', 'second', 'quarter', 'earnings', 'conference'] 603 603 ['operator', 'instructions'] 604 604 605 605 606 606 607 607 608 608 ['certain', 'statement', 'today', 'present', 'tense', 'discus', 'company', 'expectation', 'forward', 'looking', 'statement', 'within', 'meaning', 'federal', 'security', 'although', 'company', 'belief', 'expectation', 'reflect', 'forward', 'looking', 'statement', 'base', 'reasonable', 'assumption', 'assurance', 'expectation', 'achieve', 'please', 'forward', 'looking', 'statement', 'disclaimer', 'parkway', 'second', 'quarter', 'earnings', 'press', 'release', 'factor', 'could', 'cause', 'material', 'difference', 'forward', 'looking', 'statement', 'actual', 'result'] 609 609 610 610 611 611 ['result', 'validate', 'investment', 'decision', 'years', 'believe', 'create', 'considerable', 'value', 'shareholder', 'process', 'improve', 'fundamentals', 'positive', 'impact', 'asset', 'value', 'important', 'highlight', 'seeing', 'meaningful', 'office', 'development', 'throughout', 'market'] 612 612 ['lastly', 'stress', 'number', 'occasions', 'importance', 'create', 'strong', 'regional', 'platform', 'enable', 'leverage', 'local', 'market', 'expertise', 'assemble', 'industry', 'leading', 'group', 'regional', 'operator', 'critical', 'driving', 'operational', 'excellence', 'property', 'level', 'assist', 'underwrite', 'investment', 'opportunity', 'short', 'provide', 'talented', 'operate', 'portfolio', 'class', 'assets', 'locate', 'outperform', 'submarkets', 'favorable', 'position', 'successful', 'demonstrate', 'second', 'quarter', 'result'] 613 613 ['operate', 'highlight', 'period', 'include', 'million', 'square', 'lease', 'lease', 'witness', 'first', 'record', 'parkway', 'history', 'second', 'quarter', 'alone', 'execute', '811,000', 'square', 'lease', '30.08', '336,000', 'square', 'lease', '31.57', 'square', 'rental', 'rates', 'never', 'achieve', 'company', 'history'] 614 614 615 615 616 616 ['continue', 'closely', 'monitor', 'investment', 'landscape', 'identify', 'value', 'assets', 'believe', 'acquire', 'favorable', 'pricing', 'enable', 'unlock', 'value', 'implementation', 'lease', 'strategy', 'capitalize', 'increase', 'demand', 'quality', 'office', 'assets', 'market', 'identify', 'opportunity', 'monetize', 'investment', 'delever', 'balance', 'sheet', 'potential', 'disposition', 'opportunity', 'would', 'legacy', 'property', 'recently', 'acquire', 'assets', 'maximize', 'value', 'creation', 'continue', 'scale', 'certain', 'submarket'] 617 617 618 618 619 619 620 620 ['april', 'complete', 'acquisition', 'orlando', 'center', 'simultaneously', 'restructure', 'exist', 'mortgage', 'asset', '356,000', 'square', 'class', 'building', 'locate', 'orlando', 'asset', 'occupy', 'expect', 'generate', 'initial', 'operate', 'income', 'yield', 'approximately'] 621 621 622 622 623 623 624 624 625 625 626 626 ['acquire', 'million', 'first', 'mortgage', 'secure', 'forum', 'pace', '222,000', 'square', 'class', 'office', 'building', 'locate', 'buckhead', 'submarket', 'atlanta', 'asset', 'construct', 'european', 'inspire', 'luxury', 'mix', 'development', 'northwest', 'buckhead'] 627 627 628 628 ['boutique', 'office', 'asset', 'increase', 'total', 'exposure', 'buckhead', 'submarket', 'approximately', 'million', 'square', 'enhance', 'opportunity', 'create', 'value', 'lease', 'buckhead', 'continue', 'strong', 'performing', 'office', 'submarkets', 'within', 'atlanta', 'highlight', 'high', 'rental', 'rates', 'market', 'approximately', '600,000', 'square', 'absorption', 'month', 'accord', 'jayson', 'lipsey', 'update', 'operations'] 629 629 ['jayson', 'lipsey', 'parkway', 'property', 'thanks', 'david', 'extremely', 'please', 'second', 'quarter', 'operational', 'result', 'believe', 'reflect', 'regional', 'team', 'integrating', 'recent', 'acquisition', 'leveraging', 'favorable', 'market', 'conditions', 'focusing', 'create', 'value', 'assets'] 630 630 631 631 632 632 633 633 634 634 ['first', 'quarters', 'lease', 'total', '231,000', 'square', 'space', 'result', '185,000', 'square', 'absorption', 'second', 'quarter', 'austin', 'portfolio', 'lease', 'approximate', 'basis', 'point', 'increase', 'overall', 'activity', 'acquisition', 'lease', 'performance', 'austin', 'portfolio', 'exceed', 'expectation', 'lease', 'velocity', 'offset', 'approximately', '145,000', 'square', 'first', 'month', 'lastly', 'current', 'market', 'austin', 'portfolio', 'positive', 'continue', 'lease', 'activity', 'expect', 'drive', 'growth', 'move', 'forward'] 635 635 ['second', 'building', 'highlight', 'felipe', 'plaza', 'locate', 'galleria', 'submarket', 'houston', 'complete', 'total', '110,000', 'square', 'lease', 'building', 'second', 'quarter', 'total', 'lease', 'asset', '68,000', 'square', 'renewal', 'execute', 'positive', 'renewal', 'spread', 'approximately', 'result', 'experience', 'retention', 'felipe', 'second', 'quarter', 'building', 'lease', 'increase', 'approximately', 'basis', 'point', 'compare', 'occupancy', 'acquisition', 'december'] 636 636 637 637 638 638 639 639 ['result', 'second', 'quarter', 'lease', 'activity', 'portfolio', 'lease', 'increase', 'basis', 'point', 'previous', 'quarter', 'second', 'quarter', '380,000', 'square', 'sign', 'lease', 'expect', 'commence', 'three', 'quarters', 'approximately', 'recently', 'acquire', 'assets', 'include', '95,000', 'square', 'felipe', 'plaza', 'houston', '38,000', 'square', 'central', 'atlanta', '34,000', 'square', 'street', 'austin'] 640 640 641 641 642 642 ['lastly', 'given', 'lease', 'performance', 'consider', 'lease', 'prospect', 'remainder', 'reiterate', 'occupancy', 'guidance', 'range', 'include', 'second', 'third', 'quarter', 'acquisition', 'approximately', 'million', 'square', 'value', 'assets', 'combine', 'occupancy', 'approximately', 'reduce', 'overall', 'portfolio', 'occupancy', 'approximately', 'basis', 'point'] 643 643 644 644 645 645 ['april', 'amend', 'exist', 'unsecured', 'credit', 'facility', 'amendment', 'increase', 'revolve', 'credit', 'facility', 'million', 'consolidate', 'exist', 'unsecured', 'loan', 'tranche', 'total', 'million', 'seven', 'tranche', 'total', 'million', 'amend', 'facility', 'agreement', 'provide', 'lower', 'pricing', 'greater', 'flexibility', 'increase', 'borrowing', 'capacity', 'result', 'improve', 'lending', 'environment', 'substantially', 'upgrade', 'portfolio', 'seven', 'tranche', 'delay', 'feature', 'end', 'borrowing', 'entire', 'million', 'april', 'purchase', 'courvoisier', 'centre'] 646 646 ['portion', 'proceeds', 'repay', 'first', 'mortgage', 'secure', 'america', 'center', 'orlando', 'outstanding', 'balance', 'million', 'include', 'breakage', 'second', 'quarter', 'recognize', 'extinguishment', '339,000', 'repayment', 'mortgage', 'result', 'amend', 'facility', 'several', 'change', 'outstanding', 'derivative', 'transactions', 'quarter'] 647 647 ['hedge', 'libor', 'borrowing', 'million', 'designate', 'swap', 'total', 'million', 'previously', 'associate', 'million', 'redesignated', 'swap', 'unspecified', 'month', 'libor', 'borrowing', 'swap', 'asset', 'value', 'approximately', 'million', 'accumulate', 'comprehensive', 'income', 'reclassify', 'interest', 'expense', 'quarter', 'result', 'redesignation'] 648 648 649 649 650 650 651 651 652 652 653 653 654 654 655 655 656 656 657 657 658 658 ['reducing', 'guidance', 'management', 'company', 'income', 'range', 'million', 'million', 'decrease', 'drive', 'factor', 'first', 'recently', 'third', 'party', 'management', 'contract', 'include', 'orlando', 'center', 'millenia', 'acquire', 'former', 'third', 'party', 'manage', 'assets'] 659 659 660 660 ['first', 'management', 'company', 'expense', 'increase', 'hire', 'employee', 'increase', 'management', 'company', 'expense', 'partially', 'offset', 'revenue', 'receive', 'austin', 'joint', 'venture', 'share', 'revenue', 'consistent', 'ownership', 'eliminate', 'financial', 'statement', 'inter', 'company', 'transaction', 'management', 'company', 'revenue', 'create', 'management', 'company'] 661 661 ['revenue', 'elimination', 'management', 'company', 'correspond', 'illumination', 'property', 'operate', 'expense', 'thereby', 'increase', 'austin', 'joint', 'venture', 'result', 'entry', 'impact', 'either', 'income', 'change', 'individual', 'item', 'financial', 'statement'] 662 662 663 663 664 664 ['conclude', 'prepare', 'remark', 'operator', 'question'] 665 665 ['question', 'answer'] 666 666 667 667 ['craig', 'melman', 'keybanc', 'capital', 'market'] 668 668 ['craig', 'melman', 'analyst', 'keybanc', 'capital', 'market', 'david', 'could', 'disposition', 'second', 'anything', 'point', 'starting', 'marketing', 'process'] 669 669 ['david', "o'reilly", 'craig', 'would', 'various', 'stage', 'along', 'always', 'announce', 'close', 'unless', 'become', 'material', 'would', 'announce', 'money', 'buyer', 'would', 'candidly', 'things', 'really', 'comfortable', 'talking', 'close', 'rather', 'publicly', 'discuss', 'anything', 'could', 'negative', 'impact', 'process'] 670 670 671 671 ['heistand', 'think', 'craig', 'think', 'talk', 'numerous', 'occasions', 'legacy', 'parkway', 'assets', 'talk', 'might', 'aggregate', 'maybe', 'million', 'predominance', 'number', 'would', 'assets', 'purchase', 'rates', 'anticipate', 'rates', 'would', 'significantly', 'lower', 'legacy', 'parkway', 'assets'] 672 672 673 673 ['proceeds', 'mention', 'little', 'difficult', 'environment', 'source', 'acquisition', 'pipeline', 'timing', 'disposition', 'likely', 'shelter', 'could', 'upside', 'pressure', 'dividend', 'thinking'] 674 674 675 675 676 676 ['heistand', 'think', 'craig', 'doubt', 'remark', 'market', 'get', 'tight', 'terms', 'opportunity', 'obviously', 'years', 'still', 'opportunity', 'million', 'worth', 'acquisition'] 677 677 ['still', 'optimistic', 'still', 'finding', 'opportunity', 'create', 'value', 'remember', 'looking', 'assets', 'going', 'worth', 'years', 'evaluate', 'gain', 'assets', 'going', 'create', 'value', 'preference', 'looking'] 678 678 ['craig', 'melman'] 679 679 ['forum', 'relationship', 'special', 'servicer', 'think', 'stabilize', 'yield'] 680 680 ['heistand', 'purchase', 'market', 'small', 'group', 'market', 'directly', 'special', 'servicer'] 681 681 682 682 683 683 ['david', "o'reilly", 'craig', 'perfect', 'example', 'local', 'intel', 'barton', 'atlanta', 'talk', 'terms', 'opportunity', 'lease', 'property', 'given', 'process', 'obviously', 'aggressive'] 684 684 685 685 686 686 ['operator', 'jamie', 'feldman', 'america', 'merrill', 'lynch'] 687 687 688 688 689 689 690 690 ['jamie', 'feldman', 'stick', 'supply', 'little', 'houston', 'seeing', 'concern', 'excess', 'supply', 'specific', 'submarkets', 'thinking', 'market'] 691 691 692 692 ['keeping', 'close', 'houston', 'today', 'million', 'square', 'development', 'number', 'think', 'observe', 'market', 'couple', 'things', 'level', 'comfort'] 693 693 ['first', 'significant', 'number', 'occupy', 'building', 'development', 'include', 'number', 'think', 'another', 'thing', 'give', 'comfort', 'entire', 'development', 'pipeline', 'already', 'lease', 'given', 'delivery', 'could', 'significantly', 'future', 'development', 'pipeline', 'think', 'confidence', 'given', 'houston', 'significant', 'continue', 'absorption', 'development', 'pipeline', 'readily', 'absorb'] 694 694 ['average', 'absorption', 'houston', 'basically', 'quarters', 'absorption', 'development', 'pipeline', 'right'] 695 695 696 696 ['example', 'project', 'getting', 'rates', 'development', 'mid-30s', 'place', 'rent', 'substantially', 'lower', 'position', 'compete', 'rates', 'development', 'money'] 697 697 ['jayson', 'lipsey', 'mention', 'prepare', 'remark', 'continue', 'fantastic', 'velocity', 'houston', 'terms', 'lease', 'activity', 'continue', 'rental', 'rates', 'growth', 'development', 'impact', 'continue', 'recovery', 'fundamentals', 'houston'] 698 698 ['jamie', 'feldman', 'finally', 'investment', 'charlotte', 'quarter', 'peer', 'buying', 'think', 'cycle', 'guess', 'necessarily', 'charlotte', 'maybe', 'region'] 699 699 ['money', 'finally', 'flowing', 'market', 'something', 'change', 'longer', 'southeast', 'sunbelt', 'region', 'think', 'really'] 700 700 701 701 702 702 ['david', "o'reilly", 'think', 'couple', 'things', 'charlotte', 'specific', 'raleigh', 'nashville', 'charlotte', 'little', 'different', 'dynamic', 'predominance', 'quality', 'assets', 'own', 'banks'] 703 703 704 704 ['secondly', 'dynamics', 'market', 'strong', 'recall', 'almost', 'million', 'square', 'development', 'worst', 'marketplace', 'already', 'single', 'digit', 'continue', 'growth', 'banks', 'stop', 'contractual', 'standpoint', 'beginning', 'expand', 'company', 'move', 'charlotte', 'think', 'charlotte', 'story', 'consistent', 'overall', 'strategy', 'urban', 'amenity', 'multi', 'family', 'develop', 'various', 'venue'] 705 705 ['believe', 'great', 'future', 'happening', 'charlotte', 'pretty', 'consistent', 'seeing', 'sunbelt', 'replace', 'assets', 'continue', 'increase', 'viability', 'charlotte'] 706 706 ['buy', 'hearst', 'could', 'buy', 'fifth', 'third', 'capital', 'remember', 'access', 'capital', 'market', 'get', 'investment'] 707 707 708 708 709 709 ['david', "o'reilly", 'think', 'fundamentals', 'improvement', 'fundamentals', 'universally', 'accept', 'think', 'still', 'suspect', 'whether', 'fundamentals', 'last', 'continue', 'absence', 'macroeconomic', 'event', 'foresee'] 710 710 711 711 ['operator', 'alexander', 'goldfarb', 'sandler', "o'neill"] 712 712 713 713 714 714 ['alexander', 'goldfarb', 'mention', 'disposition', 'delever', 'obviously', 'asset', 'income', 'effect', 'almost', 'neutral', 'event', 'think', 'especially', 'encumber', 'asset', 'assets', 'thinking', 'unencumbered'] 715 715 ['better', 'sense', 'think', 'impact', 'strip', 'income', 'offset'] 716 716 ['david', "o'reilly", 'think', 'encumber', 'unencumbered', 'assets', 'difference', 'proceeds', 'delever', 'repay', 'whether', 'credit', 'whether', 'secure', 'rates', 'relative', 'credit', 'earnings', 'impact', 'value', 'creation'] 717 717 718 718 ['alexander', 'goldfarb', 'asset', 'current', 'occupancy', 'stabilize', 'assets', 'thinking', 'would', 'parkway', 'portfolio'] 719 719 ['david', "o'reilly", 'current', 'occupancy', 'think', 'stabilize', 'north', 'inaudible', 'three', 'years', 'stabilize', 'might', 'really', 'legacy', 'portfolio'] 720 720 721 721 ['david', "o'reilly", 'really', 'finishing', 'orlando', 'millenia', 'think', 'really', 'great', 'mining', 'assets'] 722 722 723 723 724 724 725 725 726 726 ['think', 'seeing', 'normal', 'quarter', 'variability', 'seeing', 'trend', 'capital', 'suggest', 'trend', 'upwards', 'think', 'break', 'lease', 'activity', 'specifically', 'correct', 'renewal', 'lower', 'drive', 'largely', 'renewal', 'memphis'] 727 727 ['deal', 'slightly', 'higher', 'really', 'drive', 'couple', 'lease', 'austin', 'specifically', 'specifically', 'space', 'require', 'slightly', 'higher', 'allowance', 'really', 'fantastic', 'rent', 'concession', 'ratio', 'basis', 'still', 'really', 'great', 'deal'] 728 728 729 729 ['alexander', 'goldfarb', 'thanks'] 730 730 ['operator', 'david', 'rodgers', 'robert', 'baird'] 731 731 732 732 733 733 ['jayson', 'lipsey', 'think', 'tampa', 'several', 'quarters', 'portfolio', 'tampa', 'lease', 'think', 'continue', 'really', 'strong', 'demand', 'portfolio', 'tampa', 'generally', 'market', 'dynamics', 'quarter', 'little', 'outlier', 'large', 'westshore', 'skew', 'statistics', 'little', 'general', 'portfolio', 'perform', 'tampa'] 734 734 ['comment', 'orlando', 'think', 'recently', 'different', 'story', 'point', 'cycle', 'seeing', 'abate', 'concession', 'rental', 'growth', 'orlando', 'encourage', 'first', 'probably', 'several', 'quarters', 'seeing', 'significant', 'increase', 'activity'] 735 735 736 736 737 737 ['still', 'something', 'nature', 'really', 'something', 'asset', 'positive', 'income', 'second'] 738 738 739 739 ['base', 'first', 'running', 'positive', 'million', 'million', 'consistent', 'guidance', 'right', 'change', 'enact', 'quarter', 'cause', 'little', 'lumpiness', 'cause', 'meaningful', 'largely', 'offset', 'numbers', 'first', 'quarter', 'would', 'expect', 'second', 'stabilize', 'consistent', 'level', 'towards', 'earnings', 'range'] 740 740 ['david', 'rodgers', 'helpful'] 741 741 ['follow', 'maybe', 'guidance', 'think', 'total', 'guidance', 'appear', 'stable', 'think', 'component', 'underline', 'provide', 'item', 'higher'] 742 742 ['something', 'going', 'reallocation', 'think', 'driving', 'maybe', 'would', 'number', 'least', 'appear', 'guidance'] 743 743 744 744 745 745 ['variability', 'really', 'meaningful', 'driving', 'change', 'management', 'company', 'guidance'] 746 746 747 747 748 748 749 749 ['david', 'rodgers', 'great', 'thanks'] 750 750 751 751 ['brendan', 'maiorana', 'analyst', 'wells', 'fargo', 'security', 'david', 'maybe', 'jayson', 'follow', 'market', 'market', 'move', 'significantly', 'think', 'quarter'] 752 752 ['forward', 'rayjay', 'lease', 'recall', 'rather', 'expiration', 'lease', 'commence'] 753 753 754 754 755 755 756 756 ['jayson', 'lipsey'] 757 757 ['brendan', 'maiorana', 'great'] 758 758 ['lease', 'remainder', 'look', 'thinking', 'correctly', '250,000', 'square', 'occupancy', 'acquisition', 'terms', 'occupancy', '300,000', 'square', 'commence', 'lease', 'commence', 'throughout', 'remainder'] 759 759 ['think', 'retention', 'expect', '850,000', 'square', 'expiration', 'outlook', 'lease', 'remainder'] 760 760 761 761 ['think', 'appropriately', 'viewing', 'expiration', 'least', 'remainder', 'think', 'anything', 'throughout', 'remainder', 'inconsistent', 'historical', 'retention', 'percentage'] 762 762 ['brendan', 'maiorana', 'multiple', 'speaker', 'sorry', 'ahead'] 763 763 764 764 ['brendan', 'maiorana', 'understand', 'nothing', 'longer', 'around', 'retention', 'pretty', 'outlook', 'expiration'] 765 765 ['heistand', 'think', 'reasonable', 'assumption', 'brendan', 'expire', 'throughout', 'balance'] 766 766 767 767 ['brendan', 'maiorana'] 768 768 769 769 770 770 771 771 772 772 773 773 ['heistand', 'minute', 'buckhead', 'brendan'] 774 774 775 775 776 776 777 777 ['brendan', 'maiorana', 'basis', 'going', 'obviously', 'around', 'think', 'ultimately', 'stabilize', 'asset', 'think', 'dollar', 'whatnot'] 778 778 ['heistand', 'looking', 'rental', 'rates', 'building', 'think', 'opportunity', 'stabilize', 'higher', 'number', 'would', 'assets', 'recently', 'trade', 'buckhead', 'given', 'rental', 'rates', 'close', 'terms', 'stabilization'] 779 779 780 780 781 781 ['heistand', 'millenia', 'building', 'somewhat', 'niche', 'submarket', 'probably', 'aggregate', '600,000', 'square', 'submarket'] 782 782 ['right', 'millenia', 'either', 'first', 'second', 'country', 'terms', 'price', 'square', 'sales', 'square', 'interest', 'around', 'around', 'interchange', 'get', 'build', 'multi', 'family', 'retail'] 783 783 ['unique', 'submarket', 'scale', 'submarket', 'really', 'market', 'executive', 'housing', 'southwest', 'orlando', 'quality', 'asset', 'structure', 'parking', 'think', 'drove', 'right'] 784 784 ['characteristic', 'looking', 'remain', 'whether', 'aggregate', 'scale'] 785 785 786 786 ['operator', 'anderson', 'mizuho', 'security'] 787 787 ['anderson', 'analyst', 'mizuho', 'security', 'first', 'question', 'guess', 'anybody', 'thought', 'nothing', 'really', 'network', 'would', 'parkway', 'point', 'like', 'whatever', 'assets', 'still'] 788 788 ['difference', 'own', 'asset', 'works', 'own', 'asset', 'works', 'parkway', 'think', 'factor'] 789 789 790 790 791 791 792 792 793 793 ['backdrop'] 794 794 795 795 ['heistand', 'exit', 'market'] 796 796 797 797 798 798 ['heistand', 'things', 'would', 'given', 'return', 'profile', 'buy', 'going', 'exceed', 'expectation', 'quick', 'people', 'comment', 'years', 'consider', 'case', 'particularly', 'point', 'aggregate', 'scale', 'think', 'really', 'drive', 'retention', 'keep', 'costs', 'could', 'three', 'years', 'holding', 'going', 'modify'] 799 799 ['anderson', 'acquisition', 'standpoint', 'obviously', 'value', 'add', 'stuff', 'intricate', 'creative', 'stuff', 'buying', 'whatever', 'would', 'overall', 'portfolio', 'rates', 'assets', 'fully', 'occupy', 'assets', 'decline', 'years', 'opinion'] 800 800 801 801 802 802 803 803 ['heistand', 'jayson', 'speak', 'shadow', 'space', 'slowly', 'absorb', 'getting', 'truly', 'absorption', 'right', 'submarkets', 'around', 'submarkets', 'lower', 'vacancy', 'general', 'market'] 804 804 805 805 806 806 ['jayson', 'lipsey', 'think', 'optimism', 'around', 'sunbelt', 'increase', 'pretty', 'across', 'board', 'variety', 'reason', 'first', 'market', 'specifically', 'sunbelt', 'market', 'outpace', 'broad', 'using', 'employment', 'growth', 'seeing', 'significant', 'numbers', 'company', 'want', 'relocate', 'sunbelt', 'favorable', 'government', 'favorable', 'climate', 'living', 'great', 'place', 'business', 'friendly', 'environment'] 807 807 808 808 809 809 810 810 ['david', "o'reilly", 'provide', 'guidance', 'think', 'piece', 'item'] 811 811 ['think', 'increase', 'capex', 'guidance', 'increase', 'straight', 'guidance', 'performance', 'lease', 'lease', 'occupancy', 'target', 'despite', 'buying', 'vacancy', 'money'] 812 812 ['extent', 'could', 'little', 'pressure', 'quarter', 'second', 'truly', 'result', 'great', 'filling', 'portfolio', 'great', 'effective', 'rates'] 813 813 ['anderson', 'three', 'steps', 'forward', 'thing'] 814 814 815 815 ['anderson', 'appreciate', 'thanks'] 816 816 ['operator', 'guinee', 'stifel'] 817 817 818 818 819 819 820 820 ['guinee', 'rogers', 'ask', 'question', 'answer', 'clarify'] 821 821 822 822 ['david', "o'reilly", 'parkway', 'share', 'expense'] 823 823 ['guinee', 'thank'] 824 824 825 825 826 826 ['operator', 'raymond', 'james', 'associate'] 827 827 828 828 829 829 ['heistand', 'portfolio', 'restructure', 'still', 'never', 'never', 'special', 'servicing', 'oversight'] 830 830 831 831 ['enough', 'think', 'host', 'event', 'miami', 'indicate', 'critical', 'would', 'something', 'million', 'square', 'seem', 'going', 'challenge', 'given', 'pricing'] 832 832 ['market', 'might', 'create', 'value', 'quickly', 'would', 'consider', 'putting', 'disposition', 'market', 'think', 'enough', 'opportunity', 'continue'] 833 833 ['heistand', 'own', '160,000', 'square', 'building', 'would', 'ideal', 'extent', 'value', 'monetize', 'significant', 'obviously', 'something', 'would', 'consider'] 834 834 835 835 ['heistand', 'sorry', 'thought', 'talking', 'millenia', 'building'] 836 836 ['shift', 'miami', 'critical', 'sorry'] 837 837 838 838 839 839 840 840 841 841 842 842 ['thanks'] 843 843 844 844 845 845 846 846 847 847 ['pipeline', 'still', 'remains', 'think', 'getting', 'close', 'couple', 'smaller', 'deal', 'continue', 'operate', 'little', 'challenge', 'submarket', 'houston', 'market', 'pipeline', 'remains', 'confidence', 'ultimately', 'lease', 'space'] 848 848 ['charlotte', 'continue', 'activity', 'particular', 'everything', '100,000', 'square', 'space', 'tours', 'terms', 'building', 'lowest', 'occupy', 'building', 'north', 'charlotte', 'think', 'lease', 'momentum', 'continue', 'terms', 'showing', 'perspective', 'deal'] 849 849 ['michael', 'salinsky', 'additional', 'opportunity', 'portfolio', 'right'] 850 850 851 851 852 852 853 853 854 854 ['michael', 'salinsky', 'helpful', 'second', 'question', 'talk', 'houston', 'supply', 'picture', 'talk', 'improvement', 'tampa', 'orlando', 'sense', 'austin', 'supply', 'compete', 'lease', 'strategy'] 855 855 856 856 ['interest', 'encourage', 'space', 'lease', 'month', 'three', 'major', 'development', 'downtown', 'austin', 'three', 'think', 'pretty', 'close', 'completely', 'release'] 857 857 ['terms', 'ability', 'lease', 'space', 'austin', 'light', 'development', 'honest', 'constraint', 'expect', 'things', 'continue', 'momentum', 'perspective'] 858 858 ['david', "o'reilly", 'think', 'perspective', 'lease', 'exceed', 'originally', 'forecast', 'entire'] 859 859 ['michael', 'salinsky', 'encourage', 'thank'] 860 860 ['operator', 'emmanuel', 'korchman', 'citigroup'] 861 861 ['emmanuel', 'korchman', 'analyst', 'citigroup', 'going', 'comment', 'strength', 'sunbelt', 'market', 'relocation', 'company'] 862 862 863 863 ['heistand', 'combination', 'example', 'pulpy', 'plaza', 'building', 'buckhead', '100,000', 'square', 'exist', 'building', 'tempe', 'state', 'building', 'million', 'square', 'contiguous', 'property', 'going', 'owner', 'occupy', 'property', 'depend', 'space', 'need', 'obviously', 'million', 'square', 'going', 'difficult', 'exist', 'property'] 864 864 865 865 866 866 ['emmanuel', 'korchman', 'thank'] 867 867 ['operator', 'thank', 'floor', 'management', 'additional', 'closing', 'comment'] 868 868 869 869 870 870 ['thomson', 'financial', 'reserves', 'right', 'change', 'document', 'content', 'information', 'without', 'obligation', 'notify', 'person', 'change'] 871 871 872 872 ['information', 'contain', 'event', 'transcript', 'textual', 'representation', 'applicable', 'company', 'conference', 'effort', 'provide', 'accurate', 'transcription', 'material', 'error', 'omission', 'inaccuracy', 'reporting', 'substance', 'conference', 'call', 'thomson', 'financial', 'applicable', 'company', 'applicable', 'company', 'assume', 'responsibility', 'investment', 'decision', 'base', 'information', 'provide', 'event', 'transcript', 'user', 'advise', 'review', 'applicable', 'company', 'conference', 'applicable', 'company', 'filing', 'making', 'investment', 'decision'] 873 874 874 875 876 876 877 878 878 879 880 880 ['publication', 'transcript'] 881 882 882 883 883 884 885 885 886 887 887 ['return'] 888 889 889 ['document'] 890 891 892 892 893 894 894 ['wednesday'] 895 896 896 897 898 898 ['length', 'words'] 899 900 900 ['corporate', 'participant'] 901 901 ['david', "o'reilly"] 902 902 ['parkway', 'property'] 903 903 904 904 ['parkway', 'property'] 905 905 ['conference', 'participant'] 906 906 907 907 908 908 909 909 ['editor', 'presentation'] 910 910 ['goldfarb', 'analyst', 'sandler', "o'neill", 'great', 'morning', 'welcome', 'today', 'nareit', 'goldfarb', 'senior', 'analyst', 'sandler', "o'neill", 'morning', 'parkway', 'company', 'jayson', 'lipsey', 'david', "o'reilly", 'david', 'jayson', 'brief', 'overview', 'question', 'certainly', 'question', 'audience', 'welcome', 'indicate', 'either', 'shout', 'david'] 911 911 ['david', "o'reilly", 'parkway', 'property', 'thanks', 'thanks', 'everyone', 'coming', 'today', 'simply', 'parkway', 'office', 'focus', 'own', 'assets', 'select', 'submarkets', 'throughout', 'sunbelt', 'market', 'define', 'amenity', 'educate', 'workforce', 'business', 'friendly', 'environment', 'result', 'submarkets', 'outperform', 'national', 'average', 'almost', 'gateway', 'market', 'terms', 'population', 'growth', 'leading', 'indicator', 'health', 'office', 'market'] 912 912 ['parkway', 'strategy', 'define', 'own', 'critical', 'within', 'select', 'submarkets', 'greater', 'within', 'sunbelt', 'example', 'shore', 'tampa', 'austin', 'critical', 'select', 'submarkets', 'submarkets', 'years', 'throughout', 'recovery', 'outperform', 'greater', 'terms', 'vacancy', 'basis', 'point', 'rental', 'growth', 'today', 'north', 'critical', 'aspect', 'strategy', 'allow', 'generate', 'better', 'adjust', 'return', 'number', 'item'] 913 913 914 914 ['years', 'management', 'place', 'execute', 'strategy', 'acquire', 'billion', 'assets', 'within', 'select', 'submarkets', 'criterion', 'spoke', 'great', 'excuse', 'today', 'starting', 'tremendous', 'result', 'result', 'implementation', 'strategy', 'occupancy', 'period', 'weight', 'average', 'gross', 'rent', 'square', '22.25', '28.18', 'period', 'maintain', 'similar', 'tight', 'concession', 'ratio', 'drive', 'bottom', 'translate', 'increase', 'dividend', 'since', 'little', 'years'] 915 915 916 916 917 917 918 918 919 919 ['question', 'answer'] 920 920 ['goldfarb', 'guess', 'first', 'years', 'think', 'company', 'management', 'coming', 'market', 'initially', 'portfolio', 'market', 'market', 'thought', 'three', 'years', 'would', 'performer', 'performer', 'market', 'surprise'] 921 921 ['jayson', 'lipsey', 'parkway', 'property', 'would', 'expectation', 'largely', 'become', 'recall', 'exit', 'market', 'jackson', 'mississippi', 'memphis', 'tennessee', 'columbia', 'south', 'carolina', 'richmond', 'virginia', 'suburban', 'chicago', 'enter', 'market', 'charlotte', 'atlanta', 'major', 'market', 'florida', 'houston', 'austin', 'phoenix', 'mention', 'prepare', 'remark', 'think', 'please', 'performance', 'broad', 'market', 'specifically', 'performance', 'submarkets', 'invest'] 922 922 923 923 ['goldfarb', 'along', 'line', 'clearly', 'success', 'rates', 'continue', 'compress', 'across', 'market', 'folks', 'clearly', 'looking', 'sunbelt', 'competitive', 'finding', 'opportunity', 'given', 'rapid', 'something', 'shareholder', 'investor', 'think', 'continue', 'going', 'become', 'difficult'] 924 924 925 925 ['market', 'submarket', 'assets', 'sending', 'unsolicited', 'offer', 'regular', 'basis', 'broker', 'package', 'often', 'would', 'acquisition', 'market', 'transactions', 'seller', 'without', 'market', 'broker', 'package', 'necessarily', 'think', 'translate', 'getting', 'pricing', 'think', 'still', 'pay', 'price', 'give', 'certainty', 'give', 'seller', 'certainty', 'going', 'close', 'going', 'close', 'going', 'without', 'retrade', 'terms', 'going', 'credibility', 'track', 'record', 'establish', 'years', 'translate', 'seeing', 'greater', 'percentage', 'volume', 'sellers', 'thing', 'going', 'asset'] 926 926 ['goldfarb', 'portfolio', 'enter', 'miami', 'market', 'still', 'additional', 'market', 'would', 'enter'] 927 927 928 928 ['think', 'market', 'lag', 'atlanta', 'recover', 'could', 'recover', 'strong', 'midtown', 'active', 'pursue', 'building', 'midtown', 'would', 'consider', 'expand', 'footprint', 'geography', 'submarket', 'within', 'exist', 'geography'] 929 929 930 930 931 931 932 932 ['david', "o'reilly", 'maybe', 'little', 'think', 'jayson', 'eloquent', 'answer', 'dynamic', 'public', 'company', 'estate', 'business', 'public', 'company', 'daily', 'scorecard', 'screen', 'quarterly', 'reporting', 'sometimes', 'influence', 'decision', 'parkway', 'try', 'maintain', 'incredible', 'discipline', 'focus', 'outcome', 'assets', 'estate', 'business', 'quarter', 'quarter', 'business', 'fool', 'making', 'economic', 'decision', 'show', 'quarter', 'supplemental', 'positive'] 933 933 934 934 ['goldfarb', 'incentivizing', 'saying', 'occupancy', 'regional', 'manager', 'occupancy', 'maximization', 'yearend', 'target'] 935 935 ['jayson', 'lipsey', 'think', 'magic', 'bullet', 'think', 'really', 'strategy', 'enhance', 'value', 'often', 'actually', 'using', 'underwrite', 'acquire', 'building', 'benchmark', 'whether', 'successful', 'question', 'building', 'valuable', 'result', 'given', 'lease', 'criterion', 'given', 'lease', 'different', 'lever', 'rental', 'think', 'always', 'try', 'maximize', 'different', 'factor', 'ensure', 'create', 'value', 'possible', 'still', 'successful', 'lease', 'complete'] 936 936 937 937 ['goldfarb', 'question', 'stuff', 'obviously', 'everyone', 'love', 'facebook', 'works', 'amazon', 'tesla', 'whatever', 'clearly', 'driving', 'growth', 'seeing', 'market', 'seeing', 'across', 'market', 'seeing', 'certain', 'second', 'growth', 'industry', 'seeing', 'across', 'market', 'clearly', 'outside', 'industry', 'growing', 'expand', 'taking', 'space'] 938 938 ['jayson', 'lipsey', 'think', 'technology', 'important', 'service', 'economy', 'seeing', 'technology', 'emerge', 'important', 'industry', 'broadly', 'across', 'portfolio', 'though', 'concentrate', 'industry', 'really', 'major', 'market', 'first', 'phoenix', 'tempe', 'submarket', 'significant', 'demand', 'technology', 'company', 'customer', 'microsoft', 'citrix', 'amazon', 'major', 'technology', 'company', 'probably', 'frequent', 'daily', 'basis'] 939 939 940 940 941 941 ['recent', 'new', 'market', 'miami', 'significant', 'exposure', 'across', 'different', 'industry', 'concentration', 'aim', 'latin', 'america', 'think', 'things', 'encourage', 'portfolio', 'transform', 'couple', 'years', 'think', 'please', 'exposure', 'variety', 'different', 'industry', 'growth', 'potential', 'change', 'couple', 'years', 'positive'] 942 942 ['goldfarb', 'maybe', 'expand', 'acquisition', 'example', 'jacksonville', 'service', 'orient', 'office', 'market', 'sound', 'stable', 'tenancy', 'growth', 'contrast', 'houston', 'austin', 'clearly', 'growth', 'market', 'allocate', 'capital', 'balance', 'putting', 'money', 'stable', 'market', 'versus', 'growth', 'inaudible', 'market', 'portfolio', 'balance', 'would', 'income', 'growth', 'stocks', 'something', 'think', 'energy', 'certain', 'tenant', 'satisfy', 'market', 'different', 'market'] 943 943 ['david', "o'reilly", 'first', 'maybe', 'broad', 'comment', 'market', 'would', 'today', 'nareit', 'first', 'management', 'little', 'years', 'seeing', 'growth', 'across', 'market', 'seeing', 'growth', 'certain', 'area', 'phoenix', 'houston', 'today', 'everywhere', 'lag', 'market', 'notably', 'orlando', 'showing', 'sign', 'recovery', 'seeing', 'lease', 'velocity', 'seeing', 'starting', 'hopefully', 'starting', 'filling', 'vacancy', 'since', 'together'] 944 944 945 945 946 946 947 947 ['jayson', 'lipsey', 'think', 'please', 'integration', 'work', 'extremely', 'integrate', 'property', 'portfolio', 'particular', 'manage', 'director', 'texas', 'fransen', 'fantastic', 'think', 'setting', 'appropriate', 'expectation', 'within', 'property', 'management', 'team', 'expect', 'provide', 'service', 'building', 'developing', 'really', 'world', 'class', 'lease', 'team', 'ensure', 'lease', 'aggressively', 'quickly', 'possible', 'within', 'portfolio'] 948 948 ['think', 'first', 'month', 'ownership', 'lease', 'velocity', 'exceed', 'expectation', 'frankly', 'austin', 'houston', 'perform', 'austin', 'particular', 'think', 'really', 'turn', 'corner', 'quarters', 'terms', 'tenant', 'demand', 'within', 'market', 'particular', 'seeing', 'incremental', 'inquiry', 'tenant', 'currently', 'austin', 'think', 'trend', 'continue', 'expect', 'continue', 'technology', 'company', 'particular', 'presence', 'austin', 'happening', 'presence', 'believe', 'position', 'benefit', 'trend'] 949 949 ['goldfarb', 'switching', 'gear', 'development', 'break', 'shovel', 'tempe', 'little', 'decision', 'expect', 'development', 'parkway', 'hayden', 'ferry', 'special', 'circumstance'] 950 950 951 951 ['build', 'first', 'building', 'tempe', 'hayden', 'ferry', 'lakeside', 'market', 'rates', 'approximately', 'square', 'today', 'getting', 'close', 'deal', 'square', 'couple', 'period', 'market', 'increase', 'guess', 'luxurious', 'problem', 'accommodate', 'expand', 'customer', 'need', 'mooney', 'recently', 'help', 'facilitate', 'fantastic', 'help', 'customer', 'expand', 'approximately', '50,000', 'square', 'around', 'customer', 'achieve', 'expansion', 'need'] 952 952 953 953 ['david', "o'reilly", 'would', 'development', 'primary', 'growth', 'driver', 'hayden', 'ferry', 'lakeside', 'unique', 'situation', 'continuous', 'parcel', 'exist', 'assets', 'develop', 'exist', 'customer', 'need', 'situation', 'something', 'consider', 'development', 'going', 'entitle', 'development'] 954 954 955 955 956 956 957 957 958 958 959 959 ['david', "o'reilly", 'realistic', 'goal', 'process', 'achieve', 'great', 'rating', 'higher', 'credit', 'rating', 'steps', 'getting', 'first', 'foremost', 'income', 'development', 'secure', 'things', 'receive', 'agency', 'cognizant', 'development', 'looking', 'small', 'percentage', 'overall', 'company', 'owner', 'approximately', 'build', 'relative', 'billion', 'company', 'large', 'enough', 'really', 'outside'] 960 960 961 961 ['goldfarb', 'certainly', 'help', 'company', 'recapitalize', 'balance', 'sheet', 'think', 'participate', 'offering', 'offering', 'could', 'little', 'third', 'party', 'could', 'little', 'think', 'ultimate', 'involvement', 'company', 'help', 'shape', 'strategy', 'future'] 962 962 ['david', "o'reilly", 'would', 'minor', 'action', 'director', 'director', 'private', 'equity', 'large', 'investment', 'little', 'years', 'currently', 'common', 'equity', 'company', 'straight', 'common', 'equity', 'shareholder', 'negative', 'control', 'right', 'implicit', 'control', 'company', 'share', 'management', 'average', 'terms', 'recovery', 'fifth', 'inning', 'average', 'houston', 'ahead', 'orlando', 'behind', 'average'] 963 963 964 964 965 965 ['goldfarb', 'saying', 'month', 'expect', 'something'] 966 966 967 967 ['goldfarb', 'sound', 'clock', 'chance', 'audience', 'question', 'theme', 'efficiency', 'think'] 968 968 969 969 970 970 ['thomson', 'financial', 'reserves', 'right', 'change', 'document', 'content', 'information', 'without', 'obligation', 'notify', 'person', 'change'] 971 971 ['conference', 'call', 'event', 'transcript', 'base', 'company', 'projection', 'forward', 'looking', 'statement', 'regard', 'variety', 'item', 'forward', 'looking', 'statement', 'base', 'current', 'expectation', 'involve', 'risk', 'uncertainty', 'actual', 'result', 'differ', 'materially', 'state', 'forward', 'looking', 'statement', 'base', 'number', 'important', 'factor', 'risk', 'specifically', 'identify', 'company', 'recent', 'filing', 'although', 'company', 'indicate', 'believe', 'assumption', 'underlie', 'forward', 'looking', 'statement', 'reasonable', 'assumption', 'could', 'prove', 'inaccurate', 'incorrect', 'therefore', 'assurance', 'result', 'contemplate', 'forward', 'looking', 'statement', 'realize'] 972 972 ['information', 'contain', 'event', 'transcript', 'textual', 'representation', 'applicable', 'company', 'conference', 'effort', 'provide', 'accurate', 'transcription', 'material', 'error', 'omission', 'inaccuracy', 'reporting', 'substance', 'conference', 'call', 'thomson', 'financial', 'applicable', 'company', 'applicable', 'company', 'assume', 'responsibility', 'investment', 'decision', 'base', 'information', 'provide', 'event', 'transcript', 'user', 'advise', 'review', 'applicable', 'company', 'conference', 'applicable', 'company', 'filing', 'making', 'investment', 'decision'] 973 974 974 975 976 976 ['language', 'english'] 977 978 978 ['transcript', '060414a5393552.752'] 979 980 980 ['publication', 'transcript'] 981 982 982 ['copyright'] 983 983 984 985 985 ['copyright'] 986 987 987 ['return'] 988 989 989 ['document'] 990 991 992 992 993 994 994 ['tuesday'] 995 996 996 997 998 998 999 1000 1000 1001 1001 ['jeremy', 'dorsett'] 1002 1002 ['parkway', 'property', 'general', 'counsel'] 1003 1003 1004 1004 1005 1005 1006 1006 1007 1007 ['jayson', 'lipsey'] 1008 1008 1009 1009 1010 1010 ['craig', 'melman'] 1011 1011 1012 1012 1013 1013 ['sandler', "o'neill", 'partner', 'analyst'] 1014 1014 1015 1015 1016 1016 1017 1017 ['wells', 'fargo', 'security', 'analyst'] 1018 1018 1019 1019 ['capital', 'market', 'analyst'] 1020 1020 1021 1021 ['operator', 'morning', 'welcome', 'parkway', 'property', 'incorporate', 'first', 'quarter', 'earnings', 'conference'] 1022 1022 ['operator', 'instructions'] 1023 1023 1024 1024 1025 1025 1026 1026 ['certain', 'statement', 'today', 'present', 'tense', 'discus', 'company', 'expectation', 'forward', 'looking', 'statement', 'within', 'meaning', 'federal', 'security', 'although', 'company', 'belief', 'expectation', 'reflect', 'forward', 'looking', 'statement', 'base', 'reasonable', 'assumption', 'assurance', 'expectation', 'achieve', 'please', 'forward', 'looking', 'statement', 'disclaimer', 'parkway', 'first', 'quarter', 'earnings', 'press', 'release', 'factor', 'could', 'cause', 'material', 'difference', 'forward', 'looking', 'statement', 'actual', 'result'] 1027 1027 ['heistand', 'president', 'parkway', 'property', 'morning', 'thank', 'joining', 'today', 'extremely', 'please', 'first', 'quarter', 'result', 'believe', 'reflect', 'successfully', 'transform', 'parkway', 'would', 'moment', 'highlight', 'important', 'positive', 'macro', 'trend', 'seeing', 'across', 'market'] 1028 1028 1029 1029 1030 1030 ['first', 'quarter', 'priority', 'integration', 'lease', 'seven', 'assets', 'acquire', 'thomas', 'property', 'merger', 'successfully', 'commence', 'process', 'first', 'quarter', 'result', 'reflect', 'positive', 'contribution', 'assets', 'already', 'improve', 'performance', 'exist', 'portfolio'] 1031 1031 ['highlight', 'quarter', 'include', 'store', 'recur', 'increase', 'basis', 'basis', 'compare', 'quarter', 'total', 'lease', 'quarter', 'complete', 'assets', 'acquire', 'month', 'highlighting', 'impact', 'upgrade', 'portfolio', 'lease', 'velocity', 'sign', '177,000', 'square', 'lease', 'average', '28.96', 'square', 'approximately', 'sign', 'lease', 'first', 'quarter', 'high', 'achieve', 'lease', 'company', 'history'] 1032 1032 1033 1033 1034 1034 1035 1035 ['recently', 'complete', 'acquisition', 'orlando', 'center', 'class', 'locate', 'orlando', 'market', 'transaction', 'order', 'acquire', 'value', 'asset', 'lender', 'simultaneously', 'restructure', 'mortgage', 'encumber', 'property'] 1036 1036 1037 1037 1038 1038 1039 1039 1040 1040 1041 1041 ['david', "o'reilly", 'parkway', 'property', 'thank', 'work', 'tirelessly', 'quarter', 'continue', 'recent', 'momentum', 'successfully', 'add', 'value', 'assets', 'strengthen', 'portfolio', 'complete', 'january', 'acquisition', 'center', 'consist', 'three', 'class', 'office', 'building', 'total', '248,000', 'square', 'locate', 'deerwood', 'submarket', 'jacksonville', 'florida', 'acquire', 'property', 'gross', 'purchase', 'price', 'million', 'represent', 'imply', 'fully', 'fund', 'using', 'receive', 'recent', 'public', 'equity', 'raise'] 1042 1042 ['acquisition', 'complement', 'exist', 'ownership', 'submarket', 'continue', 'exhibit', 'improve', 'office', 'fundamentals', 'increase', 'tenant', 'demand', 'office', 'operator', 'number', 'prominent', 'financial', 'services', 'firm', 'additionally', 'recall', 'fourth', 'quarter', 'parkway', 'acquire', 'merger', 'thomas', 'property', 'interest', 'joint', 'venture', 'calstrs', 'madison', 'international', 'realty', 'assets', 'locate', 'central', 'business', 'district', 'austin'] 1043 1043 1044 1044 1045 1045 1046 1046 1047 1047 1048 1048 ['courvoisier', 'offer', 'parkway', 'great', 'opportunity', 'exposure', 'miami', 'market', 'continue', 'economic', 'growth', 'urbanization', 'couple', 'flourish', 'cultural', 'environment', 'increase', 'demand', 'multinational', 'company', 'presence', 'miami'] 1049 1049 ['recent', 'flurry', 'multi', 'family', 'development', 'brickell', 'submarket', 'limited', 'potential', 'supply', 'class', 'office', 'space', 'drive', 'current', 'market', 'rates', 'exceed', 'square', 'courvoisier', 'centre', 'position', 'benefit', 'supply', 'constrain', 'brickell', 'submarket', 'believe', 'drive', 'outsized', 'revenue', 'growth', 'asset'] 1050 1050 ['april', 'complete', 'acquisition', 'orlando', 'center', 'simultaneously', 'restructure', 'exist', 'mortgage', 'asset', '356,000-square', 'class', 'building', 'locate', 'orlando', 'complement', 'parkway', 'exist', 'ownership', 'assets', 'submarket', 'asset', 'occupy', 'acquisition', 'expect', 'generate', 'initial', 'yield'] 1051 1051 ['acquire', 'asset', 'making', 'million', 'equity', 'investment', 'lender', 'reserves', 'lease', 'activity', 'multiple', 'renovation', 'project', 'addition', 'equity', 'investment', 'restructure', 'exist', 'million', 'mortgage', 'million', 'first', 'mortgage', 'million', 'subordinate', 'parkway', 'equity', 'investment', 'million', 'reflect', 'square', 'basis', 'fix', 'interest', 'mature', 'option', 'extend', 'additional'] 1052 1052 1053 1053 ['announce', 'april', 'commencement', 'construction', 'hayden', 'ferry', '261,000-square', 'class', 'development', 'tempe', 'submarket', 'phoenix', 'arizona', 'excite', 'begin', 'final', 'phase', 'parkway', '785,000-square', 'master', 'plan', 'hayden', 'ferry', 'office', 'community', 'current', 'office', 'fundamentals', 'tempe', 'submarket', 'clearly', 'validate', 'decision', 'begin', 'construction'] 1054 1054 1055 1055 ['parkway', 'first', 'investment', 'tempe', 'submarket', 'acquiring', 'hayden', 'ferry', 'since', 'rental', 'rates', 'property', 'increase', 'overall', 'vacancy', 'level', 'class', 'assets', 'tempe', 'market', 'fall', 'local', 'success', 'lease', 'current', 'building', 'portfolio', 'addition', 'hayden', 'ferry', 'provide', 'class', 'product', 'accommodate', 'waiting', 'tenant', 'currently', 'hayden', 'ferry'] 1056 1056 ['hayden', 'ferry', 'assets', 'own', 'joint', 'venture', 'sign', 'amendment', 'authorize', 'construction', 'project', 'give', 'parkway', 'interest', 'development', 'partner', 'maintain', 'remain', 'interest', 'expect', 'total', 'costs', 'development', 'approximately', 'million', 'intend', 'finance', 'project', 'construction', 'approximately', 'total'] 1057 1057 ['reminder', 'acquire', 'parking', 'attach', 'retail', 'building', 'hayden', 'ferry', 'approximately', 'million', 'basis', 'provide', 'substantial', 'construction', 'advantage', 'believe', 'deliver', 'higher', 'yield', 'parkway', 'potential', 'development', 'jayson', 'update', 'operations'] 1058 1058 1059 1059 1060 1060 1061 1061 1062 1062 ['highlight', 'three', 'large', 'lease', 'deal', 'execute', 'quarter', 'first', 'complete', '39,000-square', 'lease', 'phoenix', 'tower', 'locate', 'greenway', 'plaza', 'submarket', 'houston', 'asset', 'currently', 'lease', 'compare', 'occupy', 'first', 'acquire', 'asset', 'december', 'since', 'acquisition', 'asset', 'create', 'positive', 'spread', 'renewal', 'lease', 'total', 'lease', 'execute', 'average', '34.08', 'square'] 1063 1063 ['second', 'execute', '109,000-square', 'renewal', 'lease', 'stein', 'building', 'downtown', 'jacksonville', 'legacy', 'parkway', 'asset', 'notably', 'lower', 'compare', 'renewal', 'quarter', 'lease', 'crucial', 'lock', 'anchor', 'customer', 'provide', 'stability', 'asset', '11-year', 'lease'] 1064 1064 ['exclude', 'stein', 'lease', 'rental', 'first', 'quarter', 'renewal', 'lease', 'would', 'increase', '31.45', 'square', 'rental', 'total', 'lease', 'quarter', 'would', 'increase', '29.87', 'square', 'adjust', 'result', 'would', 'represent', 'high', 'total', 'renewal', 'lease', 'rates', 'achieve', 'parkway', 'history'] 1065 1065 ['lastly', 'complete', '37,000-square', 'lease', 'central', 'locate', 'central', 'perimeter', 'submarket', 'atlanta', 'lease', 'back', 'large', 'vacant', 'space', 'begin', 'stabilize', 'value', 'asset', 'purchase'] 1066 1066 1067 1067 ['addition', 'value', 'create', 'newly', 'acquire', 'assets', 'store', 'portfolio', 'continue', 'experience', 'healthy', 'growth', 'first', 'quarter', 'share', 'store', 'recur', 'increase', 'basis', 'basis', 'compare', 'quarter', 'prior', 'additionally', 'confirm', 'still', 'actively', 'engage', 'negotiation', 'neighbor', 'regard', '225,000-square', 'renewal', 'commerce', 'green', 'houston'] 1068 1068 ['lastly', 'occupancy', 'quarter', 'currently', 'lease', 'communicate', 'quarter', 'anticipate', 'know', 'concentrate', 'within', 'houston', 'austin', 'portfolio', 'would', 'decrease', 'occupancy', 'approximately', 'basis', 'point'] 1069 1069 1070 1070 ['given', 'first', 'quarter', 'lease', 'performance', 'consider', 'lease', 'prospect', 'remainder', 'increase', 'occupancy', 'guidance', 'range', 'include', 'recent', 'acquisition', 'courvoisier', 'centre', 'orlando', 'center', 'combine', 'occupancy', 'reduce', 'overall', 'portfolio', 'occupancy', 'basis', 'point'] 1071 1071 1072 1072 ['david', "o'reilly", 'thank', 'jason', 'complete', 'first', 'quarter', 'share', 'first', 'quarter', 'result', 'include', 'negative', 'impact', 'charge', 'total', 'million', 'primarily', 'relate', 'complete', 'merger', 'thomas', 'property', 'exclude', 'nonrecurring', 'item', 'first', 'quarter', 'recur', 'share'] 1073 1073 ['first', 'quarter', 'share', 'provide', 'reconciliation', 'recur', 'income', 'supplemental', 'report'] 1074 1074 ['subsequent', 'quarter', 'amend', 'exist', 'unsecured', 'credit', 'facility', 'amendment', 'increase', 'revolve', 'credit', 'facility', 'million', 'consolidate', 'exist', 'unsecured', 'loan', 'tranche', 'total', 'million', 'seven', 'tranche', 'total', 'million', 'believe', 'emergence', 'premier', 'sunbelt', 'office', 'enable', 'achieve', 'better', 'pricing', 'include', '30-basis', 'point', 'improvement', 'credit', 'spread', 'financial', 'flexibility'] 1075 1075 ['ebitda', 'quarter', 'times', 'exclude', 'impact', 'million', 'nonrecurring', 'realignment', 'charge', 'relate', 'thomas', 'property', 'merger', 'ebitda', 'multiple', 'close', 'quarter', 'times', 'lower', 'within', 'state', 'range', 'times'] 1076 1076 1077 1077 ['base', 'result', 'first', 'quarter', 'revise', 'projection', 'remainder', 'updating', 'outlook', 'range', 'share', 'calendar', 'please', 'guidance', 'base', 'report', 'include', 'negative', 'impact', 'approximately', 'million', 'million', 'relate', 'employment', 'former', 'thomas', 'employee', 'bring', 'assist', 'transition', 'following', 'merger'] 1078 1078 ['exclude', 'expense', 'nonrecurring', 'item', 'lease', 'termination', 'acquisition', 'costs', 'expect', 'total', 'approximately', 'million', 'million', 'recur', 'outlook', 'range', 'share'] 1079 1079 1080 1080 1081 1081 1082 1082 ['conclude', 'prepare', 'remark', 'remind', 'everyone', 'miami', 'investor', 'hopefully', 'happy', 'question', 'operator'] 1083 1083 1084 1084 ['operator', 'thank', 'conducting', 'question', 'answer', 'session'] 1085 1085 1086 1086 ['craig', 'melman', 'keybanc'] 1087 1087 1088 1088 ['jayson', 'lipsey', 'think', 'terms', 'lease', 'activity', 'multiple', 'speaker'] 1089 1089 1090 1090 ['jayson', 'lipsey', 'think', 'probably', 'proxy', 'typically', 'point', 'ahead', 'occupancy', 'given', 'point', 'expectation', 'would', 'continue', 'craig', 'would', 'probably', 'point', 'percentage', 'lease', 'basis', 'ahead', 'occupancy', 'given', 'point'] 1091 1091 ['craig', 'melman', 'helpful', 'could', 'seem', 'lease', 'going', 'austin', 'curious', 'seeing', 'activity', 'portfolio'] 1092 1092 1093 1093 1094 1094 1095 1095 ['seeing', 'great', 'activity', 'continue', 'jacksonville', 'large', 'corporate', 'customer', 'continue', 'expansion', 'miami', 'although', 'own', 'courvoisier', 'brief', 'period', 'already', 'pipeline', 'excite', 'prospect'] 1096 1096 ['orlando', 'really', 'trail', 'recovery', 'start', 'positive', 'absorption', 'numbers', 'first', 'quarter', 'downtown', 'orlando', 'pipeline', 'starting', 'would', 'generally', 'craig', 'across', 'board', 'pipeline', 'head'] 1097 1097 ['craig', 'melman', 'hayden', 'ferry', 'lease'] 1098 1098 1099 1099 1100 1100 1101 1101 ['craig', 'melman', 'market', 'showing', 'lease', 'bake', 'guidance'] 1102 1102 ['jayson', 'lipsey'] 1103 1103 ['craig', 'melman', 'thank'] 1104 1104 ['operator', 'alexander', 'goldfarb', 'sandler', "o'neill"] 1105 1105 1106 1106 1107 1107 ['around', 'austin', 'upside', 'vacancy', 'thinking', 'general', 'portfolio', 'going', 'linear', 'versus', 'going', 'continue', 'letting', 'space', 'empty', 'stack', 'maximize', 'lease'] 1108 1108 1109 1109 ['think', 'always', 'going', 'element', 'certain', 'space', 'create', 'value', 'broad', 'execution', 'think', 'quarter', 'little', 'occupancy', 'certain', 'tenant', 'space', 'place', 'tower', 'place', 'accommodate', 'large', 'strategic', 'lease', 'bride', 'pulte'] 1110 1110 1111 1111 1112 1112 ['david', "o'reilly", 'think', 'probably', 'majority', 'already', 'situation', 'drop', 'basis', 'point', 'occupancy', 'taking', 'space', 'lease', 'going', 'forward', 'opportunity', 'rent', 'anticipate', 'jayson', 'point', 'still', 'continue', 'share', 'pretty', 'month', 'company'] 1113 1113 ['alexander', 'goldfarb', 'think', 'austin', 'particular', 'available', 'space', 'could', 'lease', 'expiration', 'worry', 'slowing', 'really', 'putting', 'block', 'space', 'putting', 'tenant', 'block', 'space', 'austin'] 1114 1114 1115 1115 ['alexander', 'goldfarb', 'switching', 'lease', 'front', 'renewal', 'sense', 'color', 'renewal', 'people', 'stay', 'space', 'shrinking', 'expand', 'could', 'going', 'bigger', 'coastal', 'curious', 'tenant', 'market'] 1116 1116 ['jayson', 'lipsey', 'think', 'couple', 'quarters', 'encourage', 'trend', 'within', 'portfolio', 'expansion', 'heel', 'couple', 'years', 'right', 'sizing', 'contraction', 'eliminate', 'shadow', 'space', 'think', 'expansion', 'trend', 'within', 'portfolio', 'encourage'] 1117 1117 1118 1118 1119 1119 1120 1120 ['david', "o'reilly", 'think', 'doubt', 'still', 'think', 'opportunity', 'space', 'three'] 1121 1121 ['however', 'still', 'finding', 'opportunity', 'complement', 'especially', 'submarkets', 'already', 'dominance', 'still', 'think', 'opportunity', 'think', 'building', 'fifth', 'market', 'transaction', 'value', 'somebody', 'buying', 'single', 'asset'] 1122 1122 ['general', 'without', 'doubt', 'capital', 'coming', 'market', 'basically', 'believe', 'fundamentals', 'continue', 'improve', 'challenge', 'opportunity', 'return', 'still', 'going', 'continue'] 1123 1123 ['alexander', 'goldfarb', 'thanks'] 1124 1124 ['operator', 'thank'] 1125 1125 ['operator', 'instructions'] 1126 1126 1127 1127 1128 1128 ['jayson', 'lipsey', 'expiration'] 1129 1129 1130 1130 ['regard', 'assets', 'expect', 'outcome', 'lease', 'going', 'asset', 'sales', 'little', 'color', 'would', 'helpful'] 1131 1131 ['jayson', 'lipsey', 'great', 'question', 'think', 'probably', 'mixture', 'things', 'assets', 'example', 'large', 'expiration', 'deerwood', 'jpmorgan', 'jacksonville', 'large', 'expiration', 'cyber', 'center', 'tampa', 'albert', 'kelly', 'large', 'expiration', 'southwestern', 'energy', 'commerce', 'green', 'houston'] 1132 1132 1133 1133 ['think', 'general', 'renewal', 'probability', 'really', 'know', 'point', 'southwestern', 'energy', 'commerce', 'green'] 1134 1134 1135 1135 1136 1136 ['terms', 'lease', 'prospect', 'think', 'space', 'sweet', 'user', 'looking', 'submarket', 'space', 'condition', 'suit', 'larger', 'optimistic', 'given', 'runway', 'leading', 'shape'] 1137 1137 ['rodgers', 'question', 'coming', 'jayson', 'regard', 'concession', 'ratio', 'think', 'include', 'break', 'component', 'separately'] 1138 1138 1139 1139 1140 1140 1141 1141 1142 1142 1143 1143 1144 1144 ['jayson', 'lipsey', 'think', 'right', 'hearst', 'large', 'asset', 'downtown', 'charlotte', 'midst', 'strategy', 'asset', 'recall', 'first', 'thing', 'extend', 'gates', 'period', 'floor', 'taking', 'floor', 'enable', 'space', 'renew', 'relocate'] 1145 1145 ['process', 'right', 'construct', 'space', 'hearst', 'tower', 'space', 'currently', 'arguably', 'three', 'vacant', 'floor', 'charlotte', 'lease', 'think', 'prospect'] 1146 1146 1147 1147 ['activity', 'nascar', 'recently', 'since', 'buy', 'building', 'activity', 'nascar', 'remains'] 1148 1148 ['think', 'little', 'slow', 'building', 'would', 'probably', 'couple', 'month', 'pipeline', 'particular', 'large', 'tours', 'building', 'early', 'process', 'yield', 'point', 'lower', 'probability', 'deal', 'activity', 'pipeline', 'encourage'] 1149 1149 1150 1150 ['jayson', 'lipsey', 'think', 'occupancy', 'guidance', 'include', 'deal', 'charlotte', 'right', 'certain', 'think', 'characterization', 'include', 'upside', 'place', 'right', 'think', 'measure', 'approach', 'ability', 'really', 'drive', 'needle'] 1151 1151 ['young', 'helpful', 'thanks', 'question', 'either', 'david', 'jayson', 'wonder', 'provide', 'color', 'regard', 'potential', 'lease', 'opportunity', 'inaudible'] 1152 1152 1153 1153 1154 1154 ['david', "o'reilly", 'really', 'excite', 'prospect', 'lease', 'short', 'start', 'implement', 'lease', 'operational', 'strategy', 'market', 'rent', 'seek', 'could', 'potentially', 'little', 'higher', 'jayson', 'provide', 'additional', 'color'] 1155 1155 ['thing', 'would', 'young', 'acquisition', 'project', 'unknown', 'absorption', 'first', 'month', 'asset', 'think', 'little', 'speculative', 'lease', 'asset', 'embed', 'guidance', 'right', 'first', 'ownership', 'asset', 'jayson', 'specific', 'color', 'think', 'looking', 'strong'] 1156 1156 ['heistand', 'thing', 'young', 'thing', 'particularly', 'evident', 'prior', 'seller', 'spend', 'million', 'complete', 'renovation', 'common', 'area', 'building', 'turn', 'fantastic', 'really', 'lease', 'around', 'improvement'] 1157 1157 1158 1158 1159 1159 1160 1160 ['operator', 'michael', 'salinsky'] 1161 1161 1162 1162 1163 1163 1164 1164 1165 1165 1166 1166 ['jayson', 'lipsey', 'tremendous', 'parcel', 'great', 'synergy', 'campus', 'actively', 'looking', 'right', 'different', 'alternative', 'available', 'asset', 'whether', 'build', 'whether', 'someone', 'build', 'asset', 'whether', 'large', 'anchor', 'tenant', 'development'] 1167 1167 ['market', 'submarket', 'interest', 'large', 'user', 'something', 'think', 'thomas', 'merger', 'value', 'potential', 'parcel', 'consume', 'understanding', 'actual', 'building', 'austin', 'houston', 'attention', 'quickly', 'closing', 'parcel', 'highly', 'valuable', 'great', 'synergy', 'project'] 1168 1168 1169 1169 ['michael', 'salinsky', 'helpful', 'follow', 'question', 'given', 'progress', 'additional', 'insecure', 'quarter', 'stand', 'rating', 'agency', 'hearing', 'timeline', 'migrate', 'investment', 'grade'] 1170 1170 ['heistand', 'going', 'second', 'thomas', 'merger', 'little', 'outside', 'mouth', 'secure', 'relative', 'entire', 'stack'] 1171 1171 ['think', 'ability', 'continue', 'unencumbered', 'acquisition', 'shrink', 'secure', 'relative', 'company', 'component', 'start', 'engage', 'dialogue', 'something', 'target', 'right', 'really', 'starting', 'third', 'quarter', 'along'] 1172 1172 ['michael', 'salinsky', 'appreciate', 'color', 'thanks'] 1173 1173 ['heistand', 'problem'] 1174 1174 ['operator', 'thank', 'question', 'would', 'floor', 'management', 'closing', 'remark'] 1175 1175 ['heistand', 'appreciate', 'everybody', 'coming', 'state', 'certainly', 'miami', 'possible', 'assets', 'understand', 'market', 'dynamics', 'obviously', 'positively', 'going', 'forward', 'thank', 'forward', 'seeing'] 1176 1176 ['operator', 'thank', 'conclude', 'today', 'teleconference', 'disconnect', 'line', 'thank', 'participation'] 1177 1177 1178 1178 1179 1179 ['information', 'contain', 'event', 'transcript', 'textual', 'representation', 'applicable', 'company', 'conference', 'effort', 'provide', 'accurate', 'transcription', 'material', 'error', 'omission', 'inaccuracy', 'reporting', 'substance', 'conference', 'call', 'thomson', 'financial', 'applicable', 'company', 'applicable', 'company', 'assume', 'responsibility', 'investment', 'decision', 'base', 'information', 'provide', 'event', 'transcript', 'user', 'advise', 'review', 'applicable', 'company', 'conference', 'applicable', 'company', 'filing', 'making', 'investment', 'decision'] 1180 1181 1181 1182 1183 1183 ['language', 'english'] 1184 1185 1185 ['transcript', '051314a5349395.795'] 1186 1187 1187 1188 1189 1189 1190 1190 ['right', 'reserve'] 1191 1192 1192 1193 1194 1194 ['return'] 1195 1196 1196 1197 1198 1199 1199 1200 1201 1201 1202 1203 1203 ['parkway', 'property', 'global', 'property', 'conference', 'final'] 1204 1205 1205 1206 1207 1207 ['corporate', 'participant'] 1208 1208 ['david', "o'reilly"] 1209 1209 1210 1210 ['heistand'] 1211 1211 1212 1212 ['conference', 'participant'] 1213 1213 1214 1214 ['citigroup', 'analyst'] 1215 1215 ['presentation'] 1216 1216 ['attie', 'analyst', 'citigroup', 'morning', 'everyone', 'welcome', 'global', 'property', 'conference', 'session', 'investing', 'client', 'medium', 'individual', 'please', 'disconnect', 'disclosure', 'available', 'webcast', 'disclosure', 'please', 'parkway', 'property', 'heistand'] 1217 1217 ['going', 'introduce', 'introductory', 'remark'] 1218 1218 ['heistand', 'president', 'parkway', 'property', 'thanks', 'david', "o'reilly", 'chief', 'financial', 'officer', 'jayson', 'lipsey', 'chief', 'operate', 'officer', 'orlando', 'minute', 'broker', 'conference', 'today'] 1219 1219 1220 1220 1221 1221 ['complete', 'acquisition', 'across', 'market', 'gain', 'access', 'attractive', 'south', 'beach', 'submarket', 'miami', 'purchase', 'lincoln', 'place', 'finally'] 1222 1222 1223 1223 1224 1224 ['financing', 'complete', 'public', 'equity', 'raise', 'generate', 'total', 'proceeds', 'million', 'proceeds', 'improve', 'capital', 'redeem', 'prefer', 'equity', 'share', 'repay', 'credit', 'additional', 'acquisition'] 1225 1225 ['result', 'continue', 'improvement', 'raise', 'dividend', 'fourth', 'quarter', 'annualized', 'share'] 1226 1226 ['considerable', 'progress', 'since', 'upgrade', 'portfolio', 'executing', 'lease', 'strategy', 'witness', 'improve', 'office', 'market', 'fundamentals', 'across', 'market', 'positive', 'absorption', 'decline', 'vacancy', 'level', 'raising', 'rental', 'rates'] 1227 1227 1228 1228 1229 1229 1230 1230 1231 1231 1232 1232 1233 1233 ['heistand', 'think', 'least', 'solve', 'quality', 'issue', 'think', 'initially', 'misunderstanding', 'relate', 'quality', 'portfolio', 'investor', 'analyst', 'visit', 'think', 'turn', 'around', 'think', 'big', 'thing', 'big', 'misconception', 'recognition', 'performance', 'assets', 'purchase'] 1234 1234 ['noise', 'thomas', 'property', 'merger', 'lower', 'average', 'occupancy', 'exist', 'portfolio', 'really', 'recognize', 'million', 'assets', 'buy', 'beginning', 'lease', 'lease', 'market', 'rent', 'assets', 'improve', 'buy', 'assets', 'lower', 'occupancy', 'performance', 'stuff', 'purchase', 'somewhat', 'mute', 'things', 'coming', 'conference', 'give', 'opportunity', 'explain', 'everybody', 'answer', 'question'] 1235 1235 ['attie', 'mention', 'thomas', 'portfolio', 'dilute', 'occupancy', 'little', 'maybe', 'spend', 'little', 'talk', 'conference', 'vacancy', 'portfolio', 'think', 'houston', 'austin', 'remind', 'actual', 'opportunity'] 1236 1236 ['heistand', 'know', 'underwrite', 'acquisition', 'occur', 'first', 'quarter', 'really', '88,000', 'square', 'austin', '50,000', 'square', 'houston', 'drop', 'occupancy', 'first', 'quarter', 'almost', 'point', 'underwrite', 'going', 'prospect', 'assets', 'vacancy', 'strong', 'occupancy', 'come', 'ramp', 'pretty', 'quick', 'think', 'misconception', 'today', 'show', 'modest', 'improvement', 'guidance', 'account', 'almost', 'basis', 'point', 'increase', 'occupancy', 'project'] 1237 1237 1238 1238 1239 1239 1240 1240 1241 1241 ['attie', 'three', 'people', 'asking', 'public', 'company', 'month', 'important', 'things', 'think', 'accomplish', 'company', 'strategically'] 1242 1242 ['heistand', 'think', 'assemble', 'since', 'beginning', 'first', 'emerge', 'add', 'billion', 'assets', 'billion', 'think', 'portfolio', 'legacy', 'right', 'overall', 'company', 'focus', 'unlock', 'value', 'portfolio', 'think', 'opportunity', 'drive', 'occupancy', 'portfolio', 'bring', 'rent', 'market', 'opportunity', 'increase', 'market', 'rent', 'market'] 1243 1243 ['think', 'texas', 'pretty', 'forecasting', 'continue', 'market', 'rent', 'market', 'beginning', 'recover', 'beginning', 'market', 'increase', 'portfolio', 'think', 'drive', 'occupancy', 'range', 'couple', 'years'] 1244 1244 ['think', 'provide', 'value', 'creation', 'big', 'opportunity', 'company', 'going', 'forward', 'still', 'would', 'acquisition', 'create', 'value', 'predisposition', 'assets', 'think', 'still', 'value', 'accretion'] 1245 1245 1246 1246 ['heistand', 'point', 'years', 'acquisition', 'pipeline', 'billion', 'largely', 'function', 'chased', 'asset', 'regional', 'presence', 'regional', 'manager', 'region', 'operate', 'identify', 'building', 'usually', 'sending', 'lender', 'partner', 'owner', 'operator', 'assets', 'inaudible', 'always', 'tenant', 'coming', 'coming', 'proactive', 'front', 'asset', 'would', 'point', 'sometimes', 'sooner', 'sometimes', 'pipeline', 'chase', 'market', 'deal', 'market', 'opportunity'] 1247 1247 ['directly', 'answer', 'question', 'would', 'area', 'opportunity', 'seeing', 'return', 'dynamics', 'remain', 'market', 'specifically', 'tampa', 'orlando', 'south', 'florida', 'miami', 'miami', 'berkel', 'specifically'] 1248 1248 ['recovery', 'slow', 'lag', 'seeing', 'early', 'sign', 'continue', 'improvement', 'fundamentals', 'early', 'mover', 'advantage', 'market', 'similar', 'charlotte', 'atlanta', 'houston', 'tempe', 'arizona', 'think', 'benefit', 'identify', 'close', 'acquisition'] 1249 1249 ['think', 'couple', 'years', 'challenge', 'people', 'business', 'balance', 'sheet', 'capacity', 'given', 'couple', 'years', 'seeing', 'accelerate', 'volume', 'opportunity', 'bring', 'could', 'predict', 'march', 'billion', 'outlooking', 'think', 'little', 'creative', 'creative', 'terms', 'inaudible', 'move', 'parts', 'selling', 'assets', 'think', 'value', 'continue', 'talking', 'terms', 'servicer', 'assets', 'coming', 'default', 'maybe', 'portfolio', 'pristine', 'buy', 'everything', 'market', 'maybe', 'couple', 'dispose', 'going', 'little', 'clever', 'opportunity'] 1250 1250 ['still', 'think', 'think', 'buyer', 'difficult', 'predict'] 1251 1251 1252 1252 ['heistand', 'think', 'market', 'identify', 'charlotte', 'atlanta', 'houston', 'austin', 'phoenix', 'market', 'florida', 'market', 'intend', 'playing', 'mention', 'want', 'austin', 'thomas', 'field', 'opportunity', 'scale', 'really', 'strategy', 'going', 'market', 'scale'] 1253 1253 1254 1254 1255 1255 1256 1256 ['rent', 'move', 'first', 'buy', 'years', 'today', 'building', 'expansion', 'need', 'exist', 'tenant', 'tenant', 'coming', 'market', 'development', 'demand', '275,000', 'square', 'demand', 'demand', 'terms', 'space', 'development', 'building'] 1257 1257 1258 1258 ['heistand', '275,000', 'would', 'expect', 'nominal', 'preleasing', 'predominantly', 'stack'] 1259 1259 ['david', "o'reilly", 'parkway', 'property', 'terms', 'evaluate', 'development', 'different', 'acquisition', 'really', 'target', 'unlevered', 'return', 'match', 'profile', 'assets', 'something', 'consider', 'something', 'inaudible', 'heavy', 'component', 'lease', 'acquisition', 'development', 'significantly', 'unlevered', 'return', 'basis', 'pursue', 'opportunity'] 1260 1260 1261 1261 1262 1262 ['attie', 'could', 'remind', 'stand', 'think', 'buy', 'building', 'think', 'tempe', 'relative', 'leave'] 1263 1263 ['david', "o'reilly", 'result', 'merger', 'american', 'airline', 'termination', 'option', '12-month', 'write', 'notice', 'period', 'active', 'dialog', 'try', 'figure', 'need', 'saying', 'try', 'figure', 'inaudible', 'worry', 'office', 'location', 'tempe', 'multiple', 'likely', 'consolidation', 'little', 'unfortunate', 'probably', 'acquire', 'building', 'rent', 'market', 'given', 'growth', 'tempe', 'probably', 'market', 'today'] 1264 1264 ['would', 'figure', 'contract', 'shrink', 'another', 'location', 'advantage', 'market', 'component', 'owner', 'building', 'acquire', 'building', 'acquire', 'offer', 'thanks', 'figure', 'lease', 'first', 'determine', 'share', 'really', 'worth'] 1265 1265 ['heistand', 'would', 'given', 'dynamics', 'given', 'location', 'given', 'alternative', 'likely', 'stay'] 1266 1266 1267 1267 ['heistand', 'given', 'frame', 'think', 'given', 'market', 'dynamics', 'expectation', 'building', 'would', 'finish', 'construction', 'given', 'demand', 'right'] 1268 1268 1269 1269 1270 1270 ['tempe', 'already', 'plan', 'everything', 'already', 'course', 'buy', 'everything', 'something', 'probably', 'build'] 1271 1271 1272 1272 1273 1273 ['attie', 'something', 'actively', 'working'] 1274 1274 ['heistand', 'would', 'since', 'close', 'assets', 'pleasantly', 'surprise', 'interest'] 1275 1275 ['attie', 'acquire', 'comment', 'buy', 'whole', 'company', 'offset', 'condominium', 'could', 'operate', 'assets', 'maybe', 'elaborate', 'things', 'guess', 'big', 'condo', 'things', 'think', 'could', 'monitize'] 1276 1276 ['david', "o'reilly", 'acquire', 'billion', 'expect', 'million', 'balance', 'sheet', 'thomas', 'actually', 'close', 'million', 'higher', 'conservatively', 'budget', 'performance', 'signing', 'close', 'outperform', 'great'] 1277 1277 1278 1278 ['condo', 'value', 'million', 'carry', 'announcement', 'million', 'condo', 'bottom', 'drove', 'value', 'unit', 'remain', 'sign', 'selling', 'month', 'fairly', 'consistently'] 1279 1279 1280 1280 ['attie', 'million', 'sound', 'think', 'market', 'value', 'significantly', 'excess', 'excess'] 1281 1281 ['david', "o'reilly", 'could', 'little', 'excess', 'really', 'project', 'really', 'business', 'model', 'think', 'item', 'exceed', 'friction', 'transaction', 'costs', 'positive', 'relative', 'actually', 'costs', 'lower'] 1282 1282 1283 1283 1284 1284 ['attie', 'sound', 'growth', 'market', 'development', 'austin', 'hear', 'development', 'buckhead', 'potentially', 'starting', 'market', 'seeing', 'pressure', 'potentially', 'three', 'years'] 1285 1285 ['heistand', 'others', 'outside', 'texas', 'announcement', 'talking', 'inaudible', 'buckhead', 'thing', 'hear', 'announce', 'start', 'think', 'rent', 'relative', 'high', 'rent', 'buckhead', 'building', 'still', 'think', 'relative', 'development', 'still', 'little', 'announce', 'absolutely', 'nothing', 'plan', 'announce', 'market', 'biotech'] 1286 1286 1287 1287 ['think', 'dynamic', 'investment', 'strategy', 'location', 'replicate', 'costs', 'assets', 'own', 'dynamic', 'across', 'market', 'take', 'density', 'residential', 'tenant', 'benefit', 'amenities', 'probably', 'inaudible'] 1288 1288 1289 1289 ['david', "o'reilly", 'think', 'easy', 'portion', 'realize', 'already', 'contractually', 'obligate', 'first', 'month', 'first', 'tenant', 'citywestplace', 'houston', 'halliburton', 'leaving', '12/31', 'pay', 'already', 'sign', 'lease', 'backfill', 'entire', 'space', 'statoil', '16-year', 'annual', 'escalator', 'premium', 'halliburton', 'pay', 'monetize', 'market', 'citywestplace', 'alone'] 1290 1290 1291 1291 1292 1292 ['attie', 'timing'] 1293 1293 1294 1294 ['heistand', 'benefit', 'inaudible'] 1295 1295 ['david', "o'reilly", 'large', 'tenant', 'citywestplace', 'software', 'actually', 'build', 'campus', 'shrink', 'become', 'multi', 'tenant', 'facility', 'pay', 'range', '450,000', 'probably', '200,000', '250,000', 'going', 'aggressively', 'figure', 'space', 'exist', 'space', 'market', 'terms', 'lease', 'really', 'solidify', 'property', 'another', 'great', 'opportunity', 'market', 'nothing', 'monetize', 'first', 'month', 'years', 'month', 'absolutely'] 1296 1296 ['attie', 'start', 'building', 'citywest'] 1297 1297 ['david', "o'reilly", 'still', 'citywestplace', 'houston'] 1298 1298 ['heistand', 'buildup', 'million', 'square', 'complex'] 1299 1299 ['david', "o'reilly", 'calling', 'market', 'rent', 'pay', 'think', 'everybody', 'expense', 'define', 'create', 'value', 'asset', 'might', 'noise', 'quarter', 'quarter', 'metric', 'inaudible', 'asset', 'think', 'make', 'money', 'building', 'inaudible'] 1300 1300 1301 1301 ['heistand', 'actually', 'happen', 'downsize', 'gates', 'floor', 'lower', 'stack', 'want', 'renew', 'lease', 'early', 'opportunity', 'backfilled', 'space', 'exist', 'space', 'august', 'believe', 'third', 'quarter'] 1302 1302 ['david', "o'reilly"] 1303 1303 1304 1304 ['david', "o'reilly", 'inaudible', 'going', 'historically', 'fortunately', 'allow', 'inaudible', 'deal', 'rates', 'renewal', 'expansion', 'gates', 'initial', 'inaudible', 'property'] 1305 1305 ['attie', 'mention', 'beginning', 'portfolio', 'still', 'legacy', 'parkway', 'quickly', 'asset', 'sales', 'thought', 'sales'] 1306 1306 ['heistand', 'think', 'get', 'smaller', 'smaller', 'assets', 'still', 'exactly', 'strategy', 'something', 'houston', 'orlando', 'probably', 'could', 'couple', 'years', 'million', 'million', 'disposition', 'could', 'probably', 'range'] 1307 1307 1308 1308 1309 1309 1310 1310 1311 1311 ['heistand', 'nationwide', 'office', 'sector'] 1312 1312 ['attie', 'could', 'finger', 'today', 'portion', 'assets', 'without', 'consequence', 'reinvestment', 'issue', 'percentage', 'would', 'percentage'] 1313 1313 ['heistand', 'would', 'selling', 'runway', 'assets'] 1314 1314 ['attie'] 1315 1315 ['heistand'] 1316 1316 1317 1317 ['heistand', 'think', 'higher', 'either', 'rather', 'depend', 'asset', 'location', 'generally'] 1318 1318 ['attie', 'direction', 'slightly', 'slightly'] 1319 1319 1320 1320 1321 1321 ['heistand', 'thank'] 1322 1322 1323 1323 1324 1324 1325 1326 1326 ['march'] 1327 1328 1328 ['language', 'english'] 1329 1330 1330 ['transcript', '030514a5298861.761'] 1331 1332 1332 1333 1334 1334 1335 1335 1336 1337 1337 ['copyright'] 1338 1339 1339 ['return'] 1340 1341 1341 1342 1343 1344 1344 ['disclosure'] 1345 1346 1346 ['march', 'monday'] 1347 1348 1348 1349 1350 1350 1351 1352 1352 ['corporate', 'participant'] 1353 1353 1354 1354 1355 1355 1356 1356 1357 1357 ['jayson', 'lipsey'] 1358 1358 ['parkway', 'property'] 1359 1359 ['conference', 'participant'] 1360 1360 [] 1361 1361 1362 1362 ['presentation'] 1363 1363 ['analyst', 'raymond', 'james', 'associate', 'going', 'ahead', 'introduce', 'heistand', 'company'] 1364 1364 1365 1365 ['heistand', 'president', 'parkway', 'property', 'morning', 'parkway', 'right', 'david', "o'reilly", 'chief', 'financial', 'officer', 'jayson', 'lipsey', 'chief', 'operate', 'officer', 'going', 'david', 'slide', 'presentation', 'mainly', 'conference', 'enough', 'going', 'laughter'] 1366 1366 1367 1367 1368 1368 1369 1369 1370 1370 ['david', 'provide', 'color', 'commentary', 'slide'] 1371 1371 ['david', "o'reilly", 'parkway', 'property', 'catch', 'everything', 'years', 'management', 'decide', 'going', 'leading', 'owner', 'operator', 'office', 'building', 'growth', 'submarkets', 'target', 'would', 'outperform', 'asset', 'asset', 'going', 'create', 'value', 'going', 'spend', 'capital', 'would', 'really', 'drive', 'higher', 'rent', 'therefore', 'create', 'value', 'target', 'assets', 'critical', 'dominance', 'tight', 'submarkets', 'would', 'lease', 'operational', 'efficiency', 'could', 'drive', 'rent', 'higher', 'operate', 'cheap', 'tenant', 'around', 'change', 'need', 'translate', 'great', 'growth', 'company', 'maintain', 'conservative', 'flexible', 'balance', 'sheet'] 1372 1372 1373 1373 1374 1374 1375 1375 1376 1376 1377 1377 ['david', "o'reilly", 'think', 'importantly', 'lastly', 'slide', 'point', 'match', 'acquisition', 'activity', 'substantial', 'growth', 'right', 'balance', 'sheet', 'really', 'focus', 'maintain', 'ebitda', 'times', 'announce', 'equity', 'raise', 'simultaneous', 'acquisition', 'match', 'possible'] 1378 1378 ['slide', 'really', 'focus', 'timing', 'fairly', 'consistent', 'portfolio', 'recycling', 'years', 'second', 'large', 'increase', 'result', 'thomas', 'property', 'merger', 'bunch', 'detail'] 1379 1379 1380 1380 1381 1381 ['submarkets', 'building', 'location', 'people', 'access', 'amenities', 'access', 'transportation', 'great', 'walking', 'amenities', 'infill', 'location', 'employer'] 1382 1382 ['heistand', 'think', 'office', 'business', 'fundamentally', 'change', 'continue', 'build', 'suburban', 'sprawl', 'company', 'attract', 'young', 'talent', 'really', 'amenity', 'base', 'environment', 'people', 'drive', 'critical', 'right', 'think', 'suburban', 'commodity', 'office', 'david', 'talk', 'become', 'actually', 'functionally', 'obsolescent', 'people', 'taking', 'using', 'space', 'square', 'extra', 'right', 'building', 'right', 'amenity', 'think', 'really', 'focus'] 1383 1383 ['david', "o'reilly", 'exactly', 'strategy', 'focus', 'assets', 'urban', 'infill', 'strategically', 'differentiate', 'important', 'assets', 'underleased', 'undermanaged', 'underfinanced', 'create', 'value', 'executing', 'competency', 'manage', 'lease', 'office', 'property', 'drive', 'value'] 1384 1384 1385 1385 1386 1386 1387 1387 1388 1388 1389 1389 ['david', "o'reilly", 'tempe', 'story', 'parkway', 'though', 'dramatic', 'improvement', 'almost', 'every', 'single', 'acquisition', 'chart', 'front', 'acquisition', 'complete', 'fourth', 'quarter', 'first', 'quarter', 'typically', 'project', 'increase', 'occupancy', 'first', 'take', 'reposition', 'building', 'invest', 'capital', 'create', 'marketing', 'branding', 'lease', 'strategy', 'really', 'please', 'report', 'take', 'occupancy', 'recent', 'acquisition', 'market', 'rates', 'excess', 'higher', 'acquire', 'assets'] 1390 1390 ['jayson', 'lipsey', 'parkway', 'property', 'speak', 'little', 'recent', 'operational', 'performance', 'newly', 'acquire', 'building', 'submarkets', 'tempe', 'think', 'important', 'probably', 'big', 'differentiator', 'strategy', 'focus', 'local', 'operator', 'market', 'reason', 'effectuate', 'performance', 'tempe', 'example', 'mooney', 'mooney', 'live', 'phoenix', 'operate', 'several', 'years', 'know', 'right', 'people', 'try', 'place', 'money', 'phoenix', 'tempe', 'place', 'person', 'help', 'underwrite', 'building', 'identify', 'execute', 'strategy', 'help', 'building'] 1391 1391 1392 1392 1393 1393 1394 1394 ['jayson', 'lipsey', 'right', 'operations', 'excite', 'couple', 'great', 'investment', 'strategy', 'buying', 'building', 'submarkets', 'operate', 'better', 'anybody', 'business'] 1395 1395 1396 1396 1397 1397 ['heistand', 'think', 'today', 'million', 'balance', 'sheet', 'nothing', 'draw'] 1398 1398 1399 1399 1400 1400 ['heistand', 'seven', 'citywest', 'building', 'right', 'laughter'] 1401 1401 ['david', "o'reilly", 'thanks', 'assets', 'own', 'houston', 'reason', 'covet', 'assets', 'large', 'provide', 'scale', 'market', 'great', 'embed', 'growth', 'felipe', 'plaza', 'million', 'square', 'lease', 'market', 'occupancy', 'result', 'prior', 'owner', 'inability', 'spend', 'appropriate', 'capital', 'position', 'asset', 'lease', 'believe', 'operations', 'truly', 'drive', 'occupancy', 'gain', 'market', 'citywestplace', 'lease', 'upside', 'occupancy', 'tremendous', 'upside', 'rental', 'growth'] 1402 1402 ['large', 'tenant', 'citywestplace', 'halliburton', '581,000', 'square', 'little', 'third', 'citywestplace', 'expire', 'thrill', 'report', 'sign', 'lease', 'statoil', 'backfill', 'entire', 'pending', 'vacancy', 'higher', 'expire', 'multiple', 'speaker'] 1403 1403 ['heistand', 'great', 'credit', 'statoil'] 1404 1404 1405 1405 1406 1406 ['david', "o'reilly", 'austin', 'building', 'going', 'joint', 'venture', 'calstrs', 'tremendous', 'market', 'scale', 'million', 'square', 'ability', 'increase', 'occupancy', 'today', 'rent', 'today', 'place', 'market', 'really', 'important', 'austin', 'building', 'tenant', 'austin', 'space', 'regardless', 'whoever', 'market', 'building', 'large', 'building', 'handle', 'expansion', 'contraction', 'create', 'efficient', 'experience', 'tenant', 'customer', 'austin', 'market'] 1407 1407 ['think', 'forefront', 'reemergence', 'corporate', 'user', 'coming', 'downtown', 'years', 'years', 'mark', 'expansion', 'suburb', 'today', 'signing', 'lease', 'facebook', 'tenant', 'recruit', 'young', 'talented', 'workforce', 'people', 'environment', 'drive', 'minutes', 'suburb', 'office', 'portfolio', 'downtown', 'austin', 'believe', 'great', 'opportunity'] 1408 1408 ['heistand', 'demand', 'tempe', 'location', 'arizona', 'state', 'right', 'austin', 'coming', 'california'] 1409 1409 1410 1410 ['heistand', 'thing', 'finish', 'private', 'operator', 'years', 'compete', 'reit', 'think', 'things', 'believe', 'taking', 'position', 'parkway', 'entrepreneurial', 'market', 'competitive', 'private', 'company', 'conservative', 'public', 'company', 'balance', 'sheet', 'investor', 'going', 'manage', 'quarter', 'quarter', 'going', 'things', 'asset', 'create', 'value', 'estate', 'short', 'metrics', 'negative', 'create', 'value', 'asset', 'something', 'worth', 'years'] 1411 1411 1412 1412 ['question', 'answer'] 1413 1413 ['couple', 'question', 'downstairs', 'breakout', 'session', 'question'] 1414 1414 1415 1415 1416 1416 1417 1417 ['david', "o'reilly", 'seeing', 'majority', 'opportunity', 'right', 'florida', 'feel', 'area', 'major', 'market', 'florida', 'slow', 'recover', 'think', 'recovery', 'know', 'broad', 'institutional', 'universe', 'provide', 'better', 'buying', 'opportunity', 'specifically', 'opportunity', 'right', 'miami', 'miami', 'market', 'actually', 'seeing', 'supply', 'office', 'building', 'getting', 'demolish', 'build', 'condo'] 1418 1418 ['landlocked', 'market', 'gateway', 'central', 'south', 'america', 'europe', 'certain', 'extent', 'tremendous', 'demand', 'increase', 'shrinking', 'supply', 'could', 'create', 'great', 'benefit', 'investment'] 1419 1419 1420 1420 ['ahead'] 1421 1421 1422 1422 1423 1423 1424 1424 ['heistand', 'calstrs'] 1425 1425 ['unidentified', 'audience', 'member'] 1426 1426 1427 1427 ['david', "o'reilly", 'question'] 1428 1428 ['unidentified', 'audience', 'member', 'inaudible', 'microphone', 'inaccessible'] 1429 1429 ['jayson', 'lipsey', 'occupancy', 'guidance', 'guidance', 'right'] 1430 1430 ['heistand'] 1431 1431 ['jayson', 'lipsey'] 1432 1432 ['unidentified', 'audience', 'member', 'inaudible', 'microphone', 'inaccessible'] 1433 1433 ['heistand'] 1434 1434 1435 1435 ['please'] 1436 1436 1437 1437 ['ahead', 'question', 'dismiss', 'downstairs', 'breakout', 'consolidation', 'obviously', 'acquire', 'public', 'company', 'peer', 'former', 'portfolio', 'own', 'former', 'public', 'company', 'crescent', 'industry', 'going'] 1438 1438 1439 1439 1440 1440 ['david', "o'reilly", 'thank'] 1441 1441 ['heistand', 'thanks'] 1442 1442 1443 1443 ['conference', 'call', 'event', 'transcript', 'base', 'company', 'projection', 'forward', 'looking', 'statement', 'regard', 'variety', 'item', 'forward', 'looking', 'statement', 'base', 'current', 'expectation', 'involve', 'risk', 'uncertainty', 'actual', 'result', 'differ', 'materially', 'state', 'forward', 'looking', 'statement', 'base', 'number', 'important', 'factor', 'risk', 'specifically', 'identify', 'company', 'recent', 'filing', 'although', 'company', 'indicate', 'believe', 'assumption', 'underlie', 'forward', 'looking', 'statement', 'reasonable', 'assumption', 'could', 'prove', 'inaccurate', 'incorrect', 'therefore', 'assurance', 'result', 'contemplate', 'forward', 'looking', 'statement', 'realize'] 1444 1444 ['information', 'contain', 'event', 'transcript', 'textual', 'representation', 'applicable', 'company', 'conference', 'effort', 'provide', 'accurate', 'transcription', 'material', 'error', 'omission', 'inaccuracy', 'reporting', 'substance', 'conference', 'call', 'thomson', 'financial', 'applicable', 'company', 'applicable', 'company', 'assume', 'responsibility', 'investment', 'decision', 'base', 'information', 'provide', 'event', 'transcript', 'user', 'advise', 'review', 'applicable', 'company', 'conference', 'applicable', 'company', 'filing', 'making', 'investment', 'decision'] 1445 1446 1446 1447 1448 1448 ['language', 'english'] 1449 1450 1450 1451 1452 1452 1453 1454 1454 1455 1455 ['right', 'reserve'] 1456 1457 1457 ['copyright'] 1458 0 1 2 3 4 4 5 5 6 6 [] 7 8 9 10 11 12 13 13 14 15 16 16 17 17 ['project'] 18 19 20 20 21 21 [] 22 22 ['williams', 'company', 'williams', 'partner', 'earnings', 'conference', 'final', 'disclosure', 'february', 'thursday', '13405', 'words'] 23 24 25 25 26 26 ['williams', 'company', 'credit', 'suisse', 'global', 'energy', 'summit', 'final', 'disclosure', 'february', 'tuesday', 'words'] 27 28 29 29 [] 30 30 31 32 33 33 [] 34 34 35 36 37 37 38 38 39 40 41 41 42 42 ['williams', 'company', 'barclays', 'energy', 'conference', 'final', 'disclosure', 'september', 'thursday', 'words'] 43 44 45 45 [] 46 46 ['williams', 'williams', 'partner', 'earnings', 'conference', 'final', 'disclosure', 'august', 'thursday', '11999', 'words'] 47 48 49 49 50 50 51 52 53 53 54 54 ['williams', 'company', 'williams', 'partner', 'earnings', 'conference', 'final', 'disclosure', 'wednesday', 'words'] 55 56 57 57 [] 58 58 59 60 61 61 62 63 63 64 65 66 66 67 68 68 ['february', 'thursday'] 69 70 70 ['williams', 'company', 'williams', 'partner', 'earnings', 'conference', 'final'] 71 72 72 73 74 74 ['corporate', 'participant'] 75 75 76 76 ['williams', 'williams', 'partner'] 77 77 78 78 ['williams', 'williams', 'partner', 'president'] 79 79 80 80 ['williams', 'williams', 'partner', 'petchem', 'services'] 81 81 ['miller'] 82 82 83 83 ['allison', 'bridges'] 84 84 ['williams', 'williams', 'partner'] 85 85 86 86 87 87 ['conference', 'participant'] 88 88 89 89 90 90 91 91 ['morgan', 'stanley', 'analyst'] 92 92 ['rajendran'] 93 93 94 94 ['christine'] 95 95 96 96 ['jeremy', 'tonet'] 97 97 ['jpmorgan', 'chase', 'analyst'] 98 98 99 99 ['barclays', 'capital', 'analyst'] 100 100 101 101 102 102 103 103 ['capital', 'market', 'analyst'] 104 104 105 105 ['tuohy', 'brother', 'analyst'] 106 106 ['sharon'] 107 107 108 108 ['schneider'] 109 109 110 110 ['faisel'] 111 111 ['citigroup', 'analyst'] 112 112 113 113 114 114 ['becca', 'followill'] 115 115 ['capital', 'advisor', 'analyst'] 116 116 ['presentation'] 117 117 118 118 ['opening', 'remark', 'introduction', 'would', 'porter', 'investor', 'relations', 'please', 'ahead'] 119 119 ['porter', 'williams', 'williams', 'partner', 'thank', 'morning', 'welcome'] 120 120 ['always', 'thank', 'interest', 'williams', 'williams', 'partner', 'yesterday', 'afternoon', 'release', 'financial', 'result', 'post', 'several', 'important', 'item', 'website', 'item', 'include', 'yesterday', 'press', 'release', 'relate', 'schedule', 'accompany', 'analyst', 'package', 'slide', 'president', 'armstrong', 'speak', 'momentarily', 'update', 'book', 'contain', 'detail', 'information', 'regard', 'various', 'aspect', 'business'] 121 121 ['addition', 'leaders', 'operate', 'area', 'scheel', 'lead', 'northern', 'eastern', 'operate', 'allison', 'bridges', 'lead', 'western', 'miller', 'lead', 'atlantic', 'dearborn', 'petchem', 'services', 'operate', 'additionally', 'chappel', 'available', 'respond', 'question'] 122 122 ['yesterday', 'presentation', 'book', 'important', 'disclaimer', 'relate', 'forward', 'looking', 'statement', 'disclaimer', 'important', 'integral', 'remark', 'review'] 123 123 ['include', 'presentation', 'material', 'various', 'measure', 'reconcile', 'generally', 'accept', 'accounting', 'principle', 'reconciliation', 'schedule', 'appear', 'presentation', 'material'] 124 124 125 125 ['armstrong', 'president', 'williams', 'williams', 'partner', 'great', 'thank', 'morning', 'welcome', 'joining', 'today', 'fourth', 'quarter', 'result', 'major', 'development', 'outlook', 'today'] 126 126 127 127 ['december', 'corvex', 'sorban', 'disclose', 'interest', 'representation', 'williams', 'board', 'since', 'engage', 'discussion', 'corvex', 'sorban', 'relate', 'company', 'strategic', 'drive', 'continue', 'value', 'creation', 'course', 'forward', 'continue', 'discussion', 'party'] 128 128 129 129 130 130 131 131 ['strong', 'performance', 'exceed', 'internal', 'expectation', 'spite', 'million', 'lower', 'margin', 'driver', 'better', 'performance', 'lower', 'maintenance', 'capital', 'expense'] 132 132 133 133 ['move', 'enjoy', 'increase', 'segment', 'profit', 'quarter', 'williams', 'partner', 'carry', 'increase', 'disappointment', 'fourth', 'quarter', 'financial', 'performance', 'petchem', 'services', 'segment', 'primarily', 'drive', 'canada', 'third', 'party', 'outage', 'dramatically', 'impact', 'supply', 'available', 'mcmurray', 'facility'] 134 134 ['project', 'running', 'exceed', 'expectation', 'recovery', 'volume', 'really', 'business', 'running', 'smoothly', 'ethane', 'recovery', 'portion', 'add', 'business', 'third', 'fourth', 'quarter', 'forward', 'project', 'become', 'driver', 'result', 'expect', 'complete', 'actually', 'month', 'course', 'appreciate', 'great', 'business', 'steady', 'predictable', 'manner', 'course', 'help', 'outperform', 'fourth', 'quarter'] 135 135 ['move', 'growth', 'expectation', 'growth', 'looking', 'continue', 'expect', 'strong', 'growth', 'greater', 'extraordinary', 'growth', 'back', 'large', 'capital', 'investment', 'making', 'couple', 'years', 'finance', 'equity', 'organization', 'focus', 'right', 'executing', 'large', 'capital', 'program', 'essential', 'growth'] 136 136 137 137 ['great', 'visibility', 'around', 'project', 'expect', 'drive', 'growth', 'continue', 'execution', 'milestone', 'serve', 'substantially', 'derisk', 'major', 'project', 'little', 'detail', 'project'] 138 138 ['update', 'guidance', 'growth', 'capex', 'add', 'noteworthy', 'change', 'slide', 'increase', 'capex', 'initial', 'spending', 'project', 'project', 'atlantic', 'sunrise', 'dalton', 'higher', 'spending', 'reaffirm', 'belief', 'growth', 'potential', 'business', 'within', 'beyond', 'guidance', 'period', 'project', 'list', 'atlantic', 'sunrise', 'dalton', 'transco', 'system', 'continue', 'strong', 'demand', 'services', 'really', 'think', 'positive', 'coming', 'supply', 'market', 'demand'] 139 139 140 140 141 141 142 142 143 143 144 144 ['project', 'represent', 'vital', 'energy', 'infrastructure', 'design', 'connect', 'surge', 'supply', 'natural', 'marcellus', 'produce', 'region', 'really', 'coming', 'mostly', 'northeastern', 'pennsylvania', 'growing', 'demand', 'center', 'along', 'atlantic', 'seaboard', 'expect', 'bring', 'atlantic', 'sunrise', 'service', 'second', 'course', 'assume', 'necessary', 'regulatory', 'approval', 'receive', 'timely', 'manner'] 145 145 146 146 ['volume', 'fourth', 'quarter', 'disappoint', 'number', 'reason', 'primarily', 'impact', 'third', 'party', 'outage', 'upstream', 'difficulty', 'deliver', 'product', 'downstream', 'work', 'enjoy', 'mention', 'earlier', 'great', 'volume', 'growth'] 147 147 ['reaching', 'important', 'milestone', 'keathley', 'canyon', 'gulfstar', 'project', 'rapidly', 'growing', 'northeast', 'business', 'increase', 'gathering', 'volume', 'fourth', 'quarter', 'fourth', 'quarter'] 148 148 ['compare', 'favorably', 'really', 'whole', 'marcellus', 'volume', 'really', 'growing', 'growing', 'higher', 'broad', 'marcellus', 'growing', 'excite', 'volume', 'reach', 'average', 'course', 'actual', 'volume'] 149 149 150 150 151 151 ['beyond', 'guidance', 'period', 'really', 'begin', 'effect', 'major', 'project', 'provide', 'visibility', 'continue', 'growth', 'support', 'williams', 'continue', 'strong', 'dividend', 'growth'] 152 152 ['luxury', 'project', 'leverage', 'competitive', 'advantage', 'selective', 'pursue', 'adjust', 'return', 'project', 'envious', 'position', 'allocate', 'capital', 'really', 'project'] 153 153 154 154 ['strategically', 'position', 'fast', 'growing', 'production', 'area', 'big', 'challenge', 'marcellus', 'utica', 'exactly', 'kind', 'problem', 'large', 'scale', 'infrastructure', 'strategy', 'design', 'solve'] 155 155 ['great', 'resource', 'basin', 'need', 'great', 'market', 'access', 'stand', 'pushing', 'major', 'project', 'certainly', 'issue', 'customer', 'ability', 'major', 'commitment', 'complex', 'regulatory', 'structure', 'risk', 'business', 'certainly', 'regulatory', 'complexity', 'taking', 'large', 'scale', 'infrastructure', 'instal', 'barrier', 'growth', 'impediment', 'great', 'opportunity', 'company', 'williams', 'skilled', 'taking', 'large', 'complex', 'project'] 156 156 157 157 ['commitment', 'regulatory', 'maze', 'mention', 'earlier', 'market', 'really', 'recognize', 'going', 'invest', 'support', 'project', 'atlantic', 'sunrise', 'first', 'major', 'investment', 'coming', 'connect', 'increase', 'market', 'increase', 'supply', 'marcellus'] 158 158 159 159 160 160 ['delay', 'return', 'plant', 'service', 'complete', 'expansion', 'result', 'variety', 'factor', 'include', 'extend', 'utility', 'primarily', 'things', 'steam', 'electrical', 'system', 'damage', 'severely', 'incident', 'result', 'getting', 'project', 'running', 'without', 'system', 'prove', 'difficult', 'complex', 'base', 'current', 'commodity', 'price', 'assumption', 'continue', 'expect', 'mostly', 'cover', 'financial', 'effect', 'incident', 'exception', '60-day', 'period', 'business', 'interruption', 'insurance', 'kick', 'million', 'deductible', 'primarily', 'associate', 'property', 'damage'] 161 161 ['move', 'slide', 'talking', 'excite', 'milestone', 'water', 'project', 'course', 'include', 'atlantic', 'segment', 'gulfstar', 'achieve', 'important', 'milestone', 'mooring', 'process', 'gulfstar', 'reach', 'storm', 'status', 'contingency', 'cover', 'relate', 'weather', 'powerful', 'current', 'dramatically', 'reduce'] 162 162 ['issue', 'getting', 'devil', 'tower', 'originally', 'face', 'pretty', 'current', 'getting', 'facility', 'moor', 'major', 'milestone', 'things', 'going', 'smoothly', 'accelerate', 'schedule', 'gulfstar', 'excite', 'performance', 'gulfstar'] 163 163 ['expect', 'facility', 'place', 'start', 'production', 'production', 'portion', 'flow', 'dependent', 'start', 'production', 'course', 'everything', 'producer', 'bring', 'production', 'possible'] 164 164 ['remind', 'gulfstar', 'chevron', 'tubular', 'prospect', 'initially', 'mention', 'earlier', 'later', 'outside', 'guidance', 'period', 'sorry', 'gunflint', 'would', 'expect', 'production', 'commence', 'third', 'quarter'] 165 165 166 166 ['move', 'summary', 'slide', 'commit', 'strategy', 'intense', 'focus', 'natural', 'super', 'cycle', 'convince', 'really', 'sweet', 'position', 'create', 'value', 'environment'] 167 167 168 168 169 169 170 170 ['question', 'answer'] 171 171 172 172 ['olsen', 'tudor', 'pickering'] 173 173 174 174 175 175 176 176 ['olsen', 'great', 'another', 'question', 'little', 'outlook', 'northeast', 'system', 'specifically', 'really', 'impressive', 'result', 'across', 'river', 'appear', 'potential', 'prospectivity', 'marshall', 'wetzel', 'productive', 'horizon', 'emerge', 'something', 'discuss', 'customer'] 177 177 ['would', 'production', 'emerge', 'would', 'drier', 'maybe', 'alleviate', 'operational', 'issue', 'especially', 'super', 'system', 'dilute', 'liquid', 'content', 'provide', 'maybe', 'blend', 'stock', 'ethane', 'produce'] 178 178 ['armstrong', 'first', 'several', 'producer', 'plan', 'utica', 'upper', 'devonian', 'upper', 'devonian', 'provide', 'relief', 'processing', 'company', 'think', 'move', 'dry', 'relief', 'point', 'volume', 'seeing', 'utica', 'would', 'certainly', 'provide', 'sweeping', 'volume', 'reasonable', 'liquid', 'phase', 'pipeline'] 179 179 ['excite', 'certainly', 'working', 'producer', 'include', 'capital', 'expansion', 'system', 'accommodate', 'higher', 'volume'] 180 180 181 181 ['armstrong', 'great', 'question', 'constitution', 'issue', 'facing', 'right', 'regulatory', 'issue', 'really', 'relate', 'thing', 'sunrise', 'face', 'regulatory', 'issue'] 182 182 ['would', 'continue', 'constitution', 'draft', 'thankful', 'continue', 'accelerate', 'project', 'continue', 'certainly', 'discussion', 'communications', 'right', 'answer', 'right', 'solution'] 183 183 184 184 185 185 186 186 187 187 ['would', 'window', 'probably', 'expect', 'window', 'right', 'start', 'terms', 'course', 'delay', 'beyond', 'dependent', 'ethane', 'ethylene', 'spread', 'range', 'probably', 'around', 'million', 'maybe', 'million', 'expect', 'revenue'] 188 188 ['stephen', 'maresca', 'thanks', 'million', 'capex', 'higher', 'costs', 'geismar', 'relate', 'repair', 'getting', 'return', 'increase', 'capital', 'spend'] 189 189 190 190 ['stephen', 'maresca', 'understand', 'move', 'bluegrass', 'push', 'still', 'talking', 'quite', 'favorably', 'project', 'sense', 'producer', 'eventually', 'going', 'willing', 'timing', 'issue', 'causing', 'signing', 'right', 'still', 'giving', 'confidence', 'future'] 191 191 ['armstrong', 'steve', 'great', 'question', 'thanks', 'producer', 'commitment', 'somebody', '30,000', '70,000', 'barrels', 'commitment', 'look', 'roughly', 'gallon', 'transport', 'export', 'facility', 'gallon', 'times', '30,000', '50,000', 'barrels', 'years', 'large', 'commitment', 'producer', 'dealing', 'taking', 'approval', 'issue', 'concern', 'large', 'commitment'] 192 192 193 193 ['stephen', 'maresca', 'appreciate', 'move', 'bluegrass', 'comment', 'discussion', 'sorban', 'corvex', 'could', 'discussion', 'respect', 'access', 'interest', 'something', 'would', 'ultimately', 'something', 'working', 'towards', 'ultimately'] 194 194 ['armstrong', 'would', 'think', 'business', 'great', 'business', 'think', 'would', 'great', 'complement', 'williams', 'management', 'standpoint', 'business', 'structure', 'contract', 'focus', 'natural', 'strategy', 'course', 'think', 'fundamentally', 'answer', 'question', 'would', 'towards', 'bringing', 'synergy', 'combining', 'business'] 195 195 ['another', 'party', 'involve', 'means', 'value', 'trade', 'value', 'trade', 'really', 'make', 'sense', 'shareholder', 'great', 'investment', 'opportunity', 'front', 'right', 'balance', 'answer', 'question', 'right', 'price', 'right', 'timing', 'bigger', 'hurry', 'expensive', 'likely', 'become'] 196 196 197 197 ['armstrong', 'would', 'describe', 'active', 'discussion', 'would', 'continue', 'study', 'opportunity', 'perspective', 'would', 'suggest', 'active', 'discussion'] 198 198 199 199 ['armstrong', 'intend', 'waiver'] 200 200 201 201 202 202 ['rajendran', 'analyst', 'credit', 'suisse', 'couple', 'quick', 'question', 'increase', 'assumption', 'commodity', 'outlook', 'largely', 'unchanged', 'function', 'commodity', 'movement', 'largely', 'netting', 'volume', 'offset', 'could', 'provide', 'color', 'take', 'would', 'helpful'] 203 203 ['armstrong', 'really', 'offset', 'course', 'higher', 'price', 'reflect', 'current', 'market', 'slightly', 'lower', 'ethylene', 'price', 'course', 'higher', 'natural', 'price', 'mention', 'comment', 'really', 'offset', 'primarily', 'really', 'fairly', 'little', 'movement', 'overall', 'business'] 204 204 ['rajendran', 'topic', 'ethylene', 'ethane', 'price', 'could', 'little', 'thought', 'margin', 'geismar', 'obviously', 'running', 'ethane', 'spike', 'recently', 'still', 'plenty', 'supply', 'coming', 'online', 'pricing', 'ethylene', 'largely', 'drive', 'crude', 'international', 'crude', 'take', 'thought', 'margin', 'shape'] 205 205 206 206 ['dearborn', 'petchem', 'services', 'williams', 'williams', 'partner', 'thanks', 'question', 'starting', 'start', 'short', 'ethylene', 'shoulder', 'coming', 'anticipation', 'second', 'quarter', 'turnaround', 'front', 'think', 'three', 'cracker', 'around', 'second', 'quarter', 'industry', 'inventory', 'build', 'inventory', 'estimate', 'build', 'somewhere', 'million', 'pound', 'roughly', 'ethylene', 'need', 'second', 'quarter'] 207 207 ['think', 'weakening', 'price', 'first', 'quarter', 'expectation', 'second', 'quarter', 'would', 'consider', 'normal', 'latter', 'think', 'playing'] 208 208 ['ethane', 'think', 'short', 'ethane', 'facing', 'operational', 'difficulty', 'coast', 'mainly', 'relate', 'brine', 'fractionators', 'build', 'coast', 'think', 'folks', 'challenge', 'move', 'inventory', 'around', 'necessary', 'brine', 'difficulty', 'think', 'going', 'clear', 'short', 'period', 'result', 'couple', 'result', 'think', 'going', 'ethane', 'price', 'would', 'normal', 'level', 'gallon', 'range', 'think', 'guidance', 'think', 'take'] 209 209 210 210 ['rajendran', 'great', 'helpful', 'quick', 'could', 'maybe', 'little', 'recontracting', 'northwest', 'transco', 'pipeline', 'terms', 'renewal', 'think', 'change', 'transportation', 'rates', 'obviously', 'transco', 'running', 'pretty', 'close', 'northwest', 'quite', 'color', 'would', 'helpful'] 211 211 212 212 213 213 214 214 ['armstrong', 'great', 'thank', 'allison', 'north', 'question', 'northwest'] 215 215 216 216 217 217 218 218 219 219 ['armstrong', 'month', 'mostly', 'month', 'december', 'christine', 'natrium', 'plant', 'think', 'around', 'vary', 'around', 'million', 'month', 'december'] 220 220 221 221 ['armstrong', 'limit', 'second', 'commissioning', 'towards', 'first', 'quarter'] 222 222 223 223 ['armstrong'] 224 224 225 225 226 226 ['secondly', 'smaller', 'project', 'think', 'great', 'project', 'think', 'need', 'provide', 'underground', 'storage', 'opportunity', 'coast', 'diversity', 'market', 'growing', 'petchem', 'business', 'export', 'opportunity', 'large', 'scale', 'nature', 'protect', 'port', 'would', 'think', 'excite', 'project', 'exist', 'think', 'growth', 'volume', 'certainly', 'dictate', 'solution', 'really', 'deterrent', 'producer', 'commit', 'bluegrass'] 227 227 228 228 229 229 230 230 ['christine', 'thank'] 231 231 232 232 ['jeremy', 'tonet', 'analyst', 'jpmorgan', 'chase', 'hope', 'possibly', 'drill', 'little', 'northeast', 'would', 'possible', 'quantify', 'weather', 'impact', 'quarter', 'dollar'] 233 233 ['armstrong', 'would', 'large', 'actually', 'significant', 'issue', 'break', 'number', 'operational', 'expense', 'write', 'down', 'forth', 'volume', 'impact', 'weather', 'impact', 'though', 'suffer', 'ethane', 'limitation', 'going', 'tetco', 'system', 'without', 'ethane', 'system', 'running', 'constraint', 'tetco', 'impose', 'point', 'beeler', 'connection', 'require', 'curtailment', 'impact', 'volume', 'fourth', 'quarter'] 234 234 ['jeremy', 'tonet', 'great', 'thank', 'forward', 'wonder', 'could', 'provide', 'color', 'segment', 'ramp', 'expect', 'first', 'quarter', 'similar', 'fourth', 'quarter', 'steady', 'across', 'change', 'given', 'quarter'] 235 235 236 236 ['though', 'people', 'become', 'accustom', 'looking', 'volume', 'increase', 'really', 'project', 'would', 'cayman', 'system', 'sorry', 'system', 'susquehanna', 'supply', 'cabot', 'volume', 'continue', 'throughout', 'really', 'excite', 'continue', 'growth', 'working', 'infrastructure', 'front', 'growth', 'pretty', 'steady', 'growth', 'pretty', 'steady', 'throughout'] 237 237 238 238 239 239 240 240 241 241 242 242 ['chappel', 'williams', 'williams', 'partner', 'harry', 'chappel', 'morning', 'certainly', 'policy', 'desire', 'maintain', 'investment', 'grade', 'rating', 'williams', 'think', 'provide', 'flexibility', 'ability', 'opportunistic', 'particularly', 'challenge', 'times', 'yield', 'market', 'lock'] 243 243 244 244 ['harry', 'mateer', 'thanks', 'follow', 'transco', 'northwest', 'earlier', 'appreciate', 'commentary', 'rolling', 'contract', 'issue', 'getting', 'contract', 'renew', 'extend', 'wonder', 'pricing', 'stable', 'giving', 'pricing', 'tenor'] 245 245 246 246 247 247 ['armstrong', 'clear', 'discount', 'contract', 'rates', 'getting', 'case', 'firm', 'discount', 'discount', 'production', 'forth'] 248 248 ['harry', 'mateer', 'great', 'helpful', 'thank'] 249 249 250 250 251 251 ['chappel', 'would', 'extra', 'still', 'going', 'growth', 'project', 'bluegrass', 'extra', 'reinvested', 'canadian', 'business', 'longer', 'think', 'option', 'things', 'terms', 'investment', 'option', 'continue', 'evaluate', 'think', 'mention', 'early', 'continue', 'evaluate', 'option', 'possibility', 'create', 'additional', 'value'] 252 252 253 253 254 254 255 255 256 256 ['certainly', 'gunflint', 'tieback', 'boost', 'expect', 'economics', 'gulfstar', 'earlier', 'assumption', 'project', 'assume', 'tieback', 'future', 'earlier', 'expect', 'originally', 'project', 'positive', 'course', 'couple', 'tieback', 'devil', 'tower'] 257 257 ['front', 'project', 'working', 'reach', 'pretty', 'excite', 'opportunity', 'serve', 'pemex', 'deepwater', 'find', 'remind', 'south', 'perdido', 'perdido', 'foldbelt', 'pipeline', 'serve', 'shell', 'project', 'perdido', 'norte', 'anyway', 'excite', 'interest', 'product', 'capital', 'guidance', 'right', 'enough', 'confidence', 'project', 'point', 'capital', 'embed', 'guidance', 'right'] 258 258 ['durbin', 'understand', 'leave', 'thank'] 259 259 ['operator', 'kirst', 'capital'] 260 260 ['kirst', 'analyst', 'capital', 'market', 'clean', 'question', 'could', 'going', 'bluegrass', 'abandonment', 'abandonment', 'march', 'apply', 'catalyst', 'anyone', 'concern', 'alternative', 'project', 'could', 'color', 'maybe', 'international', 'petchem', 'community', 'going', 'perhaps', 'getting', 'capacity', 'bluegrass'] 261 261 ['armstrong', 'really', 'astute', 'question', 'first', 'abandonment', 'issue', 'texas', 'certainly', 'boardwalk', 'control', 'issue', 'would', 'defer', 'question', 'certainly', 'point', 'timing', 'abandonment', 'would', 'certainly', 'decision', 'bluegrass', 'catalyst', 'decision', 'would', 'certain', 'timing'] 262 262 ['think', 'certainly', 'closely', 'boardwalk', 'working', 'manage', 'issue', 'point', 'would', 'likely', 'become', 'issue', 'abandonment', 'order', 'would', 'decision', 'would', 'terms', 'direction'] 263 263 ['question', 'around', 'international', 'player', 'interest', 'interest', 'would', 'international', 'player', 'think', 'great', 'strategic', 'match', 'terms', 'try', 'accomplish', 'market', 'try', 'present', 'producer', 'northeast', 'would', 'challenge', 'process', 'terms', 'working', 'approval', 'within', 'regulatory', 'anything', 'within', 'governance', 'within', 'large', 'multinational', 'corporation'] 264 264 ['excite', 'strategy', 'arduous', 'process', 'approval', 'waiting', 'around', 'would', 'waiting', 'around', 'approval', 'move', 'excite', 'talks', 'remain', 'excite', 'strategically', 'execute', 'sometimes', 'party'] 265 265 266 266 ['armstrong', 'great', 'question', 'going', 'dearborn'] 267 267 ['dearborn', 'appreciate', 'question', 'second', 'certainly', 'still', 'bright', 'future', 'think', 'exactly', 'right', 'success', 'first', 'ready', 'really', 'second', 'marketplace', 'though', 'continue', 'express', 'great', 'interest', 'partner', 'talking', 'interest', 'second'] 268 268 ['person', 'interest', 'length', 'folks', 'approach', 'number', 'tune', 'future', 'growth', 'opportunity', 'canadian', 'franchise'] 269 269 270 270 ['chappel', 'insurer', 'claim', 'think', 'claim', 'file', 'think', 'pretty', 'obviously', 'business', 'interruption', 'mount', 'every', 'month', 'continue', 'update', 'claim', 'process', 'request', 'additional', 'payment', 'take'] 271 271 ['actual', 'claim', 'base', 'actual', 'losses', 'expect', 'february', 'sometime', 'february', 'march', 'march', 'price', 'market', 'therefore', 'basis', 'claim', 'periodically'] 272 272 ['kirst', 'excellent', 'appreciate', 'color'] 273 273 ['operator', 'craig', 'shere', 'tuohy', 'brother'] 274 274 ['craig', 'shere', 'analyst', 'tuohy', 'brother', 'couple', 'question', 'comment', 'couple', 'times', 'mind', 'transformational', 'opportunity', 'emphasize', 'giving', 'investment', 'grade', 'credit', 'rating', 'note', 'level', 'already', 'speak', 'first', 'question', 'ongoing', 'internal', 'discussion', 'discussion', 'investor', 'ongoing', 'issue', 'something', 'catalyst'] 275 275 276 276 277 277 ['think', 'align', 'corvex', 'sorban', 'terms', 'looking', 'great', 'value', 'think', 'perspective', 'value', 'relative', 'marking', 'peer', 'growth', 'story', 'business', 'ought', 'getting', 'value', 'better', 'peer', 'peer', 'think', 'value', 'share', 'perspective', 'align', 'continue', 'anybody', 'idea', 'could', 'achieve', 'value'] 278 278 279 279 ['armstrong', 'would', 'think', 'producer', 'think', 'chevron', 'particularly', 'visibility', 'going', 'looking', 'really', 'smart', 'project', 'terms', 'bring', 'production', 'market', 'capital', 'capital', 'think', 'going', 'really', 'project'] 280 280 281 281 ['think', 'smart', 'solution', 'certainly', 'give', 'continue', 'confidence', 'ability', 'execute', 'project', 'produce', 'community'] 282 282 283 283 284 284 ['secondly', 'commodity', 'price', 'outlook', 'certainly', 'natural', 'pricing', 'bitter', 'sweet', 'short', 'pressure', 'margin', 'therefore', 'ultimately', 'ethylene', 'spread', 'ethane', 'price', 'mention', 'think', 'positive', 'state', 'really', 'try', 'towards', 'volume', 'drive', 'company', 'producer', 'price', 'think', 'going', 'additional', 'drilling', 'additional', 'volume', 'system', 'frankly', 'think', 'healthy', 'business'] 285 285 ['terms', 'contract', 'restructure', 'think', 'continue', 'restructure', 'business', 'rapidly', 'base', 'business', 'growing', 'period', 'tending', 'importance', 'margin', 'always', 'looking', 'reduce', 'exposure', 'towards', 'really', 'expect', 'present', 'value', 'versus', 'commodity', 'always', 'looking', 'great', 'value', 'predictable', 'flow', 'always', 'working', 'towards'] 286 286 287 287 288 288 ['craig', 'shere', 'enough', 'appreciate'] 289 289 290 290 291 291 ['armstrong', 'initial', 'revenue', 'fully', 'contract'] 292 292 ['sharon', 'great', 'plan', 'canadian', 'change', 'target', 'multiple', 'think', 'previously', 'mention', 'around', 'times'] 293 293 294 294 295 295 ['armstrong', 'remind', 'certainly', 'going', 'careful', 'speak', 'boardwalk', 'boardwalk', 'clear', 'inception', 'certainly', 'recently', 'reiterate', 'loews', 'really', 'stand', 'behind', 'capital', 'commitment', 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'findings', 'market', 'ongoing'] 316 316 317 317 318 318 319 319 320 320 ['operator', 'chris', 'sighinolfi', 'jefferies'] 321 321 322 322 323 323 ['think', 'reducing', 'system', 'asset', 'integrity', 'issue', 'always', 'system', 'first', 'would', 'costs', 'base', 'assume', 'would', 'continue', 'number', 'anomaly', 'system', 'complete', 'smart', 'pig', 'hydro', 'testing', 'get', 'profile', 'lower', 'assets', 'repair', 'require', 'drive'] 324 324 ['terms', 'responsible', 'asset', 'integrity', 'forecasting', 'assume', 'going', 'certain', 'amount', 'certain', 'amount', 'anomaly', 'clear', 'costs', 'certainly', 'repair'] 325 325 ['certainly', 'rough', 'winter', 'particular', 'towards', 'november', 'december', 'frame', 'would', 'period', 'would', 'expect', 'fourth', 'quarter', 'little', 'push', 'miraculously', 'bunch', 'capacity', 'complete', 'tend', 'push'] 326 326 ['would', 'back', 'terms', 'maintain', 'integrity', 'system', 'spending', 'right', 'money', 'fortunate', 'early', 'pipeline', 'need', 'recondition', 'new', 'parts', 'system', 'area', 'issue', 'costs', 'coming', 'pipeline', 'inspection', 'asset', 'integrity'] 327 327 ['chris', 'sighinolfi', 'great', 'helpful', 'think', 'program', 'quick', 'follow', 'plan', 'asset', 'integrity', 'might', 'upside', 'opportunity', 'mention', 'think', 'given', 'move', 'entirely', 'different', 'aspect', 'system'] 328 328 329 329 ['secondly', 'would', 'impact', 'would', 'around', 'connect', 'capital', 'build', 'price', 'price', 'nicely', 'drilling', 'coming', 'might', 'increase', 'connect', 'capital', 'towards', 'course', 'spending', 'money', 'degree', 'produce', 'revenue', 'future', 'nevertheless', 'given', 'account', 'maintenance', 'capital', 'would', 'include', 'connect', 'capital', 'maintenance', 'capital'] 330 330 331 331 332 332 ['armstrong', 'great', 'question', 'going', 'allison', 'bridges'] 333 333 334 334 ['seeing', 'decline', 'volume', 'starting', 'sign', 'increase', 'price', 'announce', 'add', 'believe', 'little', 'guidance', 'period', 'going', 'start', 'arrest', 'decline'] 335 335 ['chris', 'sighinolfi', 'great', 'helpful', 'final', 'follow', 'dovetail', 'ask', 'earlier', 'costs'] 336 336 ['strong', 'relative', 'guidance', 'atlantic', 'obviously', 'creep', 'continue', 'northeast', 'mention', 'earlier', 'quarters', 'recalibration', 'reallocation', 'costs', 'towards', 'northeast', 'given', 'activity', 'present', 'fourth', 'quarter', 'reach', 'rates', 'expect'] 337 337 338 338 ['necessarily', 'business', 'directly', 'going', 'method', 'allocate', 'across', 'business', 'course', 'regulate', 'assets', 'business', 'proper', 'tally', 'allocate', 'costs', 'constant', 'method', 'going'] 339 339 ['answer', 'question', 'probably', 'continue', 'allocate', 'costs', 'though', 'would', 'terms', 'operate', 'profit', 'performance', 'northeast', 'fourth', 'quarter', 'little', 'drive', 'already', 'expect', 'allocation', 'driver', 'really', 'bunch', 'issue', 'fourth', 'quarter', 'mention', 'earlier'] 340 340 ['chris', 'sighinolfi', 'great', 'really', 'appreciate', 'add', 'color', 'thanks'] 341 341 ['operator', 'becca', 'followill', 'capital', 'advisor'] 342 342 ['becca', 'followill', 'analyst', 'capital', 'advisor', 'atlantic', 'sunrise', 'capacity', 'incremental', 'current', 'throughput', 'system', 'really', 'running', 'south', 'north'] 343 343 ['armstrong'] 344 344 345 345 ['armstrong', 'think', 'look', 'initial', 'flow', 'initial', 'flow', 'project', 'numbers', 'additive'] 346 346 347 347 348 348 ['becca', 'followill', 'thank', 'bluegrass', 'expect', 'decision'] 349 349 ['armstrong', 'mention', 'earlier', 'still', 'discussion', 'really', 'think', 'frankly', 'really', 'commitment', 'think', 'right', 'project', 'take', 'people', 'commitment', 'really', 'willing', 'specific', 'timeline', 'point', 'becca'] 350 350 ['becca', 'followill', 'great', 'thank'] 351 351 ['operator', 'question', 'queue', 'armstrong', 'additional', 'closing', 'remark'] 352 352 ['armstrong', 'great', 'thank', 'thanks', 'everybody', 'joining', 'remain', 'excite', 'tremendous', 'growth', 'ahead', 'capital', 'investment', 'mention', 'really', 'back', 'equity', 'really', 'starting', 'please', 'performance', 'fourth', 'quarter', 'particularly', 'please', 'operational', 'reliability', 'improvement', 'across', 'system', 'forward', 'talking', 'future', 'continue', 'great', 'growth', 'story', 'williams', 'thanks'] 353 353 ['operator', 'conclude', 'today', 'presentation', 'thank', 'participation'] 354 354 ['thomson', 'financial', 'reserves', 'right', 'change', 'document', 'content', 'information', 'without', 'obligation', 'notify', 'person', 'change'] 355 355 356 356 ['information', 'contain', 'event', 'transcript', 'textual', 'representation', 'applicable', 'company', 'conference', 'effort', 'provide', 'accurate', 'transcription', 'material', 'error', 'omission', 'inaccuracy', 'reporting', 'substance', 'conference', 'call', 'thomson', 'financial', 'applicable', 'company', 'applicable', 'company', 'assume', 'responsibility', 'investment', 'decision', 'base', 'information', 'provide', 'event', 'transcript', 'user', 'advise', 'review', 'applicable', 'company', 'conference', 'applicable', 'company', 'filing', 'making', 'investment', 'decision'] 357 358 358 ['february'] 359 360 360 ['language', 'english'] 361 362 362 ['transcript', '022014a5264239.739'] 363 364 364 365 366 366 ['copyright'] 367 367 368 369 369 ['copyright'] 370 371 371 ['return'] 372 373 373 374 375 376 376 377 378 378 379 380 380 381 382 382 ['length', 'words'] 383 384 384 385 385 ['armstrong'] 386 386 ['williams', 'company', 'president'] 387 387 388 388 389 389 ['credit', 'suisse', 'analyst'] 390 390 ['presentation'] 391 391 392 392 ['opportunity', 'williams', 'ahead', 'pleasure', 'president', 'armstrong', 'williams', 'since', 'believe', 'serving', 'various', 'role', 'president', 'since', 'early'] 393 393 394 394 395 395 396 396 ['seeing', 'demand', 'starting', 'starting', 'price', 'signal', 'starting', 'forward', 'market', 'little', 'natural', 'going', 'encourage', 'continue', 'development', 'supply', 'frankly', 'risk', 'strategy', 'would', 'price', 'would', 'position', 'would', 'recover', 'demand', 'price', 'swing', 'sustain', 'basis', 'start', 'demand', 'growth', 'overall', 'market', 'growth'] 397 397 398 398 ['strategy', 'quickly', 'focus', 'around', 'natural', 'world', 'crude', 'price', 'larger', 'market', 'want', 'price', 'spread', 'exactly', 'want', 'think', 'spread', 'drive', 'investment', 'infrastructure', 'close', 'starting', 'pretty', 'important', 'sign', 'recently', 'market', 'starting', 'parity', 'starting', 'world', 'market', 'going', 'butane', 'supply'] 399 399 ['infrastructure', 'smaller', 'market', 'infrastructure', 'take', 'tremendous', 'amount', 'infrastructure', 'start', 'talking', 'petrochemical', 'market', 'natural', 'market', 'take', 'tremendous', 'amount', 'infrastructure', 'williams', 'positioning', 'market'] 400 400 401 401 ['move', 'picture', 'williams', 'infrastructure', 'today', 'first', 'point', 'really', 'position', 'across', 'basin', 'little', 'tight', 'picture', 'moment', 'billion', 'pipeline', 'opportunity', 'focus', 'exactly', 'strategy', 'mention', 'terms', 'helping', 'build', 'infrastructure', 'higher', 'value', 'product', 'higher', 'value', 'hydrocarbon'] 402 402 ['would', 'point', 'really', 'focus', 'infrastructure', 'connect', 'endure', 'supply', 'growing', 'growth', 'demand', 'market', 'really', 'position', 'serve', 'developing', 'tremendous', 'amount', 'backlog', 'frankly', 'pretty', 'heavy', 'allocation', 'billion', 'constantly', 'allocate', 'project', 'today', 'opportunity', 'front', 'strategy', 'really', 'position', 'tremendous', 'amount', 'growth'] 403 403 404 404 405 405 ['secondly', 'starting', 'party', 'energy', 'folks', 'clean', 'coming', 'basin', 'operate', 'structure', 'resource', 'pinedale', 'jonah', 'wamsutter', 'area', 'licking', 'chop', 'coming', 'taking', 'project', 'majors', 'project', 'margin', 'reliable'] 406 406 ['starting', 'smaller', 'independent', 'particularly', 'space', 'start', 'acreage', 'acquisition', 'majors', 'excite', 'happening'] 407 407 408 408 ['demand', 'interest', 'things', 'point', 'first', 'really', 'early', 'innings', 'renaissance', 'seeing', 'pretty', 'strong', 'growth', 'demand', 'demand', 'take', 'infrastructure', 'build', 'demand', 'whether', 'power', 'generation', 'assets', 'whether', 'steel', 'plant', 'whether', 'fertilizer', 'plant', 'pipeline', 'infrastructure', 'take', 'connect', 'take'] 409 409 ['though', 'look', 'really', 'really', 'heavy', 'growth', 'really', 'think', 'actually', 'going', 'think', 'pretty', 'conservative', 'approach', 'especially', 'couple', 'years', 'would', 'pretty', 'bullish', 'growth'] 410 410 411 411 ['picture', 'supply', 'really', 'around', 'seeing', 'growth', 'supply', 'space', 'drive', 'ridiculously', 'margin', 'price', 'relatively', 'margin', 'great', 'capitalism', 'margin', 'take', 'resource', 'place'] 412 412 413 413 ['anywhere', 'reason', 'take', 'higher', 'degree', 'infrastructure', 'ethane', 'take', 'pipeline', 'take', 'cryogenic', 'facility', 'take', 'basin', 'start', 'develop', 'infrastructure', 'place', 'marcellus', 'different', 'little', 'production', 'today', 'marcellus', 'utica', 'ethane', 'take', 'infrastructure', 'place'] 414 414 415 415 416 416 417 417 ['cheap', 'ethane', 'become', 'second', 'middle', 'really', 'cheap', 'problem', 'cheap', 'mandate', 'price', 'drill', 'challenge', 'enough', 'supply', 'coming', 'pricing', 'though', 'price', 'advantage', 'something', 'going', 'change', 'encourage', 'additional', 'drilling'] 418 418 ['sitting', 'around', 'today', 'title', 'slide', 'ought', 'would', 'build', 'plant', 'today', 'petrochemical', 'business', 'demand', 'ethylene', 'space', 'would', 'build', 'plant', 'today', 'combine', 'slide', 'slide', 'become', 'pretty', 'clear', 'terms', 'advantage', 'supply', 'pricing', 'right'] 419 419 420 420 ['great', 'trade', 'balance', 'ability', 'competitive', 'terms', 'manufacturing', 'terrific', 'sector', 'business', 'health', 'economy'] 421 421 ['picture', 'think', 'increase', 'seeing', 'amount', 'plant', 'take', 'increase', 'million', 'metric', 'increase', 'global', 'ethylene', 'derivative', 'business', 'light', 'world', 'scale', 'cracker', 'think', 'given', 'previous', 'picture', 'going', 'large', 'share', 'something', 'going'] 422 422 ['think', 'challenge', 'frankly', 'something', 'think', 'investor', 'really', 'important', 'thing', 'enough', 'skilled', 'worker', 'enough', 'construction', 'capability', 'build', 'right', 'would', 'around', 'mcmurray', 'years', 'extreme', 'shortage', 'labor', 'overrun', 'really', 'better', 'issue', 'major', 'infrastructure', 'build', 'assure', 'williams', 'focus', 'effort', 'right'] 423 423 424 424 ['head', 'north', 'really', 'making', 'headway', 'important', 'picture', 'happen', 'quickly', 'happen', 'regulatory', 'constraint', 'world', 'going', 'regulation', 'advantage', 'regulatory', 'constraint', 'show', 'quickly', 'capital', 'market', 'respond', 'constrain', 'regulatory', 'issue'] 425 425 ['going', 'marcellus', 'quickly', 'going', 'perspective', 'expect', 'buildup', 'across', 'marcellus', 'utica', 'correspond', 'potential', 'resource', 'potential', 'infrastructure', 'demand', 'happen', 'level', 'think', 'questionable', 'right', 'whether', 'infrastructure', 'build'] 426 426 427 427 ['summertime', 'local', 'market', 'saturate', 'actually', 'shipping', 'barrels', 'california', 'unattractive', 'solution', 'offer', 'market'] 428 428 ['point', 'people', 'understand', 'williams', 'really', 'tremendous', 'competitive', 'position', 'marcellus', 'utica', 'challenge', 'competition', 'really', 'think', 'traditional', 'competition', 'really', 'compete', 'industry', 'basin', 'compete'] 429 429 ['right', 'infrastructure', 'place', 'right', 'takeaway', 'infrastructure', 'right', 'access', 'market', 'right', 'liquid', 'infrastructure', 'takeaway', 'going', 'disadvantage', 'terms', 'attract', 'market', 'back', 'producer', 'going', 'enough', 'attract', 'settle', 'substandard', 'optimize', 'opportunity', 'towards', 'better', 'opportunity'] 430 430 431 431 432 432 ['move', 'bluegrass', 'quickly', 'question', 'right', 'think', 'market', 'vantage', 'point', 'critical', 'piece', 'infrastructure', 'whether', 'building', 'somebody', 'building', 'something', 'build', 'terms', 'bringing', 'access', 'large', 'scale', 'storage', 'multiple', 'market', 'reliable', 'export', 'capability', 'marcellus', 'utica', 'solution', 'think', 'going', 'ultimately', 'period', 'growth', 'marcellus'] 433 433 ['would', 'stand', 'today', 'continue', 'intense', 'negotiation', 'customer', 'commitment', 'looking', 'making', 'transport', 'frack', 'export', 'little', 'gallon', '50,000-barrel', 'commitment', 'somebody', 'million', 'commitment', 'somebody', 'every', 'years'] 434 434 435 435 436 436 437 437 438 438 ['challenge', 'right', 'regulatory', 'arena', 'times', 'going', 'enterprise', 'product', 'pipeline', 'willing', 'permit', 'solve', 'crisis', 'power', 'generation', 'crisis', 'england', 'state'] 439 439 ['williams', 'perspective', 'going', 'loud', 'issue', 'enough', 'attention', 'really', 'streamline', 'regulatory', 'process', 'infrastructure', 'build', 'supply', 'demand', 'miss', 'right', 'critical', 'infrastructure', 'critical', 'large', 'scale', 'infrastructure', 'business', 'provide'] 440 440 ['picture', 'transco', 'constitution', 'system', 'eastern', 'system', 'expose', 'tremendous', 'growth', 'supply', 'growth', 'supply', 'pipe', 'market', 'expansion', 'exactly', 'market', 'need', 'plenty', 'supply', 'years', 'really', 'need', 'market', 'transco', 'sitting', 'advantage', 'position', 'terms', 'serve', 'growing', 'market'] 441 441 ['quote', 'within', '50-mile', 'corridor', 'transco', 'system', '50-gigawatts', 'incremental', 'power', 'generation', 'announce', 'convert', '8-bcf', 'market', 'demand', 'today', 'sitting', 'mention', 'earlier', 'certificate', 'capacity', 'little', 'though', 'deliver'] 442 442 443 443 444 444 445 445 446 446 447 447 ['technical', 'detail', 'really', 'excite', 'excite', 'really', 'hitting', 'milestone', 'gulfstar', 'right', 'look', 'going', 'ahead', 'production', 'schedule', 'gulfstar', 'keathley', 'canyon', 'connector', 'things', 'going', 'critical', 'project', 'sleep', 'better', 'night', 'knowing', 'finally', 'get', 'point', 'critical', 'project'] 448 448 ['closing', 'would', 'stick', 'strategy', 'focus', 'natural', 'super', 'cycle', 'quite', 'convince', 'really', 'sweet', 'position', 'tailwind', 'getting', 'right', 'price', 'price', 'exactly', 'signal', 'produce', 'community', 'need', 'right', 'continue', 'develop', 'resource', 'front'] 449 449 450 450 451 451 452 452 ['rajendran', 'think', 'maybe', 'minutes', 'question', 'touch', 'recent', 'movement', 'price', 'could', 'little', 'take', 'terms', 'impact', 'business', 'either', 'direct', 'commodity', 'exposure', 'perspective', 'volumetric', 'basis'] 453 453 454 454 ['would', 'think', 'option', 'option', 'valuable'] 455 455 ['unidentified', 'audience', 'member', 'could', 'sense', 'thinking', 'investment', 'grade', 'rating', 'level', 'since', 'assets', 'concern', 'seeing', 'inaudible', 'market', 'comment'] 456 456 ['armstrong', 'would', 'think', 'value', 'investment', 'grade', 'company', 'particularly', 'parent', 'level', 'forget', 'things', 'cycle', 'money', 'really', 'cheap', 'readily', 'available', 'really', 'forget', 'though', 'buying', 'opportunity', 'always', 'exist', 'money', 'tight', 'people', 'option', 'thinking', 'making', 'position', 'really', 'premier', 'infrastructure', 'provider', 'value', 'covet', 'investment', 'grade', 'parent'] 457 457 ['always', 'value', 'opportunity', 'present', 'would', 'require', 'investment', 'grade', 'would', 'would', 'extremely', 'valuable', 'perspective'] 458 458 ['unidentified', 'audience', 'member', 'terms', 'guidance', 'inaudible', 'schedule', 'later'] 459 459 ['armstrong', 'updating', 'information', 'provide', 'guidance', 'april', 'provide', 'update', 'earnings'] 460 460 461 461 462 462 463 463 ['armstrong', 'quick'] 464 464 465 465 466 466 467 467 468 468 469 469 470 470 471 471 ['armstrong', 'think', 'today', 'pretty', 'envious', 'yield', 'trading', 'certainly', 'think', 'given', 'investment', 'grade', 'given', 'plethora', 'opportunity', 'ought', 'getting', 'ought', 'inside', 'yield', 'frankly', 'working'] 472 472 ['think', 'general', 'still', 'model', 'parent', 'capable', 'generate', 'assets', 'clearly', 'would', 'market', 'giving', 'credit', 'today', 'relative', 'peer'] 473 473 474 474 ['armstrong', 'right', 'final', 'throes', 'getting', 'study', 'final', 'front', 'engineering', 'design', 'counterparty', 'negotiation', 'ready', 'announce', 'exactly', 'announce', 'general', 'terms', 'distant', 'future', 'negotiation', 'finally', 'pretty', 'close', 'though', 'definitive', 'agreement', 'still', 'drafting', 'point', 'considerable', 'remain', 'really', 'making', 'confident', 'study', 'final', 'pricing', 'study', 'project'] 475 475 476 476 ['armstrong', 'thank', 'appreciate', 'attention'] 477 477 478 478 479 479 480 481 481 ['february'] 482 483 483 484 485 485 486 487 487 488 489 489 ['copyright'] 490 490 491 492 492 493 494 494 495 496 496 ['focus', 'document'] 497 498 499 499 500 501 501 ['december', 'tuesday'] 502 503 503 ['williams', 'company', 'williams', 'partner', 'wells', 'fargo', 'pipeline', 'energy', 'conference', 'preliminary'] 504 505 505 506 507 507 ['corporate', 'participant'] 508 508 ['chappel'] 509 509 510 510 ['conference', 'participant'] 511 511 512 512 ['wells', 'fargo', 'security', 'analyst'] 513 513 ['presentation'] 514 514 ['payne', 'analyst', 'wells', 'fargo', 'security', 'presenter', 'williams', 'partner', 'whose', 'experience', 'substantial', 'growth', 'marcellus', 'utica', 'rockies', 'rate', 'universe', 'welcome', 'chappel', 'chief', 'financial', 'officer', 'porter', 'director', 'investor', 'relations'] 515 515 ['chappel', 'williams', 'partner', 'thank', 'afternoon', 'tough', 'follow', 'nonetheless', 'excite', 'story', 'excite', 'today'] 516 516 517 517 ['think', 'picture', 'give', 'picture', 'north', 'america', 'assets', 'range', 'coast', 'coast', 'sands', 'alberta', 'offshore', 'mexico', 'holding', 'within', 'williams', 'significant', 'investment', 'nicely'] 518 518 ['turning', 'right', 'midst', 'growth', 'industry', 'williams', 'business', 'williams', 'position', 'advantage', 'growth', 'graph', 'prepare', 'mackenzie', 'show', 'north', 'american', 'supply', 'supply', 'growing', 'mid-50s', 'early', 'decade', 'beyond', 'component', 'growth'] 519 519 ['northeast', 'really', 'start', 'around', 'become', 'significant', 'portion', 'natural', 'supply', 'strong', 'growth', 'position', 'northeast', 'assets', 'own', 'williams', 'assets', 'own', 'investment', 'joint', 'venture', 'call', 'racer', 'assets', 'minute'] 520 520 ['significant', 'assets', 'rockies', 'growth', 'rockies', 'flatten', 'mackenzie', 'belief', 'latter', 'decade', 'growth', 'rockies', 'rockies', 'hydrocarbon', 'formation', 'mancos', 'niobrara', 'outstanding', 'infrastructure', 'rockies', 'enable', 'supply', 'market', 'pretty', 'quickly', 'effectively'] 521 521 ['position', 'basin', 'certainly', 'expect', 'growth', 'horizon', 'opening', 'continue', 'stability', 'perhaps', 'growth', 'basin', 'assets', 'mexico', 'onshore', 'offshore', 'markham', 'asset', 'southwest', 'texas', 'taking', 'offshore', 'eagle', 'processing'] 522 522 ['worth', 'basin', 'access', 'player', 'exposure', 'worth', 'barnett', 'shale', 'access', 'going', 'still', 'significant', 'production', 'minimum', 'volume', 'commitment', 'continent', 'access', 'player', 'enjoy', 'minimum', 'volume', 'commitment', 'significant', 'volume'] 523 523 ['coast', 'williams', 'access', 'participate', 'williams', 'transco', 'midstream', 'operations', 'offshore', 'coast', 'access', 'exposure', 'eagle', 'access', 'exposure', 'permian', 'williams', 'williams', 'affiliate', 'include', 'access', 'exposure', 'major', 'basin', 'williams', 'exposure', 'sands', 'canada'] 524 524 ['demand', 'along', 'supply', 'mackenzie', 'growth', 'really', 'happening', 'going', 'really', 'strong', 'growth', 'growth', 'period', 'power', 'generation', 'needle', 'mover', 'lesser', 'extent', 'industrial', 'export', 'transport', 'add', 'given', 'natural', 'price', 'crude', 'basis', 'inexpensive', 'twice', 'clean', 'enormous', 'growth', 'natural', 'demand', 'plenty', 'supply', 'happen'] 525 525 ['right', 'middle', 'certainly', 'supply', 'demand', 'need', 'infrastructure', 'business', 'natural', 'liquid', 'expect', 'blistering', 'market', 'outlet', 'announcement', 'number', 'cracker', 'consume', 'ethane', 'considerably', 'oversupplied', 'expect', 'cracker', 'start', 'online', 'beyond', 'really', 'supply', 'provide', 'product', 'world', 'need', 'attractive', 'costs'] 526 526 ['propane', 'finding', 'market', 'export', 'sizable', 'export', 'terminal', 'build', 'plan', 'include', 'williams', 'plant', 'export', 'terminal', 'relate', 'bluegrass', 'growing', 'outlet', 'propane', 'butane', 'likely', 'export', 'market', 'growth', 'stream', 'really', 'growing', 'million', 'barrels', 'million', 'barrels', 'decade', 'right', 'middle', 'business', 'present', 'powerful', 'growth', 'engine', 'company', 'industry'] 527 527 ['specific', 'project', 'present', 'every', 'quarter', 'really', 'update', 'investor', 'specific', 'investing', 'divide', 'business', 'segment', 'northeast', 'atlantic', 'petchem', 'finally', 'williams', 'directly', 'own', 'assets', 'petchem', 'include', 'investment', 'making', 'since', 'finance', 'separately', 'williams', 'nonetheless', 'williams', 'enjoy', 'uplift', 'unit'] 528 528 ['northeast', 'significant', 'investment', 'period', 'total', 'billion', 'addition', 'invest', 'previous', 'period', 'significant', 'investment', 'continue', 'valley', 'midstream', 'liquid', 'condensate', 'start', 'problem', 'around', 'facility', 'design', 'handle', 'complete', 'facility', 'need', 'substantially', 'increase', 'volume', 'express', 'growth', 'expect', 'think', 'present', 'realistic', 'terms', 'facility', 'producer', 'volume'] 529 529 ['susquehanna', 'supply', 'northeast', 'pennsylvania', 'volume', 'growth', 'tremendous', 'exceed', 'expectation', 'billion', 'capital', 'invest', 'growth', 'horizon', 'volume', 'market'] 530 530 ['utica', 'enter', 'utica', 'caiman', 'acquisition', 'joint', 'venture', 'caiman', 'management', 'private', 'equity', 'investor', 'turn', 'joint', 'venture', 'along', 'dominion', 'rename', 'racer', 'million', 'expect', 'investment', 'period', 'expect', 'establish', 'strong', 'position', 'utica', 'racer', 'three', 'river', 'midstream', 'arrangement', 'shell', 'fairly', 'fairly', 'modest', 'terms', 'initial', 'ambition', 'ambitious', 'beyond'] 531 531 532 532 ['enjoy', 'whole', 'right', '600,000', 'acres', 'process', 'working', 'chevron', 'restructure', 'contract', 'provide', 'greater', 'incentive', 'drill', 'shift', 'whole', 'right', 'williams', 'enjoy', 'base'] 533 533 534 534 535 535 536 536 537 537 538 538 539 539 ['constitution', 'pipeline', 'project', 'spawn', 'gathering', 'business', 'susquehanna', 'county', 'bring', 'transco', 'really', 'build', 'bring', 'customer', 'partner', 'interest', 'partner', 'investment', 'million', 'expect', 'service', 'second', 'quarter', 'toward', 'expect', 'preliminary', 'perhaps', 'early', 'month', 'looking', 'final', 'environmental', 'impact', 'statement', 'month', 'following', 'certificate', 'proceed', 'shortly', 'thereafter', 'excite', 'project', 'move', 'susquehanna', 'county', 'north', 'iroquois'] 540 540 541 541 542 542 543 543 544 544 ['canadian', 'project', 'disclose', 'update', 'process', 'seeking', 'partner', 'negotiation', 'couple', 'potential', 'partner', 'really', 'narrowing', 'field', 'try', 'toward', 'base', 'largely', 'base', 'arrangement', 'cite', 'derivative', 'plant', 'neighborhood', 'transportation', 'costs', 'reduce', 'would', 'hopeful', 'announce', 'something', 'front', 'first'] 545 545 ['upgrader', 'contract', 'move', 'forward', 'asset', 'package', 'outline', 'point', 'think', 'project', 'project', 'would', 'occur', 'following', 'completion', 'place', 'service', 'petchem', 'pipeline', 'buy', 'pipeline', 'along', 'coast', 'olefin', 'continue', 'build', 'pipeline', 'system', 'proprietary', 'pipeline', 'system', 'access', 'customer', 'product', 'across', 'coast', 'competitive', 'advantage'] 546 546 ['array', 'project', 'service', 'extend', 'cycle', 'growth', 'project', 'slide', 'highlight'] 547 547 548 548 ['footprint', 'marcellus', 'million', 'acres', 'dedicate', '236,000', 'acres', 'rich', 'nation', 'expect', 'things', 'despite', 'early', 'challenge', 'susquehanna', 'county', '150,000', 'acres', 'dedication', 'three', 'river', '275,000', 'almost', 'million', 'acres', 'directly', 'marcellus', 'utica', 'another', 'million', 'acres', 'racer', 'acreage', 'dedication', 'announce', 'total', 'almost', 'million', 'acres', 'asset', 'billion', 'strategic', 'entry', 'really', 'level', 'profitability', 'return', 'capital'] 549 549 ['terms', 'volume', 'focus', 'track', 'record', 'driver', 'really', 'southeast', 'excuse', '--north', 'pennsylvania', 'lesser', 'extent', 'others', 'move', 'right', 'slide', 'northeast', 'pennsylvania', 'purple', 'color', 'big', 'component', 'big', 'driver', 'lesser', 'extent'] 550 550 551 551 552 552 553 553 554 554 ['eastern', 'mexico', 'major', 'facility', 'current', 'focus', 'gulfstar', 'predesigned', 'floating', 'production', 'system', 'along', 'pipeline', 'service', 'mention', 'august', 'anchor', 'substantial', 'demand', 'payment', 'volumetric', 'payment'] 555 555 ['model', 'gulfstar', 'project', 'tieback', 'addition', 'anchor', 'tenant', 'anchor', 'field', 'expectation', 'would', 'additional', 'business', 'working', 'expect', 'tieback', 'sooner', 'originally', 'expect', 'greater', 'enhance', 'return', 'originally', 'expect', 'prospect', 'neighborhood', 'devil', 'tower', 'gulfstar', 'reason', 'believe', 'continue', 'successful', 'drilling', 'pick', 'macondo'] 556 556 557 557 558 558 559 559 ['already', 'mention', 'south', 'pipeline', 'relate', 'fractionation', 'storage', 'export', 'capability', 'important', 'element', 'producer', 'coast', 'pipeline', 'system', 'olefin', 'around', 'coast', 'product', 'market', 'provide', 'optionality', 'customer', 'looking', 'service', 'think', 'quick', 'large', 'scale', 'solution', 'think', 'greatest', 'certainty', 'towards', 'large', 'scale', 'solution', 'given'] 560 560 ['terms', 'financial', 'growth', 'growth', 'period', 'basically', 'ebitda', 'billion', 'going', 'almost', 'billion', 'move', 'almost', 'billion'] 561 561 ['right', 'distribution', 'williams', 'period', 'green', 'really', 'distribution', 'williams', 'light', 'green', 'distribution', 'williams', 'growth', 'translate', 'light', 'distribution', 'additional', 'unit', 'taking', 'canadian', 'transactions', 'powerful', 'growth', 'williams', 'attractive', 'growth'] 562 562 563 563 564 564 ['wrap', 'middle', 'natural', 'super', 'cycle', 'williams', 'position', 'interest', 'directly', 'own', 'assets', 'really', 'benefit', 'table', 'dividend', 'payout', 'ratio', 'growth', 'think', 'reward', 'investor', 'coming', 'years'] 565 565 ['pause', 'question'] 566 566 567 567 ['payne', 'quick', 'question', 'bluegrass', 'number', 'number', 'going', 'construction', 'third', 'percentage', 'project', 'volume', 'initially', 'anyway', 'hurdle', 'third', 'party', 'obviously', 'forward'] 568 568 ['chappel', 'bluegrass', '50/50', 'boardwalk', 'boardwalk', 'parent', '50/50', 'boardwalk', 'speaking', 'williams', 'interest', 'bringing', 'additional', 'partner', 'partner', 'financing', 'partner', 'operate', 'partner', 'financing', 'partner', 'provide', 'capital', 'lighten', 'financial', 'excite', 'opportunity', 'ahead'] 569 569 ['terms', 'volume', 'significant', 'volume', 'significant', 'growing', 'volume', 'acreage', 'nowhere', 'sufficient', 'really', 'anchor', 'project', 'think', 'earlier', 'announce', 'commitment', 'chesapeake', 'prospect', 'really', 'broad', 'customer', 'looking', 'really', 'support', 'project'] 570 570 571 571 ['chappel', 'williams', 'drive', 'construction', 'pipeline', 'discussion', 'exactly', 'fractionation', 'think', 'boardwalk'] 572 572 573 573 574 574 ['chappel', 'would', 'already', 'move', 'direction', 'except', 'class', 'problem', 'extraordinary', 'canadian', 'assets', 'bluegrass', 'project', 'certainly', 'quite', 'attractive', 'probably', 'plate', 'thought', 'affordable', 'sooner', 'rather', 'later', 'still'] 575 575 ['present', 'challenge', 'terms', 'taking', 'advantage', 'project', 'thought', 'bringing', 'additional', 'partner', 'overstress', 'capacity', 'raise', 'capital', 'require', 'williams', 'equity', 'raise', 'try', 'avoid', 'williams', 'equity', 'raise', 'try', 'stress', 'raising', 'capital', 'try', 'something', 'class', 'problem', 'terms', 'opportunity', 'valuation'] 576 576 577 577 578 578 579 579 580 580 581 581 582 582 ['information', 'contain', 'event', 'transcript', 'textual', 'representation', 'applicable', 'company', 'conference', 'effort', 'provide', 'accurate', 'transcription', 'material', 'error', 'omission', 'inaccuracy', 'reporting', 'substance', 'conference', 'call', 'thomson', 'financial', 'applicable', 'company', 'applicable', 'company', 'assume', 'responsibility', 'investment', 'decision', 'base', 'information', 'provide', 'event', 'transcript', 'user', 'advise', 'review', 'applicable', 'company', 'conference', 'applicable', 'company', 'filing', 'making', 'investment', 'decision'] 583 584 584 ['december'] 585 586 586 587 588 588 589 590 590 ['publication', 'transcript'] 591 592 592 593 593 594 595 595 596 597 597 ['return'] 598 599 599 600 601 602 602 603 604 604 605 606 606 607 608 608 ['length', 'words'] 609 610 610 611 611 ['chappel'] 612 612 ['williams', 'partner'] 613 613 ['conference', 'participant'] 614 614 ['chris', 'sighinolfi'] 615 615 ['jefferies', 'analyst'] 616 616 ['presentation'] 617 617 ['chris', 'sighinolfi', 'analyst', 'jefferies', 'thanks', 'appropriate', 'williams', 'following', 'boardwalk', 'presentation', 'given', 'prior', 'commentary', 'inaudible', 'follow'] 618 618 619 619 ['chappel', 'williams', 'partner', 'thanks', 'chris', 'delight', 'crowd', 'spotlight', 'light'] 620 620 621 621 622 622 623 623 ['acquisition', 'interest', 'access', 'midstream', 'general', 'partner', 'think', 'bargain', 'value', 'move', 'incredibly', 'guess', 'month', 'really', 'excite', 'williams', 'place', 'interest', 'really', 'leading', 'position'] 624 624 625 625 626 626 ['driving', 'natural', 'supply', 'natural', 'liquid', 'supply', 'mackenzie', 'chart', 'show', 'years', 'really', 'increase', 'increase', 'volume', 'show', 'volume', 'locate'] 627 627 ['right', 'chart', 'take', 'liberty', 'express', 'williams', 'partner', 'access', 'exposure', 'northeast', 'growth', 'marcellus/', 'utica', 'several', 'years', 'williams', 'williams', 'partner', 'access', 'active', 'additional', 'investment', 'joint', 'venture', 'call', 'racer', 'racer', 'would', 'caiman', 'partnership', 'dominion', 'northeast', 'really', 'excite'] 628 628 ['rockies', 'legacy', 'large', 'scale', 'position', 'rockies', 'going', 'right', 'certainly', 'hydrocarbon', 'rockies', 'development', 'around', 'mancos', 'niobrara', 'distant', 'future', 'excite', 'williams', 'williams', 'partner', 'access'] 629 629 630 630 631 631 632 632 ['participation', 'major', 'supply', 'basin', 'north', 'america', 'think', 'meaningful', 'diversity', 'customer', 'resource', 'going', 'demand', 'match', 'supply', 'mackenzie', 'recent', 'subject', 'growth', 'move', '60-plus', 'growth', 'area', 'growth', 'industrial', 'power', 'increasingly', 'export', 'area', 'demand', 'growth'] 633 633 ['slide', 'growth', 'think', 'would', 'maybe', 'quite', 'reliably', 'growth', 'enormous', 'amount', 'growth', 'little', 'difficult', 'predict', 'exact', 'nonetheless', 'growth', 'building', 'facility', 'advantage', 'market', 'include', 'export', 'market'] 634 634 635 635 636 636 ['growth', 'laurel', 'mountain', 'enter', 'southwestern', 'pennsylvania', 'small', 'acquisition', 'atlas', 'grow', 'nicely', 'acquire', 'caiman', 'rename', 'valley', 'midstream', 'expectation', 'disappoint', 'growth', 'think', 'problem', 'making', 'infrastructure', 'match', 'amount', 'condensate', 'liquid', 'mountain', 'terrain', 'temperature', 'really', 'redesign', 'infrastructure', 'process', 'putting', 'place', 'getting', 'track', 'disappointment', 'think', 'geology', 'sitting', 'dedication', 'still', 'attractive', 'ultimately', 'going', 'volume', 'develop', 'albeit', 'slow', 'originally', 'expect'] 637 637 ['investment', 'caiman', 'found', 'utica', 'racer', 'developing', 'nicely', 'sign', 'shell', 'develop', 'together', 'acreage'] 638 638 639 639 ['maybe', 'petchem', 'tragic', 'accident', 'geismar', 'cracker', 'process', 'recover', 'expand', 'facility', 'currently', 'estimate', 'facility', 'april', 'tragic', 'accident', 'certainly', 'something', 'would', 'repeat', 'expect', 'insurance', 'cover', 'substantial', 'portion', 'losses', 'losses', 'uninsured', 'fairly', 'modest', 'comparison', 'entire', 'tune', 'continue', 'update', 'guidance', 'looking', 'april', 'return', 'service', 'expand', 'facility', 'looking', 'substantial', 'amount', 'insurance', 'recovery', 'mitigate', 'losses'] 640 640 641 641 642 642 643 643 ['finally', 'comment', 'number', 'canadian', 'project', 'processor', 'serving', 'canadian', 'sands', 'upgrade', 'contract', 'suncor', 'pipeline', 'fractionator', 'experience', 'ethane', 'sales', 'contract', 'competitive', 'advantage', 'sign', 'contract', 'serve', 'facility', 'expect', 'syncrude', 'customer', 'distant', 'future'] 644 644 ['finally', 'facility', 'announce', 'process', 'bringing', 'partner', 'facility', 'negotiation', 'couple', 'potential', 'counterparties', 'derivative', 'adjacent', 'facility', 'position', 'facility', 'underwrite', 'base', 'contract', 'williams'] 645 645 ['final', 'canada', 'decision', 'announce', 'couple', 'week', 'current', 'operate', 'assets', 'canada', 'exchange', 'unit', 'opaque', 'nature', 'target'] 646 646 647 647 ['laurel', 'mountain', 'midstream', 'would', 'laurel', 'mountain', 'commit', 'chevron', 'atlas', 'atlas', 'commit', '525,000', 'acres', 'laurel', 'mountain', 'joint', 'venture', 'chevron', 'subsequently', 'buy', 'atlas', 'company', 'join', 'partner', 'laurel', 'mountain', 'midstream', '525,000', 'acres', 'include', 'acreage', 'southwest', 'pennsylvania', 'acreage', 'northwest', 'pennsylvania', 'acreage', 'partnership', 'williams', 'partner', 'interest', 'right', 'acreage', 'create', 'situation', 'chevron', 'enthusiastic', 'drilling', 'given', 'stake', 'liquid', 'process', 'renegotiate', 'contract', 'liquid', 'exchange', 'base', 'contract', 'commitment', 'drill', 'would', 'expect', 'would', 'dedicate', 'bluegrass', 'pipeline', 'trade'] 648 648 ['move', 'valley', 'midstream', 'virginia', 'terrific', 'geology', 'lucrative', 'believe', 'nation', 'terms', 'drilling', 'think', 'jefferies', 'would', 'agree', 'start', 'challenge', 'redesign', 'system', 'production', 'significantly'] 649 649 ['million', 'level', 'think', 'target', 'million', 'million', 'believe', 'three', 'river', 'joint', 'venture', 'shell', 'nothing', 'flowing', 'looking', 'build', 'processing', 'plant', 'things', 'continue', 'mention', 'interest', 'acreage', 'utica', 'marcellus', 'racer'] 650 650 ['total', 'nearly', 'million', 'acres', 'significant', 'investment', 'include', 'transco', 'system', 'enjoy', 'growth', 'northeast', 'terms', 'northeast', 'volume', 'area', 'driving', 'laurel', 'mountain', 'first', 'growth', 'several', 'quarters', 'follow', 'modest', 'amount', 'growth', 'couple', 'years', 'exclude', 'drilling', 'reference', 'would', 'expect', 'latter', 'guidance', 'period', 'purplish', 'color', 'seeing', 'susquehanna', 'county', 'enormous', 'amount', 'growth'] 651 651 652 652 653 653 ['couple', 'current', 'project', 'prospect', 'mexico', 'really', 'transco', 'project', 'exception', 'constitution', 'brand', 'pipeline', 'number', 'customer', 'commissioning', 'bring', 'market', 'provide', 'outlet', 'market', 'develop', 'northeast', 'pennsylvania'] 654 654 655 655 656 656 ['happening', 'central', 'mexico', 'mention', 'keathley', 'canyon', '200-mile', 'subsea', 'pipeline', 'million', 'capacity', 'expect', 'service', 'fourth', 'quarter', 'excite', 'project', 'neighborhood', 'give', 'prospect', 'future', 'place', 'service', 'excite', 'project', 'give', 'unique', 'capability', 'neighborhood', 'prospect', 'prospect'] 657 657 658 658 659 659 660 660 ['develop', 'relationship', 'extract', 'ethane', 'stream', 'ethane', 'contract', 'floor', 'price', 'capital', 'return', 'ethane', 'upside', 'base', 'ethane', 'price', 'turn', 'opportunity', 'announce', 'contract', 'service', 'significantly', 'expand', 'processing', 'pipeline', 'serve', 'expand', 'fractionator'] 661 661 662 662 ['canadian', 'propane', 'excess', 'supply', 'given', 'enough', 'propane', 'exporting', 'propane', 'propane', 'alberta', 'fairly', 'discount', 'expect', 'remain', 'discount', 'extend', 'period', 'opportunity', 'margin', 'propylene', 'working', 'project', 'mention', 'working', 'derivative', 'plant'] 663 663 ['sands', 'volume', 'think', 'pretty', 'quickly', 'amount', 'theoretically', 'available', 'processing', 'guidance', 'actually', 'growth', 'without', 'upgraders'] 664 664 ['going', 'think', 'touch', 'bluegrass', 'move', 'northeast', 'coast', 'large', 'scale', 'fractionation', 'storage', 'export', 'terminal', 'already', 'talk', 'advantage', 'project'] 665 665 666 666 ['contribute', 'excess', 'expect', 'williams', 'result', 'contribution', 'contribution', 'dividend', 'growth'] 667 667 668 668 ['thomson', 'financial', 'reserves', 'right', 'change', 'document', 'content', 'information', 'without', 'obligation', 'notify', 'person', 'change'] 669 669 670 670 671 672 672 ['november'] 673 674 674 ['language', 'english'] 675 676 676 ['transcript', '111213a5220771.771'] 677 678 678 ['publication', 'transcript'] 679 680 680 681 681 ['right', 'reserve'] 682 683 683 684 685 685 ['return'] 686 687 687 ['focus', 'document'] 688 689 690 690 ['disclosure'] 691 692 692 ['october', 'thursday'] 693 694 694 695 696 696 697 698 698 ['corporate', 'participant'] 699 699 ['porter'] 700 700 ['williams', 'company'] 701 701 ['armstrong'] 702 702 ['williams', 'company', 'president'] 703 703 704 704 705 705 ['frank', 'billings'] 706 706 707 707 708 708 ['williams', 'company', 'petchem', 'services'] 709 709 ['allison', 'bridges'] 710 710 711 711 ['miller'] 712 712 ['williams', 'company', 'atlantic', 'operate'] 713 713 ['conference', 'participant'] 714 714 ['christine'] 715 715 ['barclays', 'capital', 'analyst'] 716 716 ['holly', 'stewart'] 717 717 718 718 719 719 720 720 721 721 ['goldman', 'sachs', 'analyst'] 722 722 ['kirst'] 723 723 724 724 ['bradley', 'olsen'] 725 725 ['tudor', 'pickering', 'security', 'analyst'] 726 726 ['launer'] 727 727 728 728 729 729 ['capital', 'advisor', 'analyst'] 730 730 ['selman', 'akyol'] 731 731 732 732 ['presentation'] 733 733 734 734 ['porter', 'williams', 'company', 'thank', 'devona', 'morning', 'welcome', 'always', 'thank', 'interest', 'williams', 'williams', 'partner', 'yesterday', 'afternoon', 'release', 'financial', 'result', 'post', 'several', 'important', 'item', 'website', 'item', 'include', 'yesterday', 'press', 'release', 'relate', 'schedule', 'accompany', 'analyst', 'package', 'slide', 'president', 'armstrong', 'speak', 'momentarily', 'update', 'book', 'contain', 'detail', 'information', 'regard', 'various', 'aspect', 'business'] 735 735 736 736 737 737 ['armstrong', 'president', 'williams', 'company', 'great', 'morning', 'everyone', 'thank', 'starting', 'slide', 'cover', 'think', 'really', 'depict', 'tremendous', 'amount', 'activity', 'construction', 'project', 'development', 'going', 'right', 'company', 'currently', 'manage', 'certainly', 'support', 'tremendous', 'growth', 'support', 'dividend', 'growth', 'think', 'important', 'heavy', 'capex', 'burden', 'weigh', 'heavy', 'coverage', 'super', 'cycle', 'investment', 'opportunity', 'thrill', 'right'] 738 738 739 739 740 740 741 741 742 742 743 743 744 744 ['addition', 'despite', 'tremendous', 'amount', 'development', 'effort', 'going', 'growing', 'business', 'control', 'continue', 'lower', 'comparison', 'compare', 'drive', 'million', 'increase', 'base', 'revenue', 'primarily', 'drive', 'tremendous', 'growth', 'northeast', 'transco', 'perspective', 'means', 'increase', 'base', 'revenue', 'offset', 'decline', 'margin', 'period', 'something', 'excite', 'million', 'reduction', 'tremendous', 'growth', 'across', 'system'] 745 745 ['additionally', 'maintenance', 'capex', 'million', 'compare', 'still', 'spending', 'million', 'maintenance', 'capital', 'expenditure', 'certainly', 'compare', 'driver', 'spending', 'asset', 'integrity', 'clean', 'issue', 'relate', 'pipeline', 'addition', 'maintenance', 'capital', 'midstream', 'assets', 'actually', 'significantly', 'drive', 'lower', 'connect', 'costs', 'making', 'smart', 'consolidation', 'retire', 'older', 'higher', 'assets', 'lybrook', 'complex', 'corner', 'allow', 'obviously', 'spend', 'money', 'maintain', 'assets'] 746 746 ['continue', 'invest', 'require', 'maintain', 'reliable', 'assets', 'invest', 'segment', 'profit', 'pipe', 'proper', 'maintenance', 'major', 'pipeline', 'transco', 'northwest', 'pipeline'] 747 747 ['negative', 'quarter', 'certainly', 'contribution', 'geismar', 'facility', 'contribute', 'million', 'quarter', 'represent', 'period', 'waiting', 'period', 'plan', 'turnaround', 'slide', 'really', 'detail', 'works', 'certainly', 'fairly', 'complex', 'accounting', 'geismar', 'impact', 'think', 'really', 'important', 'geismar', 'growth', 'million', 'improvement', 'geismar', 'quarter', 'really', 'truly', 'strong', 'quarter'] 748 748 ['slide', 'move', 'slide', 'impact', 'geismar', 'focus', 'attention', 'million', 'bottom', 'second', 'column', 'represent', 'negative', 'impact', 'delta', 'estimate', 'would', 'quarter', 'versus', 'would', 'geismar', 'would', 'running', 'normal', 'basis', 'expansion', 'simple', 'chart', 'think', 'business', 'million', 'impact', 'expansion', 'waiting', 'period', 'account', 'total', 'million', 'impact', 'turnaround', 'amount', 'million', 'impact', 'looking', 'right', 'column'] 749 749 ['really', 'profit', 'third', 'quarter', 'associate', 'business', 'interruption', 'claim', 'submit', 'third', 'quarter', 'combine', 'receipt', 'actual', 'insurance', 'payment', 'million', 'relate', 'incident', 'third', 'quarter', 'allow', 'record', 'million', 'third', 'quarter', 'slide', 'handle', 'accounting', 'adjust', 'numbers', 'provide', 'additional', 'detail', 'appendix', 'anyway', 'fairly', 'complex', 'bottom', 'think', 'geismar', 'third', 'quarter', 'total', 'million', 'offset', 'million', 'record', 'quarter'] 750 750 ['move', 'slide', 'little', 'detail', 'canadian', 'asset', 'certainly', 'excite', 'announce', 'really', 'come', 'start', 'expansion', 'ethane', 'ethylene', 'recovery', 'facility', 'operation', 'mcmurray', 'pretty', 'window', 'tranche', 'assets', 'canadian', 'sorry', 'horizon', 'facility', 'facility', 'window', 'assets', 'flowing', 'exist', 'assets', 'flowing'] 751 751 752 752 ['expect', 'million', 'assets', 'thing', 'think', 'really', 'unique', 'assets', 'require', 'though', 'typical', 'processing', 'plant', 'fractionation', 'tremendous', 'resource', 'upstream', 'invest', 'upgraders', 'really', 'little', 'capital', 'require', 'assets', 'coming', 'assets', 'partly', 'connect', 'costs', 'secure', 'supply', 'assets', 'partly', 'assets', 'relatively', 'expand', 'assets', 'years'] 753 753 ['excite', 'funding', 'taking', 'unit', 'transaction', 'coverage', 'project', 'continue', 'support', 'industry', 'leading', 'dividend', 'growth', 'beyond', 'unit', 'convert', 'another', 'certainly', 'unit', 'coverage', 'think', 'really', 'smart', 'transaction', 'bridge', 'tremendous', 'amount', 'capital', 'investment', 'making', 'period', 'billion', 'really', 'start', 'beyond'] 754 754 755 755 ['another', 'really', 'important', 'point', 'would', 'slide', 'project', 'horizon', 'project', 'certainly', 'spending', 'dollar', 'project', 'potentially', 'syncrude', 'processing', 'expansion', 'stay', 'great', 'future', 'candidate'] 756 756 757 757 ['move', 'slide', 'impressive', 'story', 'growth', 'really', 'increase', 'million', 'billion', 'going', 'million', 'billion', 'another', 'million', 'versus', 'billion', 'impressive', 'growth', 'going', 'space', 'would', 'couple', 'point', 'first', 'coverage', 'ratio', 'assume', 'distribution', 'increase', 'coverage', 'distribution', 'growth', 'importantly', 'assume', 'additional', 'waiver'] 758 758 ['really', 'working', 'position', 'coverage', 'ratio', 'comfortable', 'certainly', 'canadian', 'reduction', 'growth', 'tool', 'employ', 'accomplish', 'driver', 'throughout', 'entire', 'period', 'tremendous', 'amount', 'portfolio', 'project', 'build', 'right'] 759 759 ['going', 'note', 'confusion', 'think', 'waiver', 'little', 'clear', 'planning', 'using', 'million', 'million', 'previously', 'announce', 'would', 'contribute', 'million', 'waiver', 'require', 'maintain', 'coverage', 'ratio', 'better', 'expect', 'performance', 'third', 'quarter', 'throughout', 'balance', 'think', 'contribute', 'anymore', 'another', 'million', 'million', 'forth', 'anyway'] 760 760 761 761 762 762 763 763 764 764 ['growth', 'depict', 'exposure', 'economic', 'exposure', 'racer', 'include', 'growth', 'three', 'river', 'still', 'showing', 'growth', 'period', 'lower', 'pretty', 'significantly', 'primary', 'driver', 'private', 'equity', 'group', 'invest', 'party', 'chevron', 'statoil', 'would', 'patient', 'investor', 'think', 'waiting', 'infrastructure', 'available', 'market', 'think', 'obviously', 'great', 'customer', 'bluegrass', 'going', 'resource', 'product', 'market', 'market', 'aggressive', 'drilling', 'program', 'really', 'major', 'change', 'shift', 'aggressive', 'independent', 'own', 'resource', 'patient', 'investor', 'chevron', 'statoil'] 765 765 ['move', 'slide', 'various', 'accomplishment', 'things', 'continue', 'certainly', 'bluegrass', 'season', 'continue', 'growth', 'transco', 'highlight', 'would', 'point', 'atlantic', 'sunrise', 'season', 'overwhelm', 'guess', 'describe', 'really', 'excite', 'response', 'quickly', 'going', 'bring', 'closure', 'given', 'strong', 'response', 'position', 'figure', 'going', 'project', 'demand', 'excite', 'development', 'period'] 766 766 767 767 768 768 ['move', 'closing', 'slide', 'remind', 'relative', 'natural', 'infrastructure', 'super', 'cycle', 'think', 'right', 'place', 'commodity', 'think', 'compare', 'crude', 'commodity', 'going', 'continue', 'drive', 'demand', 'ultimately', 'demand', 'going', 'drive', 'continue', 'supply', 'growth', 'really', 'bullish', 'situation', 'going', 'continue', 'invest', 'heavily', 'space', 'opportunity', 'build', 'major', 'infrastructure', 'decade', 'build', 'intend', 'heavy', 'investment', 'cycle', 'opportunity', 'present'] 769 769 770 770 771 771 772 772 ['christine', 'analyst', 'barclays', 'capital', 'morning', 'everyone'] 773 773 ['porter', 'morning', 'christine'] 774 774 ['christine', 'quarter', 'guide', 'towards', 'million', 'million', 'segment', 'profit', 'petchem', 'services', 'reconcile', 'number', 'million', 'number', 'drive', 'higher', 'propylene', 'price', 'using', 'commodity', 'assumption'] 775 775 776 776 ['christine', 'think', 'potential', 'timing', 'additional', 'down', 'canada', 'processing', 'contract', 'maybe', 'facility', 'maybe', 'bluegrass', 'would', 'generate', 'beginning', 'would', 'little', 'mature'] 777 777 778 778 779 779 ['chappel', 'expect', 'think', 'record', 'provision', 'million', 'tax', 'million', 'really', 'acceleration', 'expect', 'point', 'repatriation', 'accelerate', 'tax', 'million'] 780 780 781 781 782 782 783 783 ['frank', 'billings', 'northeastern', 'gathering', 'processing', 'williams', 'company', 'frank', 'think', 'relative', 'northeast', 'volume', 'would', 'probably', 'derisked', 'really', 'would', 'primary', 'factor', 'would', 'really', 'volume', 'growth', 'basically', 'anticipate', 'producer', 'project', 'expect', 'rolling', 'drilling', 'plan', 'forward'] 784 784 ['quarter', 'quarter', 'look', 'pretty', 'significant', 'increase', 'quarter', 'quarter', 'segment', 'costs', 'expense', 'around', 'million', 'number', 'million', 'adjustment', 'contingent', 'liability', 'book', 'repair', 'third', 'quarter', 'write', 'investment', 'start', 'undertake', 'follow', 'change', 'project', 'scopes', 'costs', 'capitalize', 'expense', 'think', 'going', 'forward', 'third', 'quarter'] 785 785 786 786 787 787 ['chappel', 'christine', 'insurance', 'policy', 'provide', 'coverage', 'terms', 'value', 'production', 'calculate', 'production', 'market', 'price', 'basis', 'claim', 'respect', 'pipeline', 'something', 'continue', 'study', 'determine', 'effects', 'pause', 'perhaps', 'anything', 'regard', 'pricing', 'pipeline'] 788 788 ['christine', 'going', 'getting', 'belvieu', 'pricing', 'louisiana', 'pricing', 'spread', 'point', 'check'] 789 789 ['dearborn', 'petchem', 'services', 'williams', 'company', 'perhaps', 'comment', 'dearborn', 'dynamics', 'market', 'plant', 'chevron', 'evangeline', 'pipeline', 'service', 'texas', 'market', 'length', 'louisiana', 'short', 'always', 'driving', 'premium', 'market'] 790 790 791 791 792 792 ['chappel', 'remind', 'everyone', 'pipeline', 'outage', 'short', 'issue', 'expect', 'extend'] 793 793 794 794 ['operator', 'holly', 'stewart', 'howard'] 795 795 796 796 797 797 798 798 799 799 ['think', 'pipeline', 'transco', 'plenty', 'support', 'infrastructure', 'debottleneck', 'system', 'carry', 'market', 'south', 'certainly', 'atlantic', 'sunrise', 'season', 'indicative', 'course', 'constitution', 'project', 'think', 'alleviate', 'challenge', 'northeast'] 800 800 801 801 ['holly', 'stewart', 'guess', 'explanation', 'guess', 'weakness', 'northeast', 'volume', 'compare', 'maybe', 'initially', 'forecast', 'terms', 'customer', 'majors', 'assume', 'growth', 'guess', 'point', 'comfortable', 'target', 'plan', 'factor'] 802 802 ['armstrong', 'really', 'build', 'ground', 'looking', 'drilling', 'plan', 'discuss', 'producer', 'pretty', 'comfortable', 'certainly', 'would', 'anybody', 'without', 'continue', 'infrastructure', 'development', 'build', 'would', 'pretty', 'comfortable', 'schedule', 'detail', 'build', 'behind', 'volume', 'point', 'really', 'grounds', 'review', 'producer', 'drilling', 'plan'] 803 803 804 804 ['holly', 'stewart', 'final', 'question', 'maybe', 'explain', 'season', 'bluegrass', 'commitment', 'really', 'bluegrass', 'pipeline', 'terminal'] 805 805 806 806 807 807 ['holly', 'stewart', 'comprehensive', 'terms', 'getting', 'build'] 808 808 ['armstrong', 'would', 'people', 'going', 'regulatory', 'process', 'bifurcate', 'process', 'season', 'everybody', 'chance', 'weigh', 'capacity', 'terms', 'capacity', 'regulate', 'discriminatory', 'process', 'second', 'discussion', 'around', 'people', 'need', 'storage', 'fractionation', 'export', 'capacity'] 809 809 810 810 ['holly', 'stewart', 'right', 'appreciate', 'thank'] 811 811 812 812 ['stephen', 'maresca', 'analyst', 'morgan', 'stanley', 'morning', 'everybody', 'stick', 'laurel', 'mountain', 'second', 'specific', 'northeast', 'adjust', 'segment', 'profit', 'understand', 'change', 'materially', 'short', 'period', 'quarter', 'forecast', 'touch', 'simple', 'drilling', 'plan', 'change', 'ownership'] 813 813 ['subset', 'seem', 'drop', 'chart', 'forecast', 'slide', 'terms', 'gathering', 'volume', 'marcellus', 'comfortable', 'forecasting', 'anymore', 'light', 'change', 'ownership', 'private', 'equity', 'bigger', 'majors'] 814 814 ['armstrong', 'would', 'seeing', 'majors', 'careful', 'effort', 'maximize', 'reserves', 'quick', 'drive', 'towards', 'volume', 'sorry', 'reserve', 'growth'] 815 815 816 816 817 817 ['chappel', 'steve', 'cease', 'project', 'given', 'challenge', 'project', 'couple', 'years', 'really', 'focus', 'project', 'conform', 'volume', 'forecast', 'guidance', 'period', 'really', 'try', 'given', 'variable', 'northeast'] 818 818 819 819 820 820 821 821 822 822 ['chappel', 'steve', 'terms', 'financing', 'partner', 'bluegrass', 'approach', 'others', 'industry', 'player', 'financial', 'player', 'would', 'invest', 'project', 'choose', 'partner', 'others', 'beyond', 'combination', 'equity', 'maintain', 'credit', 'rating', 'goal', 'previously', 'consistently', 'espouse', 'investment', 'grade', 'rating'] 823 823 824 824 ['chappel', 'think', 'assets', 'things', 'evaluate', 'certainly', 'assets', 'continue', 'certainly', 'create', 'expectation', 'certainly', 'lever', 'potential', 'financing'] 825 825 ['stephen', 'maresca', 'thanks'] 826 826 827 827 ['durbin', 'analyst', 'goldman', 'sachs', 'thanks', 'morning', 'northeast', 'pretty', 'significant', 'ebitda', 'really', 'change', 'capex', 'forecast', 'quarter', 'effectively', 'saying', 'getting', 'lower', 'return', 'capital', 'unless', 'miss', 'something', 'reason', 'capex', 'budget', 'given', 'lower', 'volume'] 828 828 ['frank', 'billings', 'frank', 'basically', 'capital', 'years', 'take', 'third', 'train', 'push', 'second', 'third', 'fourth', 'processing', 'plant', 'basically', 'focus', 'installing', 'going', 'foundational', 'assets', 'second', 'expansion', 'stabilization', 'plant', 'ethanizers', 'ethane', 'pipeline', 'assets', 'place', 'pretty', 'majority', 'would', 'foundational', 'assets', 'place'] 829 829 830 830 831 831 832 832 833 833 834 834 ['durbin', 'helpful', 'thank', 'actually', 'look', 'segment', 'wonder', 'think', 'sustainable', 'lower'] 835 835 836 836 ['durbin', 'thanks'] 837 837 838 838 ['kirst', 'analyst', 'capital', 'market', 'thanks', 'morning', 'everybody', 'actually', 'clarification', 'things', 'prior', 'maybe', 'first', 'starting', 'northeast', 'frank', 'think', 'mention', 'clear', 'essentially', 'milestone', 'moundsville', 'fractionator', 'cetera', 'deliberate', 'respect', 'match', 'industry', 'activity', 'right', 'nothing', 'execution', 'correct'] 839 839 840 840 841 841 842 842 ['frank', 'billings', 'definitely', 'second', 'train', 'moundsville', '30,000-barrels', 'definitely', 'need', 'stabilization', 'plant', 'ethanizers', 'track', 'completion', 'support', 'drilling', 'program', 'place'] 843 843 844 844 ['armstrong', 'regulate', 'asset', 'offer', 'think', 'intelligent', 'response', 'market', 'allow', 'considerably', 'higher', 'people', 'want', 'dedicate', 'acreage', 'volume', 'commitment', 'attractive', 'degree', 'people', 'willing', 'volume', 'commitment', 'various', 'steps', 'basically', 'provide', 'customer', 'still', 'build', 'analysis', 'terms', 'option', 'decide', 'whether', 'think', 'degree', 'support', 'justify', 'investment', 'project'] 845 845 ['attractive', 'compare', 'ethane', 'obligation', 'volume', 'dedication', 'sorry', 'acreage', 'dedication', 'higher', 'give', 'producer', 'flexibility'] 846 846 ['kirst', 'appreciate', 'clarification', 'maybe', 'question', 'geismar', 'business', 'interruption', 'insurance', 'guess', 'million', 'record', 'agree', 'guess', 'insurance', 'company', 'guess', 'number', 'refine', 'little', 'initial', 'preliminary', 'estimate', 'comfortable', 'around', 'uncertainty', 'range', 'around', 'number', 'today', 'versus', 'instance', 'second', 'quarter', 'meaning', 'deliberation', 'insurance', 'company', 'tighten', 'perhaps', 'deviation', 'number', 'basically', 'claim', 'file', 'claim', 'process', 'speak'] 847 847 ['chappel', 'think', 'comfortable', 'claim', 'amount', 'clearly', 'policy', 'certainly', 'production', 'actual', 'amount', 'determine', 'base', 'market', 'price', 'would', 'realize', 'dependent', 'happen', 'market', 'coming', 'quarters', 'certainly', 'terms', 'volume', 'production', 'pretty', 'think', 'solid', 'basis', 'estimate', 'think', 'initial', 'million', 'payment', 'evidence', 'faith', 'insurer', 'step', 'million', 'advance', 'actual', 'claim', 'pocket', 'physical', 'damage', 'substantial', 'cover', 'business', 'interruption', 'month', 'august', 'actually', 'think', 'faith', 'early', 'payment', 'think'] 848 848 ['cover', 'business', 'interruption', 'would', 'partial', 'month', 'october', 'october', 'assume', 'expand', 'plant', 'service', 'claim', 'month', 'october', 'month', 'november', 'would', 'expect', 'insurer', 'month', 'respond', 'process', 'every', 'month', 'partial', 'month', 'october', 'file', 'november', 'insurer', 'review', 'claim', 'respond', 'month', 'month', 'november', 'claim', 'december', 'insurer', 'respond'] 849 849 ['think', 'process', 'standpoint', 'pretty', 'establish', 'think', 'volumetrically', 'losses', 'mitigate', 'losses', 'ability', 'economic', 'losses', 'think', 'market', 'price', 'outline', 'guidance', 'expect', 'profits', 'market', 'price', 'assumption', 'really', 'guide', 'claim'] 850 850 851 851 ['chappel', 'thank'] 852 852 853 853 854 854 ['miller', 'atlantic', 'operate', 'williams', 'company', 'would'] 855 855 856 856 ['miller', 'bradley', 'miller', 'change', 'earlier', 'question', 'pricing', 'northeast', 'course', 'looking', 'certainly', 'current', 'leidy', 'system', 'move', 'three', 'try', 'every', 'eight', 'inner', 'connection', 'competition', 'things', 'playing', 'market', 'price', 'discount', 'henry'] 857 857 ['think', 'really', 'leading', 'answer', 'question', 'strong', 'response', 'producer', 'community', 'people', 'request', 'within', 'season', 'fairly', 'balance', 'market', 'supply', 'producer', 'definitely', 'step', 'bigger', 'historically', 'transco'] 858 858 ['bradley', 'olsen', 'great', 'allude', 'earlier', 'interest', 'potential', 'partner', 'bluegrass', 'project', 'project', 'constitution', 'obviously', 'bring', 'partner', 'project', 'secure', 'volume', 'found', 'shipper', 'maybe', 'making', 'participation', 'bluegrass', 'contingent', 'getting', 'significant', 'equity', 'stake', 'project'] 859 859 860 860 ['think', 'bluegrass', 'variety', 'different', 'shipper', 'enough', 'nobody', 'dominant', 'position', 'pipeline', 'assets', 'would', 'interest', 'strategic', 'player', 'would', 'want', 'interest', 'likely', 'going', 'reason', 'state'] 861 861 862 862 863 863 864 864 ['armstrong', 'move', 'little', 'recently', 'starting', 'ethane', 'recovery', 'plant', 'business', 'remind', 'floor', 'margin', 'floor', 'operate', 'ethane', 'base', 'belvieu', 'ethane', 'therefore', 'fix', 'commodity', 'sensitive', 'detail', 'right'] 865 865 866 866 867 867 ['armstrong', 'think', 'really', 'seeing', 'confidence', 'drilling', 'volume', 'continue', 'really', 'driving', 'savings', 'think', 'apparent', 'would', 'think', 'drive', 'expect', 'decline', 'volume'] 868 868 869 869 ['operator', 'launer', 'deutsche'] 870 870 ['launer', 'analyst', 'deutsche', 'morning', 'thank', 'question', 'might', 'marcellus', 'refer', 'favorable', 'economics', 'western', 'region', 'think', 'discuss', 'already', 'standpoint', 'lower', 'volume', 'conditions', 'seeing', 'relative', 'discussion', 'producer', 'could', 'materially', 'better', 'clearly', 'think', 'standpoint', 'capacity', 'boost', 'netbacks', 'question', 'natural', 'price', 'need', 'higher', 'would', 'activity'] 871 871 872 872 873 873 ['frank', 'billings', 'eastern', 'business', 'would', 'big', 'thing', 'relative', 'western', 'volume', 'function', 'ultimate', 'netback', 'might', 'area', 'especially', 'northwest', 'pennsylvania', 'northeast', 'area', 'infrastructure', 'challenge'] 874 874 ['think', 'especially', 'think', 'improvement', 'netbacks', 'bring', 'fractionation', 'train', 'going', 'continue', 'improvement', 'netbacks', 'producer', 'bring', 'stabilization', 'plant', 'train', 'facility', 'think', 'going', 'consistent', 'ability', 'commodity', 'market', 'think', 'going', 'support', 'currently', 'operate', 'think', 'western', 'marcellus', 'going', 'going', 'could', 'pinch', 'basis', 'relative', 'sales', 'price', 'supply', 'outstrip', 'commodity'] 875 875 876 876 ['chappel', 'think', 'mention', 'expect', 'multiple', 'exceed', 'times', 'purchase', 'price', 'expect', 'equity', 'advantageous', 'standpoint', 'williams', 'defer', 'tax', 'basis', 'trigger', 'change', 'ownership', 'structure', 'canadian', 'assets', 'really', 'driver', 'respond', 'question'] 877 877 878 878 879 879 ['operator', 'becca', 'followill', 'capital', 'advisor'] 880 880 881 881 ['frank', 'billings', 'think', 'second', 'train', 'volume', 'start', 'second', 'million', 'train', 'grove', 'balance', 'plant', 'initial', 'significant', 'requirement', 'push', 'spend', 'dollar', 'given', 'current', 'volume', 'forecast', 'today', 'probably', 'asset', 'shove', 'relative', 'assets'] 882 882 ['becca', 'followill', 'think', 'capacity', 'sound', '30,000-barrels'] 883 883 ['frank', 'billings', 'mention', 'earlier'] 884 884 885 885 ['frank', 'billings', 'purchase', 'train', 'inventory', 'looking', 'redeploy', 'either', 'opportunity', 'going', 'today', 'whether', 'three', 'today', 'capex', 'investment', 'slide', 'capital', 'deploy', 'little', 'capital', 'prepare', 'second', 'grove', 'facility', 'would', 'beyond', 'push', 'processing', 'plant', 'three', 'things'] 886 886 887 887 ['armstrong', 'mention', 'earlier', 'still', 'spending', 'large', 'amount', 'profit', 'particularly', 'within', 'pipe', 'segment', 'profit', 'putting', 'maintenance', 'capex', 'three', 'maintenance', 'capex', 'segment', 'profit', 'significant', 'amount', 'still', 'going'] 888 888 889 889 890 890 891 891 ['armstrong', 'sorry', 'follow', 'question', 'couple', 'things', 'continue', 'decline', 'volume', 'maintenance', 'capex', 'decision', 'mention', 'earlier', 'things', 'taking', 'lybrook', 'plant', 'service', 'older', 'fleet', 'result', 'volume', 'reduction', 'older', 'plant', 'imagine', 'maintenance', 'capital', 'change', 'midstream', 'maintenance', 'capex'] 892 892 ['pipe', 'thing', 'major', 'driver', 'certainly', 'embed', 'pressure', 'testing', 'obligation', 'try', 'really', 'close', 'terms', 'really', 'need', 'reduce', 'system', 'negotiate', 'femsa', 'understand', 'really', 'better', 'reduction', 'spreading', 'timeframe', 'pipeline', 'integrity', 'spread', 'things', 'little', 'versus', 'dollar', 'spending', 'little', 'reduction', 'pipe', 'think', 'major', 'reduction', 'really', 'midstream', 'really', 'team', 'working', 'pretty', 'reduce', 'maintenance', 'capital', 'result', 'reducing', 'volume'] 893 893 894 894 895 895 ['miller', 'probably', 'worth', 'mention', 'becca', 'change', 'pattern', 'transco', 'system', 'getting', 'supply', 'supply', 'northeast', 'oppose', 'coast', 'middle', 'portion', 'system', 'compression', 'portion', 'system', 'running', 'frequently', 'hours', 'unit', 'maintenance', 'turbine', 'change', 'push', 'future', 'years', 'whole', 'dynamic', 'equation', 'significant', 'impact'] 896 896 897 897 898 898 899 899 900 900 ['operator', 'selman', 'akyol', 'stifel'] 901 901 902 902 ['dearborn', 'actually', 'three', 'assets', 'thinking', 'liquid', 'extraction', 'plant', 'mcmurray', 'pipeline', 'fractionator', 'terms', 'operate', 'future', 'years', 'fractionator', 'going', 'running', 'capacity', 'incremental', 'expansion', 'order', 'accommodate', 'plant', 'liquid', 'extraction', 'plant', 'mcmurray', 'upgrader', 'running', 'running', 'pretty', 'dedicate', 'facility'] 903 903 ['armstrong', 'would', 'normally', 'build', 'terms', 'consistent', 'typical', 'capability'] 904 904 ['selman', 'akyol', 'pipeline'] 905 905 ['dearborn', 'pipeline', 'little', 'excess', 'capacity', 'bring', 'project', 'future'] 906 906 ['selman', 'akyol', 'great', 'thank', 'confirm', 'still', 'looking', 'april', 'start', 'geismar'] 907 907 908 908 ['selman', 'akyol', 'thank'] 909 909 910 910 ['operator', 'conclude', 'today', 'question', 'answer', 'session', 'armstrong', 'conference', 'additional', 'closing', 'remark'] 911 911 912 912 913 913 ['operator', 'thank', 'conclude', 'today', 'conference', 'appreciate', 'participation'] 914 914 915 915 916 916 ['information', 'contain', 'event', 'transcript', 'textual', 'representation', 'applicable', 'company', 'conference', 'effort', 'provide', 'accurate', 'transcription', 'material', 'error', 'omission', 'inaccuracy', 'reporting', 'substance', 'conference', 'call', 'thomson', 'financial', 'applicable', 'company', 'applicable', 'company', 'assume', 'responsibility', 'investment', 'decision', 'base', 'information', 'provide', 'event', 'transcript', 'user', 'advise', 'review', 'applicable', 'company', 'conference', 'applicable', 'company', 'filing', 'making', 'investment', 'decision'] 917 918 918 ['november'] 919 920 920 ['language', 'english'] 921 922 922 923 924 924 ['publication', 'transcript'] 925 926 926 927 927 ['right', 'reserve'] 928 929 929 ['copyright'] 930 931 931 ['return'] 932 933 933 934 935 936 936 937 938 938 939 940 940 ['williams', 'company', 'barclays', 'energy', 'conference', 'final'] 941 942 942 ['length', 'words'] 943 944 944 945 945 ['armstrong'] 946 946 ['williams', 'president'] 947 947 ['presentation'] 948 948 ['unidentified', 'company', 'representative', 'barclays', 'analyst', 'agenda', 'williams', 'company', 'partner', 'couple', 'years', 'company', 'spend', 'effort', 'repositioning', 'always', 'smoothly', 'would', 'today', 'anticipate', 'table', 'establish', 'extremely', 'broad', 'position', 'marcellus', 'think', 'conference', 'marcellus', 'come', 'frequently', 'place', 'today'] 949 949 950 950 ['finally', 'going', 'migrate', 'slowly', 'surely', 'table', 'ringing', 'ready', 'happy', 'senior', 'management', 'williams', 'person', 'armstrong', 'president', 'chappel', 'update', 'exactly', 'going', 'laughter'] 951 951 ['armstrong', 'president', 'williams', 'great', 'thank', 'afternoon', 'everybody', 'certainly', 'excite', 'talking', 'williams', 'position', 'industry', 'think', 'first', 'picture', 'actually', 'pretty', 'indicative', 'going', 'mosaic', 'need', 'panel', 'major', 'infrastructure', 'buildout', 'gulfstar', 'floating', 'production', 'system', 'middle', 'pipeline', 'laying', 'northeast', 'picture', 'right', 'expansion', 'ongoing', 'geismar', 'facility', 'could', 'picture', 'around', 'system', 'terms', 'major', 'infrastructure', 'buildout', 'going'] 952 952 953 953 954 954 ['would', 'strategy', 'consistent', 'move', 'convict', 'natural', 'space', 'think', 'natural', 'natural', 'product', 'undervalue', 'world', 'price', 'infrastructure', 'install', 'arbitrage', 'spread', 'natural', 'price', 'product', 'generate', 'derivative', 'product', 'generate', 'world', 'spread', 'arbitrage', 'take', 'tremendous', 'amount', 'infrastructure', 'large', 'scale', 'infrastructure', 'williams', 'capable', 'developing'] 955 955 956 956 ['slide', 'picture', 'supply', 'growth', 'commensurate', 'supply', 'growth', 'interest', 'things', 'point', 'first', 'supply', 'going', 'little', 'supply', 'growth', 'seem', 'almost', 'unachievable', 'seem', 'bridge', 'perhaps', 'unless', 'actually', 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'think', 'going', 'important', 'piece', 'demand', 'increase'] 961 961 962 962 ['little', 'signal', 'getting', 'market', 'pipe', 'transco', 'intense', 'probably', 'unique', 'picture', 'folks', 'industry', 'happen', 'corridor', 'demand', 'create', 'terms', 'request', 'proposal', 'utility', 'power', 'generator', 'industrial', 'plant', 'seeing', 'signal', 'terms', 'growth', 'extremely', 'position', 'capture', 'growth'] 963 963 ['move', 'probably', 'daunt', 'picture', 'tremendous', 'amount', 'market', 'develop', 'product', 'price', 'today', 'price', 'underneath', 'world', 'price', 'supply', 'would', 'expect', 'growth', 'going', 'tremendous', 'amount', 'infrastructure', 'build', 'consume', 'export', 'international', 'market'] 964 964 965 965 966 966 ['infrastructure', 'along', 'market', 'signal', 'producer', 'going', 'happen', 'williams', 'going', 'market', 'signal', 'producer'] 967 967 968 968 969 969 970 970 ['story', 'sound', 'terms', 'dividend', 'growth', 'execute', 'project', 'williams', 'level', 'level', 'intensely', 'focus', 'executing', 'project', 'right', 'major', 'project', 'smaller', 'project', 'return', 'small', 'mover', 'right', 'proud', 'midsouth', 'expansion', 'bring', 'ethane', 'project', 'petchem', 'services', 'project', 'bring', 'online', 'april', 'first', 'delivery', 'beaumont', 'ethane', 'pipeline', 'stretch', 'belvieu', 'parity', 'geismar', 'complex', 'ethane', 'distribution', 'system', 'service', 'northeast', 'supply', 'project', 'actually', 'start', 'ahead', 'schedule', 'first', 'august', 'million', 'capacity', 'service'] 971 971 ['small', 'issue', 'pretty', 'indicative', 'going', 'actually', 'allow', 'normally', 'normally', 'whole', 'project', 'complete', 'allow', 'capacity', '250-million', 'project', 'loop', 'already', 'build', 'pennsylvania', 'compression', 'build', 'congest', 'jersey', 'allow', 'hearing', 'noise', 'producer', 'capacity', 'pennsylvania', 'allow', 'project', 'service', 'early', 'think', 'indicative', 'getting', 'pricing', 'leidy', 'system', 'get', '0.$47'] 972 972 ['basis', 'differential', 'today', 'dominion', 'south', 'number', 'transco', 'number', 'capacity', 'location', 'price', 'receive', 'capacity', 'location', '0.$47'] 973 973 974 974 ['position', 'continue', 'expand', 'atlantic', 'sunrise', 'season', 'tremendous', 'amount', 'demand', 'delivery', 'point', 'atlantic', 'sunrise', 'point', 'really', 'excite', 'today', 'point', 'project', 'approve', 'shipper', 'interest', 'making', 'delivery', 'location'] 975 975 ['anyway', 'really', 'critical', 'williams', 'investor', 'ought', 'executing', 'project', 'effort', 'though', 'project', 'development', 'stage', 'beyond', 'timeframe', 'terms', 'continue', 'growth', 'business'] 976 976 ['picture', 'marcellus', 'utica', 'williams', 'joint', 'venture', 'economic', 'interest', 'million', 'acres', 'marcellus', 'utica', 'dedicate', 'expose', 'obviously', 'acres', 'dedicate', 'expose', 'acreage', 'dedicate', 'contract', 'capex', 'guidance', 'going', 'forward', 'terms', 'remain', 'buildout', 'williams', 'piece', 'include', 'investment', 'lever', 'nicely'] 977 977 ['developing', 'rapidly', 'infrastructure', 'constraint', 'complex', 'joint', 'venture', 'actually', 'though', 'complex', 'manage', 'important', 'going', 'play', 'around', 'understand', 'infrastructure', 'constraint', 'going', 'understanding', 'problem', 'anybody', 'terms', 'infrastructure', 'solution'] 978 978 ['first', 'three', 'area', 'williams', 'directly', 'expose', 'right', 'susquehanna', 'cabot', 'carrizo', 'little', 'southwestern', 'energy', 'extremely', 'proud', 'think', 'helping', 'cabot', 'successful', 'frankly', 'big', 'challenge', 'would', 'cooperate', 'partner', 'get', 'developing', 'wells', 'though', 'really', 'planning', 'wells', 'coming', 'bigger', 'bigger', 'bigger', 'going', 'outpace', 'planning', 'capacity', 'extremely', 'front', 'behind', 'permit', 'anything', 'really', 'great', 'problem', 'wells', 'performing', 'better', 'thought'] 979 979 980 980 981 981 ['extremely', 'position', 'investment', 'typically', 'going', 'right', 'corridor', 'benefit', 'exist', 'capacity', 'leverage'] 982 982 983 983 ['capital', 'place', 'handle', 'production', 'three', 'years', 'going', 'start', 'generate', 'capital', 'investment', 'really', 'limited', 'little', 'connect', 'dollar', 'money', 'spend', 'coming', 'laurel', 'mountain'] 984 984 985 985 986 986 ['though', 'still', 'moundsville', '30,000', 'barrels', 'completely', 'moundsville', '12,000-barrel', 'fractionator', 'completely', 'fractionator', 'start', 'spill', 'rails', 'rather', 'fractionate', 'product'] 987 987 ['means', 'producer', 'lower', 'netbacks', 'getting', 'value', 'somewhere', 'getting', 'pretty', 'substantial', 'discount', 'market', 'thing', 'terms', 'making', 'drilling', 'plan', 'absolutely', 'critical', 'condensate', 'stabilization', 'unit', 'running', 'moundsville', 'second', 'train', 'running', 'making', 'progress', 'certainly', 'critical', 'issue', 'right'] 988 988 989 989 ['move', 'atlantic', 'particularly', 'expansion', 'seeing', 'transco', 'system', 'could', 'better', 'picture', 'solid', 'economic', 'return', 'investor', 'project', 'service', 'project', 'taking', 'volume', 'taking', 'construction', 'plentiful', 'project', 'project', 'construction', 'fully', 'contract', 'green', 'instance', 'project', 'atlantic', 'sunrise', 'instance', 'early', 'stage', 'development', 'hillabee', 'expansion', 'lease', 'sable', 'trail', 'contract', 'construction', 'dalton', 'lateral', 'would', 'serve', 'northern', 'georgia', 'system', 'marcellus', 'supply', 'thought', 'project', 'stick', 'pricing', 'willing', 'project', 'frankly', 'plenty', 'project', 'project'] 990 990 991 991 ['position', 'allocate', 'better', 'better', 'project', 'portfolio', 'position', 'need', 'bunch', 'invest', 'today', 'nowhere', 'better', 'understand', 'looking', 'different', 'expansion', 'transco'] 992 992 ['means', 'picture', 'include', 'northwest', 'pipeline', 'smaller', 'interstate', 'pipeline', 'eastern', 'seaboard', 'going', 'capacity', 'quickly', 'ramp', 'beyond', 'keep', 'going', 'post-2015', 'nothing', 'speculative', 'contract', 'business', 'include', 'contract', 'business', 'beyond', 'period', 'growth', 'fully', 'contract', 'underway', 'terms', 'construction', 'growth', 'demand', 'going', 'continue', 'transco', 'system'] 993 993 994 994 ['kodiak', 'tieback', 'gunflint', 'prospect', 'would', 'point', 'profitability', 'tieback', 'right', 'tubular', 'bell', 'prospect', 'taggert', 'likely', 'tieback', 'announce', 'terms', 'conclusion', 'numbers', 'terms', 'project', 'typical', 'prospect', 'probably', '40,000', 'barrels', 'anywhere', 'range', 'addition', 'downstream', 'pipeline', 'revenue', 'little', 'capital', 'invest', 'really', 'strong', 'leverage', 'terms', 'incremental', 'flow', 'business', 'area', 'think', 'probably', 'least', 'appreciate', 'perhaps', 'williams', 'investor', 'today'] 995 995 ['geismar', 'things', 'going', 'geismar', 'every', 'another', 'issue', 'continue', 'would', 'april', 'assume', 'worst', 'situation', 'worst', 'issue', 'resolve', 'instance', 'major', 'rotate', 'equipment', 'inside', 'affect', 'blast', 'inspect', 'repair', 'issue', 'means', 'waiting', 'equipment', 'order', 'things', 'would', 'queue', 'behind', 'somebody'] 996 996 997 997 998 998 ['anyway', 'bottom', 'investigation', 'chemical', 'safety', 'board', 'onsite', 'allow', 'affect', 'area', 'repair'] 999 999 ['another', 'page', 'turning', 'terms', 'area', 'great', 'growth', 'canada', 'proud', 'ethane', 'recovery', 'project', 'first', 'month', 'mcmurray', 'process', 'making', 'canadian', 'ethane', 'project', 'another', 'provide', 'bring', 'within', 'plan', '25-day', 'window', 'another', 'project', 'bring', 'excite'] 1000 1000 ['expansion', 'opportunity', 'remain', 'green', 'uncontracted', 'business', 'beyond', 'contract', 'syncrude', 'facility', 'exxon', 'operate', 'promise', 'discussion', 'going', 'exxon', 'contract', 'business', 'excite', 'means', 'ultimate', 'flow', 'great', 'competitive', 'advantage', 'great', 'piece', 'business'] 1001 1001 ['along', 'come', 'propylene', 'propane', 'project', 'really', 'allow', 'amass', 'enough', 'propylene', 'build', 'world', 'class', 'polypropylene', 'unit', 'really', 'going', 'change', 'netbacks', 'addition', 'think', 'going', 'toll', 'arrangement', 'facility', 'excite', 'value', 'proposition', 'business', 'producer'] 1002 1002 ['bluegrass', 'going', 'quickly', 'continue', 'excite', 'bluegrass', 'making', 'great', 'progress', 'regulatory', 'front', 'great', 'progress', 'customer', 'certainly', 'kind', 'markwest', 'project', 'cause', 'people', 'pause', 'alternative', 'think', 'customer', 'learning', 'quite', 'associate', 'project', 'feedback', 'get', 'customer', 'anyway', 'concern', 'around', 'reliability', 'schedule', 'project', 'williams', 'perspective', 'excite', 'project', 'really', 'solution', 'develop', 'within', 'timeframe', 'important', 'economic', 'return', 'project', 'great', 'alternative', 'today'] 1003 1003 ['today', 'convince', 'really', 'project', 'deliver', 'timeline', 'think', 'education', 'process', 'customer', 'determine', 'ongoing', 'right'] 1004 1004 ['coast', 'petchem', 'business', 'continue', 'expand', 'nicely', 'expanse', 'accident', 'planning', 'buying', 'pipeline', 'distribute', 'product', 'fractionator', 'charles', 'product', 'bluegrass', 'would', 'fractionate', 'coming', 'together', 'nicely'] 1005 1005 1006 1006 1007 1007 ['picture', 'capital', 'billion', 'pretty', 'balance', 'various', 'area', 'economic', 'investment'] 1008 1008 ['finally', 'remain', 'commit', 'super', 'cycle', 'comfortable', 'continue', 'dividend', 'growth', 'continue', 'excite', 'variety', 'opportunity', 'asset', 'positioning', 'strategy', 'developing', 'imagine', 'better', 'place', 'better', 'industry', 'right'] 1009 1009 1010 1010 1011 1011 1012 1012 1013 1014 1014 1015 1016 1016 1017 1018 1018 1019 1020 1020 ['publication', 'transcript'] 1021 1022 1022 ['copyright'] 1023 1023 1024 1025 1025 1026 1027 1027 ['return'] 1028 1029 1029 ['focus', 'document'] 1030 1031 1032 1032 1033 1034 1034 ['august', 'thursday'] 1035 1036 1036 1037 1038 1038 ['length', '11999', 'words'] 1039 1040 1040 ['corporate', 'participant'] 1041 1041 1042 1042 1043 1043 1044 1044 ['williams', 'company', 'president'] 1045 1045 ['scheel'] 1046 1046 ['williams', 'company', 'corporate', 'strategic', 'development'] 1047 1047 ['chappel'] 1048 1048 ['williams', 'company'] 1049 1049 1050 1050 ['williams', 'company', 'northeastern'] 1051 1051 1052 1052 1053 1053 [] 1054 1054 ['williams', 'company', 'engineering', 'construction'] 1055 1055 1056 1056 ['williams', 'company', 'petchem', 'services'] 1057 1057 1058 1058 ['williams', 'company', 'western', 'operations'] 1059 1059 ['conference', 'participant'] 1060 1060 1061 1061 ['morgan', 'stanley', 'analyst'] 1062 1062 ['christine'] 1063 1063 1064 1064 ['bradley', 'olsen'] 1065 1065 ['tudor', 'pickering', 'security', 'analyst'] 1066 1066 ['craig', 'shere'] 1067 1067 ['tuohy', 'brother', 'analyst'] 1068 1068 1069 1069 ['capital', 'market', 'analyst'] 1070 1070 1071 1071 1072 1072 1073 1073 ['goldman', 'sachs', 'analyst'] 1074 1074 1075 1075 1076 1076 1077 1077 1078 1078 ['porter', 'williams', 'company', 'thank', 'morning', 'welcome', 'always', 'thank', 'interest', 'williams', 'williams', 'partner', 'yesterday', 'afternoon', 'release', 'financial', 'result', 'post', 'several', 'important', 'item', 'website', 'item', 'include', 'yesterday', 'press', 'release', 'relate', 'schedule', 'accompany', 'analyst', 'package', 'slide', 'president', 'armstrong', 'speak', 'momentarily', 'update', 'book', 'contain', 'detail', 'information', 'regard', 'various', 'aspect', 'business', 'addition', 'leaders', 'operate', 'area', 'present', 'frank', 'billings', 'lead', 'northeastern', 'operate', 'allison', 'bridges', 'lead', 'western', 'operate', 'miller', 'lead', 'atlantic', 'dearborn', 'petchem', 'services', 'operate', 'additionally', 'chappel', 'available', 'respond', 'question'] 1079 1079 ['yesterday', 'presentation', 'book', 'important', 'disclaimer', 'relate', 'forward', 'looking', 'statement', 'disclaimer', 'important', 'integral', 'remark', 'review', 'include', 'presentation', 'material', 'various', 'measure', 'reconcile', 'generally', 'accept', 'accounting', 'principle', 'reconciliation', 'schedule', 'appear', 'presentation', 'material', 'armstrong'] 1080 1080 ['armstrong', 'president', 'williams', 'company', 'great', 'morning', 'thanks', 'excite', 'second', 'quarter', 'continue', 'progress', 'executing', 'strategy', 'remain', 'confident', 'strategy', 'position', 'benefit', 'continue', 'market', 'emerge', 'tremendous', 'demand', 'infrastructure', 'advantage', 'natural', 'natural', 'resource', 'continue', 'develop', 'north', 'america', 'level', 'presentation', 'point', 'strategy', 'starting', 'slide'] 1081 1081 1082 1082 1083 1083 ['dividend', 'growth', 'central', 'value', 'creation', 'strategy', 'take', 'steps', 'ensure', 'period', 'investment', 'great', 'growth', 'opportunity', 'reward', 'investor', 'right', 'building', 'component', 'strategy', 'bring', 'significant', 'growth', 'investment', 'online', 'beyond', 'current', 'guidance', 'period', 'investing', 'connect', 'supply', 'area', 'market', 'investing', 'focus', 'base', 'largely', 'resilient', 'commodity', 'market', 'fluctuation', 'business', 'foundation', 'strategy', 'reward', 'investor', 'growing', 'dividend', 'distribution', 'believe', 'characteristic', 'produce', 'value', 'growth', 'certainly', 'vantage', 'point', 'opportunity', 'deliver', 'great', 'shareholder', 'value', 'future', 'presentation', 'today', 'following', 'comment', 'slide', 'along', 'management', 'introduce', 'earlier', 'forward', 'hearing'] 1084 1084 1085 1085 1086 1086 1087 1087 1088 1088 ['finally', 'quickly', 'touch', 'recent', 'operational', 'development', 'support', 'broad', 'strategy', 'particularly', 'noteworthy', 'progress', 'making', 'bluegrass', 'pipeline', 'project', 'include', 'guidance', 'slide', 'clear', 'williams', 'support', 'williams', 'partner', 'distribution', 'period', 'investment', 'extraordinary', 'growth', 'opportunity', 'continue', 'seize', 'recall', 'williams', 'announce', 'would', 'support', 'distribution', 'coverage', 'ratio', 'level', 'waive', 'million', 'incentive', 'distribution', 'right', 'today', 'million', 'unused', 'untapped', 'williams', 'partner', 'strong', 'second', 'quarter', 'performance', 'yield', 'coverage', 'great', 'strong', 'williams', 'partner', 'second', 'quarter', 'remain', 'without', 'waiver', 'excite'] 1089 1089 ['slide', 'major', 'story', 'seeing', 'tangible', 'benefit', 'growing', 'base', 'business', 'mean', 'second', 'quarter', 'deliver', 'solid', 'result', 'environment', 'weak', 'margin', 'significant', 'impact', 'geismar', 'williams', 'second', 'quarter', 'adjust', 'segment', 'profit', 'compare', 'williams', 'partner', 'second', 'quarter', 'distributable', 'almost', 'third', 'higher', 'level', 'primary', 'driver', 'increase', 'course', 'strong', 'contribution', 'geismar', 'quarter', 'prior', 'incident', 'course', 'recall', 'asset', 'drop', 'fourth', 'quarter', 'produce', 'tremendous', 'distributable'] 1090 1090 ['substantially', 'secure', 'mention', 'provide', 'little', 'detail', 'quite', 'confusion', 'insurance', 'coverage', 'package', 'help', 'clarify', 'business', 'interruption', 'insurance', 'helping', 'secure', 'significant', 'portion', 'expect', 'getting', 'asset', 'service', 'reliable', 'operations', 'expand', 'volume', 'clearly', 'priority', 'company', 'right', 'great', 'professional', 'hearts', 'mind', 'making', 'happen', 'making', 'great', 'progress', 'please', 'report', 'base', 'revenue', 'second', 'quarter', 'second', 'quarter', 'western', 'volume', 'recover', 'earlier', 'winter', 'conditions', 'first', 'quarter', 'benefit', 'continue', 'volume', 'growth', 'northeast', 'start', 'facility'] 1091 1091 ['another', 'driver', 'improve', 'versus', 'prior', 'lower', 'maintenance', 'capex', 'primarily', 'drive', 'reduction', 'western', 'segment', 'various', 'project', 'wrap', 'additionally', 'another', 'significant', 'margin', 'prior', 'quarter', 'first', 'quarter', 'already', 'pretty', 'compare', 'recent', 'years', 'margin', 'second', 'quarter', 'prior', 'think', 'significant', 'despite', 'continue', 'decline', 'margin', 'business', 'start', 'affect', 'really', 'start', 'strong', 'impact', 'growth', 'base', 'volume'] 1092 1092 1093 1093 1094 1094 ['story', 'continue', 'expect', 'tremendous', 'growth', 'distributable', 'expect', 'increase', 'billion', 'period', 'growth', 'drive', 'guidance', 'capex', 'average', 'billion', 'right', 'latest', 'guidance', 'include', 'modest', 'reduction', 'effect', 'geismar', 'incident', 'driver', 'would', 'hopefully', 'actually', 'raise', 'guidance', 'reduce', 'costs', 'continue', 'volume', 'better', 'hope'] 1095 1095 1096 1096 ['point', 'guidance', 'within', 'segment', 'williams', 'partner', 'northeast', 'gathering', 'processing', 'segment', 'profit', 'guidance', 'lower', 'throughout', 'guidance', 'period', 'important', 'understand', 'change', 'really', 'drive', 'result', 'reallocation', 'support', 'costs', 'among', 'segment', 'actual', 'increase', 'overall', 'structure', 'allocation', 'amongst', 'various', 'region', 'bottom', 'guidance', 'actively', 'reflect', 'support', 'costs', 'increasingly', 'allocate', 'support', 'tremendous', 'growth', 'experience', 'northeast', 'account', 'million', 'lower', 'segment', 'profit', 'little', 'overview', 'guidance', 'change', 'course', 'major', 'driver', 'earnings'] 1097 1097 1098 1098 1099 1099 ['slide', 'review', 'second', 'quarter', 'first', 'month', 'third', 'quarter', 'reward', 'executing', 'business', 'objective', 'bringing', 'project', 'service', 'setting', 'volume', 'record', 'add', 'growth', 'project', 'achievement', 'serve', 'support', 'strategy', 'developing', 'operate', 'large', 'scale', 'energy', 'infrastructure', 'connect', 'produce', 'area', 'market', 'mention', 'growing', 'demand', 'seeing', 'really', 'area', 'really', 'positioning', 'advantage', 'great', 'product', 'previously', 'mention', 'bluegrass', 'pipeline', 'project', 'relate', 'storage', 'facility', 'major', 'development', 'execute', 'joint', 'venture', 'agreement', 'boardwalk', 'pipeline', 'partner', 'continue', 'developing', 'project', 'design', 'bluegrass', 'transport', 'natural', 'liquid', 'marcellus', 'utica', 'shale', 'play', 'rapidly', 'expand', 'petrochemical', 'export', 'complex', 'coast', 'developing', 'petchem', 'market', 'northeast'] 1100 1100 1101 1101 ['atlantic', 'business', 'significant', 'progress', 'various', 'front', 'three', 'month', 'mention', 'earlier', 'tremendous', 'amount', 'growth', 'going', 'transco', 'deepwater', 'please', 'reach', 'agreement', 'principle', 'settling', 'issue', 'transco', 'second', 'quarter', 'agreement', 'rates', 'start', 'booking', 'first', 'quarter', 'would', 'expect', 'rates', 'reflect', 'current', 'recent', 'guidance', 'provide', 'words', 'steady', 'front', 'great', 'getting', 'settle', 'quickly', 'expectation', 'excite', 'behind', 'piece', 'execution', 'strategy', 'check'] 1102 1102 ['deepwater', 'execute', 'another', 'agreement', 'devil', 'tower', 'prospect', 'believe', 'strong', 'potential', 'another', 'agreement', 'back', 'powerful', 'limited', 'amount', 'capital', 'require', 'bring', 'back', 'produce', 'meaningful', 'amount', 'certainly', 'latest', 'reach', 'agreement', 'exception', 'project', 'coming', 'service', 'driver', 'strong', 'performance', 'atlantic', 'operate', 'transco', 'system', 'expansion', 'largely', 'support', 'growing', 'power', 'generation'] 1103 1103 ['recently', 'place', 'south', 'expansion', 'service', 'add', '130,000', 'dekatherms', 'fully', 'contract', 'capacity', 'connect', 'transco', 'station', 'serve', 'power', 'generator', 'north', 'carolina', 'alabama', 'market', 'local', 'distribution', 'company', 'georgia', 'remind', 'place', 'first', 'phase', '95,000', 'dekatherms', 'service', 'click', 'continue', 'revenue', 'service', 'transco'] 1104 1104 1105 1105 1106 1106 ['operate', 'assets', 'record', 'monthly', 'average', 'volume', 'eclipse', 'consider', 'start', 'years', 'quarter', 'gather', 'operate', 'assets', 'northeast', 'second', 'quarter', 'tremendous', 'growth', 'think', 'continue', 'tremendous', 'record', 'northeast', 'top', 'record', 'gathering', 'operate', 'assets', 'keep', 'expand', 'excite', 'volume', 'growth'] 1107 1107 1108 1108 1109 1109 1110 1110 ['things', 'point', 'first', 'investment', 'beyond', 'list', 'expect', 'strong', 'growth', 'prospect', 'fund', 'second', 'exception', 'geismar', 'expansion', 'canadian', 'project', 'remain', 'project', 'back', 'base', 'revenue', 'finally', 'would', 'highlight', 'concisely', 'summarize', 'execute', 'order', 'achieve', 'sustainable', 'growth', 'dividend', 'distribution', 'project', 'know', 'understand', 'construction', 'phase', 'growth', 'highly', 'dependent', 'ability', 'execute', 'array', 'value', 'create', 'project', 'directly', 'margin', 'obvious', 'looking', 'slide', 'begin', 'realize', 'value', 'potential', 'investment', 'growth', 'occur', 'expect', 'result'] 1111 1111 1112 1112 ['transco', 'system', 'operate', 'making', 'similar', 'investment', 'northeast', 'drive', 'additional', 'growth', 'guidance', 'period', 'beyond', 'guidance', 'period', 'williams', 'working', 'connect', 'supply', 'area', 'market', 'area', 'assemble', 'strong', 'management', 'operate', 'area', 'area', 'commit', 'helping', 'deliver', 'growth', 'profitability', 'achieve', 'execute', 'strategy', 'strategy', 'provide', 'great', 'investment', 'opportunity', 'envious', 'position', 'picking', 'adjust', 'return', 'project', 'market', 'offer', 'think', 'course', 'going', 'provide', 'superior', 'shareholder', 'return', 'peer', 'especially', 'certainly', 'forward', 'sharing', 'success', 'investor', 'forward', 'thank', 'interest', 'company', 'happy', 'question'] 1113 1113 1114 1114 ['operator', 'operator', 'instructions'] 1115 1115 ['first', 'question', 'stephen', 'maresca', 'morgan', 'stanley'] 1116 1116 1117 1117 1118 1118 ['would', 'going', 'forward', 'project', 'thought', 'could', '200,000', 'barrels', 'production', 'would', 'seeing', 'strong', 'interest', 'larger', 'player', 'really', 'recognize', 'value', 'going', 'acreage', 'perhaps', 'strategic', 'advantage', 'terms', 'acquire', 'acreage', 'would', 'excitement', 'pretty', 'customer', 'commitment', 'looking', 'course', 'corporate', 'approval', 'would', 'could', 'asking', 'better', 'response', 'receive', 'shipper', 'community'] 1119 1119 ['stephen', 'maresca', 'final', 'terms', 'ownership', 'something', 'option', 'increase', 'something', 'agree', 'change', 'ownership', 'percent'] 1120 1120 1121 1121 ['scheel', 'corporate', 'strategic', 'development', 'williams', 'company', 'williams', 'boardwalk', 'negotiate', 'agreement', 'option', 'partner', 'however', 'choose', 'exercise', 'right', 'williams', 'option', 'ahead', 'pipeline', 'unilaterally'] 1122 1122 ['stephen', 'maresca', 'helpful', 'appreciate', 'move', 'talk', 'opportunity', 'florida', 'market', 'transco', 'expansion', 'mention', 'potential', 'ownership', 'sabal', 'would', 'something', 'option', 'could', 'purchase', 'would', 'spectrum', 'would', 'terra', 'portion', 'color'] 1123 1123 ['armstrong', 'would', 'project', 'whole', 'sabal', 'trail', 'project', 'whole', 'option', 'would', 'clear', 'supplying', 'basically', 'volume', 'phase', 'approach', 'front', 'project', 'transco', 'basically', 'supply', 'source', 'expand', 'point', 'reduce', 'amount', 'construction', 'greenfield', 'construction', 'require', 'sabal', 'trail', 'front', 'sabal', 'trail', 'lease', 'capacity', 'return', 'consistent', 'service', 'return', 'eliminate', 'construction', 'volume', 'investment', 'found', 'attractive', 'addition', 'option', 'invest', 'sabal', 'trail', 'course', 'really', 'give', 'chance', 'construction', 'costs', 'going', 'volume', 'better', 'picture', 'volume', 'commitment', 'point'] 1124 1124 1125 1125 ['armstrong', 'would', 'meaningful', 'minority', 'position'] 1126 1126 1127 1127 ['armstrong', 'primarily', 'allocation', 'things', 'engineering', 'construction', 'costs', 'technical', 'support', 'operations', 'accounting', 'things', 'allocate', 'corporation', 'various', 'operate', 'area', 'growth', 'apply', 'resource', 'study', 'costs', 'across', 'area', 'apply', 'appropriately', 'expense', 'really', 'shift', 'overall', 'costs', 'company', 'reallocation', 'overhead', 'costs'] 1128 1128 1129 1129 ['armstrong', 'exactly', 'right'] 1130 1130 1131 1131 ['operator', 'question', 'christine', 'barclays'] 1132 1132 ['christine', 'analyst', 'barclays', 'capital', 'capex', 'look', 'billion', 'across', 'assume', 'increase', 'billion', 'number', 'think', 'originally', 'facility', 'remain', 'mostly', 'bluegrass', 'large', 'ticket', 'item', 'either', 'include', 'take', 'three', 'guidance'] 1133 1133 1134 1134 ['christine', 'would', 'guess', 'increase', 'looking', 'facility', 'materially'] 1135 1135 1136 1136 1137 1137 1138 1138 1139 1139 1140 1140 1141 1141 ['christine', 'thanks', 'color', 'presentation', 'slide', 'equity', 'funding', 'bluegrass', 'investment', 'write', 'and/or', 'third', 'party', 'clarify', 'third', 'party', 'willing', 'portion', 'interest', 'bluegrass', 'project', 'interest', 'assets', 'constitution', 'maybe', 'assets', 'canada', 'cetera', 'raise'] 1142 1142 1143 1143 1144 1144 ['frank', 'billings', 'northeastern', 'williams', 'company', 'frank', 'billings', 'would', 'revise', 'volume', 'little', 'majority', 'actually', 'risk', 'little', 'volume', 'forecast', 'customer', 'identify', 'forecast', 'actually', 'execute', 'agreement', 'become', 'customer', 'versus', 'forecast', 'customer', 'revise', 'drilling', 'program', 'drilling', 'schedule', 'basically', 'include', 'forecast', 'exist', 'customer', 'revise', 'slightly', 'drilling', 'program', 'driver', 'volume', 'adjustment', 'would'] 1145 1145 ['christine', 'great', 'provide', 'number', 'volume', 'today'] 1146 1146 1147 1147 1148 1148 ['christine', 'great', 'thank'] 1149 1149 1150 1150 ['bradley', 'olsen', 'analyst', 'tudor', 'pickering', 'security', 'morning', 'everyone', 'first', 'question', 'transco', 'opportunity', 'seeing', 'around', 'asset', 'leidy', 'pricing', 'pricing', 'around', 'marcellus', 'pressure', 'add', 'inbound', 'producer', 'demand', 'maybe', 'inbound', 'demand', 'utility', 'demand', 'capacity', 'project', 'northern', 'northern', 'jersey', 'market', 'leidy', 'southeast', 'constitution'] 1151 1151 ['miller', 'atlantic', 'williams', 'company', 'bradley', 'miller', 'question', 'close', 'leidy', 'southeast', 'project', 'robust', 'demand', 'number', 'producer', 'call', 'saying', 'could', 'project', 'think', 'pipeline', 'interconnect', 'capacity', 'connect', 'bring', 'leidy', 'connection', 'additional', 'wells', 'drill', 'behind', 'system', 'behind', 'interconnect', 'people', 'finding', 'think', 'excellent', 'chance', 'additional', 'expansion', 'somewhere', 'supply', 'situation', 'talk', 'quality', 'cabot', 'reserves', 'quality', 'wells', 'seeing', 'sweet', 'extend'] 1152 1152 1153 1153 ['bradley', 'olsen', 'plan', 'today', 'table', 'expand', 'either', 'leidy', 'southeast', 'constitution', 'project'] 1154 1154 ['miller', 'right', 'probably', 'focus', 'leidy', 'opportunity', 'would', 'early', 'something', 'could', 'coming', 'future'] 1155 1155 ['bradley', 'olsen', 'bluegrass', 'project', 'pipeline', 'fractionation', 'storage', 'integrate', 'nature', 'project', 'billion', 'discuss', 'largely', 'bluegrass', 'relate', 'capex', 'budget', 'include', 'export', 'facility', 'think', 'would', 'enter', 'economic', 'sharing', 'agreement', 'someone', 'exist', 'export', 'facility', 'exist', 'acreage', 'coast', 'order'] 1156 1156 ['scheel', 'bradley', 'scheel', 'include', 'guidance', 'number', 'export', 'facility', 'still', 'defining', 'point', 'great', 'amount', 'interest', 'customer', 'international', 'market', 'logical', 'destination', 'propane', 'butane', 'identify', 'move', 'forward', 'acquire', 'relate', 'still', 'defining', 'include', 'future', 'guidance'] 1157 1157 1158 1158 1159 1159 ['engineering', 'construction', 'williams', 'company', 'outlook', 'playing', 'earlier', 'comment', 'observance', 'project', 'pressure', 'analyze', 'better', 'analyze', 'risk', 'around', 'availability', 'labor', 'contract', 'personnel', 'material', 'entire', 'supply', 'chain', 'around', 'current', 'thinking', 'guidance', 'around', 'current', 'analysis', 'current', 'outlook'] 1160 1160 ['bradley', 'olsen', 'great', 'atlantic', 'segment', 'reduce', 'guidance', 'fairly', 'significantly', 'first', 'quarter', 'print', 'strong', 'quarters', 'atlantic', 'segment', 'really', 'transco', 'relate', 'seasonality', 'really', 'visible', 'result', 'print', 'million', 'segment', 'profit', 'first', 'guide', 'towards', 'segment', 'profit', 'million', 'range', 'correct', 'imply', 'decline', 'second', 'segment', 'guess', 'outperform', 'since', 'first', 'quarter', 'reporting'] 1161 1161 1162 1162 ['bradley', 'olsen', 'great', 'thank'] 1163 1163 ['operator', 'question', 'craig', 'shere', 'tuohy', 'brother'] 1164 1164 1165 1165 1166 1166 1167 1167 1168 1168 ['craig', 'shere', 'great', 'little', 'uptick', 'least', 'quarter', 'think', 'change', 'terms', 'guidance', 'color'] 1169 1169 1170 1170 ['craig', 'shere', 'great', 'finally', 'wonder', 'could', 'little', 'color', 'think', 'prepare', 'comment', 'regard', 'recently', 'comment', 'attack', 'helping', 'atlantic', 'segment', 'could', 'discus', 'little', 'detail', 'success', 'containment', 'especially', 'offset', 'headwind', 'seeing'] 1171 1171 ['armstrong', 'would', 'concert', 'effort', 'front', 'significant', 'organizational', 'restructure', 'would', 'position', 'reorganize', 'really', 'focus', 'bring', 'transparency', 'structure', 'understand', 'area', 'opportunity', 'pressure', 'great', 'would', 'fashion', 'would', 'think', 'sustainable', 'think', 'opportunity', 'continue', 'improve', 'explore', 'opportunity', 'integrate', 'company', 'instance', 'seeing', 'area', 'opportunity', 'pipe', 'midstream', 'previously', 'operate', 'completely', 'separate', 'business', 'unit', 'seeing', 'opportunity', 'money', 'operate', 'integrate', 'fashion', 'previously', 'terrific', 'proud', 'focus'] 1172 1172 1173 1173 1174 1174 1175 1175 ['armstrong', 'early', 'file', 'first', 'claim', 'something', 'present', 'forecast', 'forecast', 'incident', 'prepare', 'without', 'knowledge', 'incident', 'coming', 'think', 'forecast', 'present', 'insurer', 'would', 'first', 'insured', 'month', 'august', 'would', '60-day', 'waiting', 'period', 'plan', 'turnaround', 'small', 'period', 'insured', 'couple', 'week', 'operation', '60-day', 'waiting', 'period', 'around', 'would', 'happen'] 1176 1176 1177 1177 ['kirst', 'appreciate', 'color', 'second', 'perhaps', 'horse', 'facility', 'given', 'inflation', 'alberta', 'seem', 'happening', 'quick', 'period', 'major', 'spend', 'would', 'actually', 'happen', 'possibility', 'locking', 'something', 'turnkey', 'someone', 'order', 'possible', 'future', 'labor', 'inflation'] 1178 1178 ['think', 'stretching', 'schedule', 'opportunity', 'around', 'recall', 'think', 'mention', 'original', 'announcement', 'facility', 'going', 'little', 'different', 'design', 'industry', 'little', 'smaller', 'build', 'business', 'modular', 'basis', 'allow', 'modular', 'construction', 'fix', 'remain', 'portion', 'would', 'construction', 'project', 'aside', 'project', 'pressure', 'redwater', 'edmonton', 'area', 'really', 'struggle', 'terms', 'productivity', 'pressure', 'mcmurray', 'labor', 'constrain', 'particularly', 'skilled', 'labor', 'constrain', 'would', 'taking', 'working', 'contract', 'really', 'eliminate', 'field', 'construction', 'labor', 'productivity', 'stretching', 'schedule', 'give', 'opportunity'] 1179 1179 1180 1180 ['armstrong', 'would', 'couple', 'things', 'allow', 'remember', 'portion', 'regulate', 'storage', 'business', 'downstream', 'regulate', 'opportunity', 'terms', 'better', 'return', 'plenty', 'regulate', 'costs', 'service', 'return', 'available', 'would', 'additional', 'risk', 'development', 'costs', 'expect', 'higher', 'return', 'answer', 'question', 'expect', 'higher', 'overall', 'return', 'project', 'things', 'help', 'achieve', 'obviously', 'benefit', 'texas', 'provide', 'better', 'solution', 'market', 'would', 'otherwise', 'offer', 'schedule', 'importantly', 'shipper', 'perspective', 'timing', 'issue', 'probably', 'overstate', 'terms', 'importance', 'people', 'acreage', 'anxious', 'drill', 'seeing', 'price', 'continue', 'collapse', 'supply', 'market', 'option', 'transport', 'getting', 'pretty', 'congest', 'would', 'market', 'anxious', 'solution', 'return', 'making', 'reap', 'benefit', 'things', 'mention'] 1181 1181 1182 1182 ['operator', 'question', 'sharon', 'wells', 'fargo'] 1183 1183 1184 1184 1185 1185 1186 1186 ['armstrong', 'question', 'sales', 'contract', 'think', 'expect', 'significant', 'losses', 'would', 'cover'] 1187 1187 1188 1188 ['sharon', 'apply', 'supply', 'source', 'terms', 'ethane'] 1189 1189 1190 1190 ['sharon', 'thank'] 1191 1191 1192 1192 ['durbin', 'analyst', 'goldman', 'sachs', 'thanks', 'understand', 'sorry', 'understand', 'picking', 'insurance', 'question', 'range', 'outcome', 'minus', 'april', 'financials', 'relative', 'insurance', 'deductible', 'another', 'quarter', 'terms', 'financial', 'impact'] 1193 1193 1194 1194 ['durbin', 'point', 'matter', 'margin', 'downtime', 'perspective', 'obviously', 'assume', 'repair', 'costs'] 1195 1195 1196 1196 ['durbin', 'right', 'terms', 'distribution', 'growth', 'look', 'still', 'comfortable', 'running', 'little', 'times', 'waiver', 'terms', 'happen', 'geismar', 'wonder', 'think', 'target', 'coverage', 'waiver', 'increase', 'lower', 'distribution', 'growth', 'interplay'] 1197 1197 ['armstrong', 'speculative', 'question', 'point', 'clearly', 'williams', 'enjoy', 'distribution', 'stake', 'primary', 'equity', 'funding', 'vehicle', 'funding', 'vehicle', 'generally', 'obviously', 'important', 'williams', 'waive', 'million', 'point', 'forward', 'point', 'certainly', 'consider', 'potential', 'waiver', 'additional', 'waiver', 'need', 'would', 'tune', 'execute', 'forth', 'today', 'believe', 'additional', 'waiver', 'require', 'getting', 'closer', 'times', 'coverage', 'base', 'growth', 'getting', 'times', 'coverage', 'numbers', 'comfortable', 'running', 'williams', 'continue', 'monitor', 'situation', 'need', 'additional', 'support', 'decision', 'accordingly'] 1198 1198 1199 1199 ['operator', 'question', 'jeremy', 'tonet', 'jpmorgan'] 1200 1200 ['jeremy', 'tonet', 'analyst', 'jpmorgan', 'chase', 'thanks', 'color', 'morning', 'question', 'regard', 'western', 'segment', 'seem', 'result', 'better', 'anticipate', 'going', 'nicely', 'first', 'curious', 'looking', 'segment', 'profit', 'marginally', 'increase', 'wonder', 'conservatism', 'driving', 'guidance'] 1201 1201 ['allison', 'bridges', 'western', 'operations', 'williams', 'company', 'partly', 'contract', 'change', 'reduction'] 1202 1202 1203 1203 1204 1204 1205 1205 ['operator', 'final', 'question', 'christine', 'barclays'] 1206 1206 ['christine', 'sorry', 'follow', 'facility', 'going', 'service', 'capex', 'going', 'place', 'maybe', 'little', 'want', 'think', 'timing', 'spending'] 1207 1207 ['respond', 'exactly', 'right', 'wrapping', 'majority', 'occur'] 1208 1208 ['christine', 'accounting', 'question', 'going', 'consolidate', 'interest', 'gulfstar', 'interest', 'constitution', 'clear', 'accounting', 'segment', 'profit', 'guidance'] 1209 1209 ['armstrong', 'going'] 1210 1210 1211 1211 1212 1212 1213 1213 ['armstrong', 'great', 'thank', 'armstrong', 'thank', 'joining', 'remain', 'excite', 'future', 'ahead', 'showing', 'starting', 'really', 'corner', 'base', 'project', 'really', 'starting', 'thanks', 'joining'] 1214 1214 ['operator', 'conclude', 'conference', 'thank', 'participation'] 1215 1215 ['thomson', 'financial', 'reserves', 'right', 'change', 'document', 'content', 'information', 'without', 'obligation', 'notify', 'person', 'change'] 1216 1216 ['conference', 'call', 'event', 'transcript', 'base', 'company', 'projection', 'forward', 'looking', 'statement', 'regard', 'variety', 'item', 'forward', 'looking', 'statement', 'base', 'current', 'expectation', 'involve', 'risk', 'uncertainty', 'actual', 'result', 'differ', 'materially', 'state', 'forward', 'looking', 'statement', 'base', 'number', 'important', 'factor', 'risk', 'specifically', 'identify', 'company', 'recent', 'filing', 'although', 'company', 'indicate', 'believe', 'assumption', 'underlie', 'forward', 'looking', 'statement', 'reasonable', 'assumption', 'could', 'prove', 'inaccurate', 'incorrect', 'therefore', 'assurance', 'result', 'contemplate', 'forward', 'looking', 'statement', 'realize'] 1217 1217 1218 1219 1219 1220 1221 1221 1222 1223 1223 ['transcript', '080113a5112092.792'] 1224 1225 1225 ['publication', 'transcript'] 1226 1227 1227 ['copyright'] 1228 1228 1229 1230 1230 1231 1232 1232 ['return'] 1233 1234 1234 ['focus', 'document'] 1235 1236 1237 1237 1238 1239 1239 ['wednesday'] 1240 1241 1241 1242 1243 1243 ['length', 'words'] 1244 1245 1245 ['corporate', 'participant'] 1246 1246 1247 1247 1248 1248 ['conference', 'participant'] 1249 1249 1250 1250 1251 1251 1252 1252 1253 1253 ['chappel', 'williams', 'company', 'thanks', 'brett', 'morning', 'thanks', 'joining', 'morning', 'williams', 'partner', 'williams', 'quite', 'slide', 'going', 'pretty', 'quickly', 'cover', 'ground', 'certainly', 'post', 'spend', 'little', 'first', 'couple', 'slide', 'since', 'fairly', 'first', 'point', 'forward', 'looking', 'statement', 'account', 'investment', 'decision'] 1254 1254 1255 1255 1256 1256 1257 1257 ['terms', 'physical', 'damage', 'significant', 'explosion', 'geismar', 'large', 'facility', 'explosion', 'significant', 'fairly', 'fairly', 'modest', 'size', 'within', 'facility', 'obviously', 'pretty', 'heavily', 'damage', 'unknown', 'damage', 'adjacent', 'result', 'explosion', 'could', 'equipment', 'damage', 'visible', 'inspection', 'equipment', 'better', 'handle', 'nonetheless', 'assessment', 'process', 'walking', 'given', 'chemical', 'safety', 'board', 'investigation', 'cause'] 1258 1258 ['explosion', 'originate', 'propylene', 'fractionator', 'plant', 'damage', 'equipment', 'adjacent', 'propylene', 'fractionator', 'obviously', 'piping', 'exchanger', 'section', 'cable', 'tray', 'extensive', 'damage', 'fairly', 'modest', 'facility', 'going', 'looking', 'adjacent', 'area', 'ensure', 'damage', 'detect', 'repair'] 1259 1259 1260 1260 ['unable', 'provide', 'guidance', 'terms', 'timing', 'today', 'enough', 'information', 'really', 'speculate'] 1261 1261 ['yesterday', 'evening', 'terms', 'financial', 'information', 'estimate', 'segment', 'profit', 'recent', 'guidance', 'issue', 'include', 'petchem', 'services', 'segment', 'million', 'segment', 'profit', 'million', 'incident', 'include', '50-day', 'turnaround', 'plant', 'turnaround', 'august', 'september', 'excuse', 'august', 'september', 'timeframe', 'would', 'reduce', 'operational', 'period', 'expansion', 'coming', 'online', 'turnaround', 'process', 'believe', 'october'] 1262 1262 1263 1263 ['general', 'liability', 'coverage', 'total', 'million', 'annual', 'aggregate', 'limit', 'retention', 'million', 'occurrence', 'worker', 'statutory', 'limit', 'retention', 'million', 'occurrence', 'receipt', 'insurance', 'proceeds', 'relate', 'income', 'recognition', 'somewhat', 'different', 'period', 'typically', 'somewhat', 'certainly', 'inform', 'element', 'typically', 'insurer', 'agree', 'claim', 'receive', 'continue', 'explore', 'timing', 'reimbursement', 'costs', 'tight', 'actual', 'payment', 'income'] 1264 1264 ['working', 'bring', 'plant', 'plant', 'expansion', 'online', 'quickly', 'possible', 'given', 'damage', 'assessment', 'really', 'unable', 'speculate', 'timeline', 'everything', 'power', 'bring', 'online', 'safely', 'quickly', 'possible', 'update', 'guidance', 'along', 'normal', 'quarterly', 'earnings', 'financial', 'update'] 1265 1265 1266 1266 1267 1267 1268 1268 1269 1269 1270 1270 1271 1271 ['atlantic', 'large', 'project', 'include', 'large', 'project', 'transco', 'couple', 'minutes', 'northeast', 'constitution', 'pipeline', 'couple', 'water', 'project', 'gulfstar', 'keathley', 'canyon', 'petchem', 'services', 'business', 'pursue', 'geismar', 'expansion', 'interrupt', 'tragic', 'accident', 'geismar', 'speak', 'update', 'market', 'terms', 'exact', 'timing', 'information'] 1272 1272 ['little', 'expansion', 'piceance', 'support', 'piceance', 'activity', 'defer', 'little'] 1273 1273 1274 1274 1275 1275 1276 1276 ['racer', 'investment', 'interest', 'racer', 'start', 'partner', 'sellers', 'caiman', 'business', 'development', 'interest', 'utica', 'running', 'start', 'cayman', 'acquisition', 'quickly', 'transact', 'dominion', '50%/50', 'caiman', 'dominion', 'interest', 'caiman', 'caiman', 'partnership', 'dominion', 'horse', 'utica', 'valley', 'three', 'river', 'investment', 'currently', 'total', 'billion', 'three', 'guidance', 'period', 'growth', 'prospect'] 1277 1277 1278 1278 ['expect', 'volume', 'growth', 'guidance', 'period', 'actually', 'capacity', 'construct', 'without', 'investing', 'capital'] 1279 1279 1280 1280 ['bottom', 'local', 'propane', 'demand', 'mariner', 'ethane', 'ethane', 'perhaps', 'grade', 'nonetheless', 'amount', 'unmet', 'infrastructure', 'bring', 'product', 'market', 'bluegrass', 'pipeline', 'target', 'bluegrass', 'build', 'something', 'bluegrass', 'solution', 'drilling', 'northeast', 'would', 'baxter', 'producer', 'would', 'become', 'attractive', 'enable', 'producer', 'attractive', 'price', 'product', 'therefore', 'attractive', 'back', 'space'] 1281 1281 1282 1282 1283 1283 1284 1284 ['southern', 'market', 'utility', 'industrial', 'user', 'continue', 'greater', 'greater', 'need', 'natural', 'commit', 'expansion', 'typically', 'demand', 'charge', '15-year', 'contract', 'offer', 'return', 'particularly', 'relative', 'capital', 'interstate', 'natural', 'pipeline', 'system', 'transco', 'great', 'opportunity', 'transco', 'major', 'interstate', 'pipeline', 'appalachians', 'therefore', 'close', 'coast', 'market', 'greatest', 'growth', 'transco', 'setting', 'record', 'almost', 'every', 'demand', 'natural', 'continue'] 1285 1285 ['constitution', 'pipeline', 'coming', 'marcellus', 'going', 'connect', 'iroquois', 'allow', 'producer', 'better', 'market', 'market', 'congest', 'customer', 'commit', 'project', 'really', 'start', 'customer', 'couple', 'others', 'project', 'building', 'operate', 'project', 'customer', 'want', 'investment', 'project', 'excite', 'opportunity', 'target', 'service', 'march', 'capacity', 'million', 'project', 'capex', 'million'] 1286 1286 ['deepwater', 'mexico', 'player', 'deepwater', 'mexico', 'producer', 'really', 'provide', 'infrastructure', 'services', 'undersea', 'pipeline', 'natural', 'crude', 'platform', 'provide', 'production', 'handling', 'services', 'transportation', 'services', 'producer', 'natural', 'pipeline', 'processing', 'plant', 'onshore', 'revenue', 'contract'] 1287 1287 ['first', 'keathley', 'canyon', 'sign', 'couple', 'years', 'million', 'deepwater', 'pipeline', 'expect', 'bring', 'service', 'expect', 'follow', 'customer', 'field', 'attach', 'start', 'deplete', 'neighborhood', 'would', 'expect', 'production', 'pipeline', 'flowing', 'asset', 'extend', 'period', 'little', 'capital', 'investment'] 1288 1288 1289 1289 ['capital', 'burden', 'think', 'pretty', 'model', 'large', 'deepwater', 'investment', 'billion', 'platform', 'subsea', 'pipeline', 'bring', 'product', 'shore'] 1290 1290 1291 1291 ['pipeline', 'take', 'olefin', 'sands', 'processing', 'complex', 'redwater', 'edmonton', 'pipeline', 'competitive', 'advantage', 'capture', 'business', 'sands'] 1292 1292 1293 1293 ['investment', 'million', 'funding', 'largely', 'international', 'flow', 'international', 'looking', 'project', 'working', 'potential', 'partner', 'perhaps', 'commodity', 'price', 'perhaps', 'base', 'arrangement', 'tune', 'front'] 1294 1294 ['mention', 'aggregate', 'liquid', 'sands', 'spend', 'project', 'investing', 'million', 'million', 'expect', 'service', 'mid-2015', 'add', '15,000', 'barrels', 'olefin', 'production', 'increase', 'utilization', 'pipeline'] 1295 1295 ['finally', 'canada', 'building', 'ethane', 'recovery', 'facility', 'recover', 'ethane', 'stream', 'contract', 'chemical', 'supply', 'ethane', '17,000', 'barrels', 'expect', 'service', 'second', 'project', 'mid-$400', 'million', 'contract', 'floor', 'price', 'ethane', 'seeing', 'terms', 'ethane', 'price', 'would', 'positive', 'margin', 'ethane', 'contract', 'level', 'return', 'think', 'make', 'attractive', 'upside'] 1296 1296 ['petchem', 'services', 'business', 'olefin', 'growth', 'seeing', 'going', 'infrastructure', 'coast', 'around', 'coast', 'various', 'plant', 'terminal', 'olefin', 'product', 'cracker', 'quietly', 'building', 'network', 'pipeline', 'supplement', 'already', 'pipeline', 'storage', 'continue', 'expand', 'beginning', 'provide', 'services', 'today', 'expect', 'quite', 'growth', 'investment', 'processing', 'petchem', 'processing', 'occur', 'coast', 'several', 'years'] 1297 1297 1298 1298 1299 1299 1300 1300 1301 1301 1302 1302 ['pause', 'question', 'breakout'] 1303 1303 ['unidentified', 'audience', 'member', 'inaudible', 'microphone', 'inaccessible'] 1304 1304 1305 1305 1306 1306 ['chappel', 'clearly', 'position', 'blender', 'extent', 'plumbing', 'think', 'really', 'locational', 'growing', 'system', 'northeast', 'think', 'ability', 'blending', 'market', 'need', 'dictate', 'think', 'tend', 'pretty', 'locational', 'specific', 'aspect', 'atlantic', 'access', 'pipeline', 'mothball', 'transco', 'extension', 'target', 'knowing', 'extent', 'pretty', 'atlantic', 'access', 'blend', 'transco', 'drier', 'supply', 'would', 'project', 'push', 'hopeful', 'bring', 'develop', 'longer', 'solution', 'talking', 'think', 'location', 'specific', 'thanks', 'question'] 1307 1307 1308 1308 1309 1309 1310 1310 1311 1311 1312 1313 1313 1314 1315 1315 ['language', 'english'] 1316 1317 1317 ['transcript', '062613a5118138.738'] 1318 1319 1319 1320 1321 1321 ['copyright'] 1322 1322 1323 1324 1324 ['copyright'] 1325 1326 1326 ['return'] 1327 1328 1328 ['focus', 'document'] 1329 1330 1331 1331 ['disclosure'] 1332 1333 1333 ['wednesday'] 1334 1335 1335 1336 1337 1337 1338 1339 1339 ['corporate', 'participant'] 1340 1340 1341 1341 1342 1342 1343 1343 ['williams', 'company', 'president'] 1344 1344 ['frank', 'billings'] 1345 1345 ['williams', 'company', 'northeastern', 'gathering', 'processing'] 1346 1346 1347 1347 1348 1348 ['miller'] 1349 1349 ['williams', 'company', 'atlantic', 'operate'] 1350 1350 1351 1351 ['williams', 'company'] 1352 1352 ['allison', 'bridges'] 1353 1353 ['williams', 'company', 'western', 'operations'] 1354 1354 ['randy', 'newcomer'] 1355 1355 ['williams', 'company', 'acting', 'petchem', 'services'] 1356 1356 1357 1357 ['olsen'] 1358 1358 ['tudor', 'pickering', 'security', 'analyst'] 1359 1359 ['faisel'] 1360 1360 ['citigroup', 'analyst'] 1361 1361 1362 1362 ['morgan', 'stanley', 'analyst'] 1363 1363 ['durbin'] 1364 1364 1365 1365 1366 1366 ['wells', 'fargo', 'security', 'analyst'] 1367 1367 1368 1368 ['tuohy', 'brother', 'analyst'] 1369 1369 1370 1370 1371 1371 1372 1372 ['capital', 'advisor', 'analyst'] 1373 1373 ['kirst'] 1374 1374 ['capital', 'market', 'analyst'] 1375 1375 1376 1376 1377 1377 1378 1378 1379 1379 ['presentation'] 1380 1380 ['operator', 'everyone', 'welcome', 'williams', 'williams', 'partner', 'first', 'quarter', 'earnings', 'release', 'conference', 'today', 'conference', 'record', 'opening', 'remark', 'introduction', 'would', 'porter', 'investor', 'relations', 'please', 'ahead'] 1381 1381 ['porter', 'williams', 'company', 'thank'] 1382 1382 1383 1383 ['morning', 'comment', 'discussion', 'leaders', 'operate', 'area', 'present', 'frank', 'billings', 'lead', 'northeastern', 'operate', 'allison', 'bridges', 'lead', 'western', 'operate', 'miller', 'lead', 'atlantic', 'randy', 'newcomer', 'petchem', 'services', 'operate', 'additionally', 'chappel', 'available', 'respond', 'question'] 1384 1384 1385 1385 1386 1386 1387 1387 1388 1388 ['result', 'couple', 'years', 'supply', 'producer', 'response', 'natural', 'price', 'signal', 'people', 'slow', 'people', 'expectation', 'take', 'flywheel', 'rolling', 'large', 'scale', 'operations', 'area', 'marcellus', 'utica', 'advantage', 'benefit', 'large', 'scale', 'development', 'major', 'program', 'already', 'place'] 1389 1389 ['williams', 'result', 'great', 'infrastructure', 'investment', 'alternative', 'expand', 'market', 'access', 'large', 'scale', 'natural', 'values', 'still', 'ready', 'deliver', 'quickly', 'positive', 'market', 'signal', 'short', 'higher', 'natural', 'price', 'negatively', 'impact', 'margin', 'longer', 'drive', 'investment', 'alternative'] 1390 1390 ['growth', 'certainly', 'impressive', 'could', 'improve', 'forecast', 'pricing', 'environment', 'hold', 'enough', 'supply', 'demand', 'strategy', 'build', 'around', 'volume', 'throughput', 'expand', 'market', 'great', 'resource', 'develop', 'north', 'america'] 1391 1391 1392 1392 ['question'] 1393 1393 ['question', 'answer'] 1394 1394 ['operator', 'operator', 'instructions'] 1395 1395 1396 1396 1397 1397 1398 1398 ['olsen', 'great', 'thanks', 'increase', 'takeaway', 'alternative', 'focus', 'gathering', 'specific', 'pipeline', 'deliver', 'expect', 'building', 'capacity'] 1399 1399 ['frank', 'billings', 'spread', 'across', 'current', 'delivery', 'point', 'today', 'delivery', 'transco', 'tennessee', 'millennium', 'constitution', 'primary', 'going', 'continue', 'focus', 'outlet', 'producer', 'customer', 'want', 'focus'] 1400 1400 ['olsen', 'great', 'update', 'point', 'bluegrass', 'contracting', 'pipeline', 'coming', 'along', 'bluegrass', 'proceed', 'believe', 'reduce', 'demand', 'local', 'market', 'fractionation', 'northeast'] 1401 1401 1402 1402 1403 1403 ['miller', 'atlantic', 'operate', 'williams', 'company'] 1404 1404 1405 1405 1406 1406 ['chappel', 'williams', 'company', 'follow', 'comment', 'consolidate', 'gulfstar', 'project', 'despite', 'ownership', 'partner', 'marubeni', 'interest', 'show', 'control', 'interest', 'segment', 'profit', 'push', 'startup', 'project', 'quarter', 'effect', 'show', 'segment', 'profit', 'change', 'control', 'interest', 'change', 'offset'] 1407 1407 1408 1408 1409 1409 ['chappel', 'faisel', 'first', 'question', 'correct', 'fairly', 'probably', 'however', 'forecast', 'beyond', 'account', 'move', 'despite', 'comfortable', 'coverage', 'capacity', 'underlie', 'growth', 'project', 'sustain', 'dividend', 'growth', 'think', 'comfortable', 'strong', 'growth', 'beyond', 'despite', 'provide', 'guidance', 'beyond', 'period'] 1410 1410 ['faisel'] 1411 1411 ['armstrong', 'faisel', 'question', 'pricing', 'particularly', 'ethane', 'ethylene', 'level', 'assume', 'question', 'point', 'relative', 'dividend', 'forget', 'ethane', 'exposure', 'positive', 'ethane', 'exposure', 'canada', 'capture', 'analysis', 'show', 'terms', 'sensitivity', 'ethane', 'ethylene', 'exposure', 'remember', 'contract', 'structure', 'floor', 'service', 'basis', 'negative', 'ethane', 'ethane', 'positive', 'barrels', 'would', 'offset', 'otherwise', 'short', 'position', 'ethane', 'level', 'actually', 'fairly', 'neutral'] 1412 1412 ['addition', 'impact', 'actually', 'show', 'pretty', 'significantly', 'numbers', 'ethane', 'rejection', 'overland', 'business', 'showing', 'ethane', 'rejection', 'throughout', 'period', 'though', 'direct', 'commodity', 'exposure', 'pretty', 'significant', 'terms', 'impact', 'period', 'really', 'balance', 'exposure', 'would', 'standpoint', 'pretty', 'neutral', 'relative', 'ethane', 'assumption', 'level', 'ethylene', 'propylene', 'margin', 'certainly', 'showing', 'reducing', 'first', 'quarter', 'certainly', 'would', 'suggest', 'without', 'frankly', 'seeing', 'pullthrough', 'ethylene', 'right', 'demand', 'ethylene', 'point', 'think', 'sound', 'assumption'] 1413 1413 ['faisel', 'understand', 'guidance', 'going', 'forward', 'ethane', 'equity', 'sales', 'first', 'quarter', 'ethane', 'production', 'numbers', 'first', 'quarter', 'assume', 'numbers', 'going', 'continue', 'first', 'quarter', 'numbers', 'going', 'forward', 'would', 'drastic', 'reduction', 'volume', 'fourth', 'quarter', 'matter', 'understand', 'number', 'guidance'] 1414 1414 1415 1415 1416 1416 1417 1417 1418 1418 ['stephen', 'maresca', 'analyst', 'morgan', 'stanley', 'morning', 'everybody', 'first', 'question', 'waiver', 'coverage', 'first', 'quarter', 'need', 'waiver', 'reduction', 'price', 'assumption', 'volume', 'picking', 'quite', 'previously', 'thought'] 1419 1419 1420 1420 ['nevertheless', 'would', 'partially', 'response', 'showing', 'higher', 'price', 'throughout', 'period', 'driver', 'lower', 'margin', 'second', 'quarter', 'watch', 'butane', 'almost', 'would', 'build', 'optimism', 'market', 'pricing', 'looking', 'forward', 'certainly', 'answer', 'export', 'picking', 'answer', 'continue', 'incredible', 'amount', 'available', 'place', 'utica', 'marcellus', 'eagle', 'supply', 'continue', 'expand', 'market', 'export', 'tremendous', 'amount', 'supply', 'continue', 'build', 'couple', 'years', 'going', 'large', 'scale', 'solution', 'develop', 'bluegrass', 'project', 'really', 'provide', 'enough', 'market', 'access', 'product'] 1421 1421 1422 1422 1423 1423 ['stephen', 'maresca', 'final', 'thing', 'mention', 'little', 'disappoint', 'valley', 'environment', 'higher', 'costs', 'thought', 'little', 'driving', 'playing', 'month'] 1424 1424 1425 1425 1426 1426 1427 1427 ['durbin', 'analyst', 'goldman', 'sachs', 'thanks', 'dividend', 'coverage', 'define', 'looking', 'think', 'coverage', 'seeing'] 1428 1428 ['chappel', 'analyst', 'comfortable', 'adequate', 'coverage', 'light', 'assumption', 'embed', 'forecast', 'detail', 'interest', 'coming', 'analyst', 'couple', 'week'] 1429 1429 ['durbin', 'thanks', 'bluegrass', 'try', 'understand', 'mechanics', 'contribution', 'boardwalk', 'understand', 'contribute', 'pipeline', 'contribute', 'crossover', 'capital', 'whatnot', 'participate', 'maybe', 'enterprise', 'might', 'ethane', 'impact', 'bluegrass', 'pipeline'] 1430 1430 ['scheel', 'start', 'first', 'question', 'scheel', 'anticipation', 'right', 'williams', 'boardwalk', '50/50', 'partner', 'bluegrass', 'pipeline', 'boardwalk', 'contribute', 'texas', 'value', 'joint', 'venture', 'williams', 'capital', 'contribution', 'construction', 'equal', 'owner', 'throughout', 'pipeline', 'fractionation', 'storage', 'facility', 'extent', 'customer', 'demand', 'export', 'facility', 'would', 'anticipate', 'sharing', 'ownership', '50/50', 'basis', 'expectation', 'today', 'working', 'towards', 'currently', 'negotiation', 'going', 'additional', 'product', 'actually', 'would', 'support', 'seeing', 'opportunity', 'provide', 'clearing', 'liquid', 'marcellus', 'customer', 'demand', 'speak', 'enterprise', 'would', 'something', 'think', 'would', 'market', 'northeast'] 1431 1431 ['durbin', 'helpful', 'maybe', 'picture', 'sound', 'great', 'growth', 'project', 'capital', 'going', 'sense', 'capital', 'constrain', 'wonder', 'project', 'anywhere', 'might', 'turning', 'maybe', 'pipeline', 'florida', 'folks', 'working', 'thinking', 'capital', 'available', 'relative', 'opportunity'] 1432 1432 ['armstrong', 'certainly', 'position', 'allocate', 'capital', 'consistently', 'would', 'would', 'allocate', 'adjust', 'return', 'basis', 'situation', 'certainly', 'regular', 'process', 'allocate', 'capital', 'turning', 'alternative', 'front', 'today', 'current', 'costs', 'capital', 'certainly', 'load', 'equity', 'pretty', 'heavily', 'great', 'project', 'provide', 'value', 'execute', 'anything', 'value', 'realize', 'something', 'going', 'guard', 'pretty', 'heavily'] 1433 1433 ['durbin', 'thank'] 1434 1434 1435 1435 1436 1436 1437 1437 1438 1438 ['chappel', 'sharon', 'equity', 'requirement', 'contemplate', 'forth', 'would', 'speculate', 'could', 'occur', 'think', 'mention', 'array', 'opportunity', 'allocate', 'capital', 'carefully', 'looking', 'strategic', 'value', 'value', 'deciding', 'base', 'fact', 'circumstances', 'come', 'forward'] 1439 1439 1440 1440 ['frank', 'billings', 'frank', 'right', 'really', 'working', 'debottleneck', 'system', 'project', 'quick', 'really', 'beginning', 'implement', 'operate', 'philosophy', 'really', 'focus', 'remove', 'fraction', 'stream', 'want', 'liquid', 'conditions', 'realize', 'gathering', 'system', 'still', 'going', 'hydrocarbon', 'beeler', 'grove', 'going', 'gathering', 'liquid', 'handle', 'separation', 'product', 'upgrade', 'central', 'facility', 'either', 'grove', 'moundsville', 'primary', 'benefit', 'attempt', 'remove', 'liquid', 'pool', 'driving', 'operate', 'pressure', 'system', 'point', 'liquid', 'curtail', 'volume'] 1441 1441 ['another', 'significant', 'benefit', 'change', 'philosophy', 'really', 'significant', 'reduction', 'pig', 'activity', 'impact', 'reliability', 'create', 'operational', 'complexity', 'example', 'going', 'operate', 'expense', 'improvement', 'today', 'probably', 'pig', 'system', 'three', 'times', 'change', 'potentially', 'month', 'significant', 'reduction', 'things', 'could', 'impact', 'pressure', 'system', 'today', 'last', 'benefit', 'given', 'operate', 'conditions'] 1442 1442 ['thing', 'really', 'setting', 'remember', 'system', 'really', 'month', 'little', 'month', 'variety', 'temperature', 'pressure', 'calendar', 'system', 'operate', 'safely', 'consistently', 'reliably', 'right', 'forward', 'going', 'begin', 'implement', 'significant', 'change', 'throughout', 'summer', 'month'] 1443 1443 ['sharon', 'great', 'thanks', 'comment'] 1444 1444 1445 1445 ['craig', 'shere', 'analyst', 'tuohy', 'brother', 'morning', 'couple', 'quick', 'correctly', 'guide', 'slightly', 'higher', 'expectation', 'versus', 'fourth', 'quarter', 'guidance', 'driving', 'quick', 'question', 'forgiveness'] 1446 1446 1447 1447 1448 1448 ['armstrong', 'think', 'could', 'certainly', 'describe', 'might', 'repeat', 'conditions', 'occur', 'certainly', 'plan', 'suggest', 'right', 'think', 'fairly', 'conservative', 'think', 'really', 'result', 'amount', 'heavy', 'investment', 'going', 'right', 'capital', 'advantage', 'great', 'opportunity', 'investing', 'think', 'great', 'strategy', 'obviously', 'require', 'equity', 'issuance', 'certainly', 'pressure', 'coverage', 'couple', 'course', 'rising', 'price', 'drastically', 'lowering', 'price', 'circumstances', 'perspective', 'overshadow', 'great', 'growth', 'prospect', 'going', 'base', 'business', 'think', 'effort', 'bridge', 'base', 'model', 'move', 'think', 'future', 'variable', 'become', 'reliant', 'margin', 'think', 'variable', 'would', 'drive', 'require', 'think', 'would', 'answer'] 1449 1449 ['chappel', 'craig', 'would', 'remind', 'others', 'williams', 'unit', 'guidance', 'enjoy', 'think', 'flow', 'think', 'amount', 'reduction', 'given', 'others', 'total', 'really', 'share', 'really', 'stay', 'benefit', 'williams', 'putting', 'different', 'pocket'] 1450 1450 ['craig', 'shere', 'understand', 'thank'] 1451 1451 1452 1452 1453 1453 1454 1454 ['brett', 'reilly', 'additional', 'capital', 'spend', 'resolve', 'bottleneck', 'today', 'opportunity', 'recover', 'incremental', 'capital', 'satisfy', 'current', 'contract'] 1455 1455 ['armstrong', 'question', 'actually', 'things', 'certain', 'compliance', 'current', 'contractual', 'obligation', 'pressure', 'field', 'receipt', 'point', 'discussion', 'producer', 'looking', 'value', 'trade', 'could', 'either', 'maybe', 'acreage', 'currently', 'dedicate', 'improvement', 'revenue', 'result', 'improve', 'level', 'service', 'going'] 1456 1456 1457 1457 1458 1458 ['brett', 'reilly', 'billion', 'growth', 'capital', 'opportunity', 'level', 'really', 'function', 'bluegrass', 'move', 'piece', 'within'] 1459 1459 1460 1460 ['brett', 'reilly', 'thank'] 1461 1461 1462 1462 ['becca', 'followill', 'analyst', 'capital', 'advisor', 'morning', 'ending', 'balance', 'million', 'level', 'canadian', 'domestic', 'along', 'bluegrass', 'project', 'expect', 'online', 'would', 'expect', 'significant', 'amount', 'capex', 'bridge', 'level'] 1463 1463 1464 1464 1465 1465 1466 1466 1467 1467 1468 1468 ['becca', 'followill', 'looking', 'adjust', 'segment', 'guidance', 'within', 'first', 'quarter', 'show', 'guidance', 'northeast', 'million', 'versus', 'sorry', 'piece', 'paper', 'around', 'think', 'first', 'quarter', 'million'] 1469 1469 ['frank', 'billings', 'front'] 1470 1470 ['becca', 'followill', 'looking', 'podcast', 'talk', 'overrun', 'geismar', 'quantify'] 1471 1471 1472 1472 1473 1473 1474 1474 1475 1475 1476 1476 ['armstrong', 'quarters', 'would', 'available', 'right', 'forecasting', 'would', 'available'] 1477 1477 ['chappel', 'guidance', 'include', 'waiver', 'three', 'quarters', 'actual', 'payment', 'would', 'extend', 'early', 'guidance', 'model', 'however', 'commitment', 'million', 'quarters', 'target', 'coverage', 'ratio', 'model', 'direct', 'waiver', 'beyond', 'three', 'quarters', 'though', 'mention', 'quarters', 'potentially'] 1478 1478 1479 1479 1480 1480 1481 1481 ['chappel', 'guidance', 'disclosure', 'project', 'beyond', 'guidance', 'project'] 1482 1482 ['kirst', 'lastly', 'could', 'clarify', 'appreciate', 'extra', 'information', 'gulfstar', 'respect', 'guidance', 'possible', 'clarify', 'maybe', 'gulfstar', 'major', 'project', 'possible', 'clarify', 'reduction', 'segment', 'guidance', 'understanding', 'segment', 'collective', 'shift', 'service', 'date'] 1483 1483 1484 1484 ['kirst', 'great', 'thanks', 'appreciate', 'clarification'] 1485 1485 ['operator', 'selman', 'akyol', 'stifel', 'nicolaus'] 1486 1486 ['selman', 'akyol', 'analyst', 'stifel', 'nicolaus', 'thank', 'morning', 'question', 'ask', 'terms', 'geismar', 'turnaround', 'schedule', 'quarter'] 1487 1487 ['randy', 'newcomer', 'acting', 'petchem', 'services', 'williams', 'company', 'randy', 'newcomer', 'right', 'planning', 'finishing', 'detail', 'planning', 'around', 'turnaround', 'integration', 'expansion', 'happen', 'expansion', 'happen', 'turnaround', 'right', 'anticipate', 'bringing', 'plant', 'maintenance', 'expansion', 'latter', 'august', 'third', 'quarter', 'event'] 1488 1488 1489 1489 1490 1490 1491 1491 ['randy', 'newcomer', 'couple', 'things', 'recall', 'price', 'propane', 'considerably', 'first', 'quarter', 'propane', 'actually', 'prefer', 'feedstock', 'heavy', 'make', 'ethylene', 'make', 'propylene', 'actually', 'higher', 'profitability', 'reduction', 'volume', 'first', 'quarter', 'though', 'current', 'issue', 'furnace', 'short', 'quarter', 'since', 'resolve'] 1492 1492 ['selman', 'akyol', 'right', 'thanks', 'industry', 'question', 'hearing', 'ethane', 'rejection', 'running', '175,000', 'barrels', 'correct', 'number', 'could', 'higher'] 1493 1493 ['armstrong', 'would', 'vantage', 'point', 'area', 'would', 'probably', 'ethane', 'position', 'recover', 'today', 'obviously', 'include', 'ethane', 'reject', 'northeast', 'would', 'considerably', 'larger', 'think', 'anybody', 'really', 'counting', 'market', 'previously', 'think', 'looking', 'track', 'propane', 'volume', 'track', 'relative', 'ethane', 'volume', 'pretty', 'though', 'people', 'reject', 'ethane', 'aware', 'lower', 'propane', 'recovery', 'little', 'think', 'indicator', 'would', 'vantage', 'point', 'probably', 'might', 'little', 'north', 'probably', 'pretty', 'close', 'estimation'] 1494 1494 ['selman', 'akyol', 'right', 'finally', 'clarification', 'purpose', 'talk', 'forecast', 'base', 'ethane', 'rejection', 'level', 'going', 'forward', 'several', 'years', 'decline', 'forecast'] 1495 1495 ['armstrong', 'really', 'estimate', 'basically', 'looking', 'plant', 'economics', 'variable', 'economics', 'determine', 'going', 'obviously', 'determine', 'whole', 'market', 'mention', 'earlier', 'think', 'contract', 'structure', 'might', 'percent', 'liquid', 'contract', 'producer', 'might', 'sorry', 'processor', 'might', 'drive', 'economically', 'continue', 'recover', 'shrink', 'obligation', 'variable', 'decision', 'lower', 'lower', 'going', 'transportation', 'fractionation', 'anyway', 'therefore', 'ethane', 'think', 'driving', 'decision', 'decision', 'basically', 'forecasting', 'rejection', 'plant', 'throughout', 'period', 'earlier', 'assure', 'period', 'little', 'margin', 'advantage', 'model', 'right', 'rejection'] 1496 1496 ['selman', 'akyol', 'right', 'thank'] 1497 1497 ['operator', 'helen', 'barclays'] 1498 1498 ['helen', 'analyst', 'barclays', 'capital', 'morning', 'actually', 'question', 'answer', 'accept', 'rejection', 'whole', 'contract', 'processing', 'plant', 'contract', 'recover', 'ethane', 'volume', 'could', 'methane', 'price', 'negative', 'spread'] 1499 1499 1500 1500 1501 1501 1502 1502 1503 1503 ['armstrong'] 1504 1504 1505 1505 1506 1506 1507 1507 ['armstrong', 'finish', 'answer', 'question', 'things', 'specific', 'question', 'large', 'volume', 'reduction', 'probably', 'around', 'laurel', 'mountain', 'midstream', 'basically', 'forecast', 'given', 'system', 'point', 'really', 'anticipation', 'chevron', 'switching', 'drilling', 'program', 'wetter', 'area', 'years', 'pull', 'volume', 'pull', 'capital', 'decision', 'reduce', 'capital', 'associate', 'volume', 'growth'] 1508 1508 1509 1509 ['helen', 'helpful', 'thank'] 1510 1510 ['armstrong', 'armstrong', 'ahead', 'close', 'thank', 'continue', 'interest', 'company', 'remain', 'excite', 'environment', 'infrastructure', 'requirement', 'build', 'resource', 'north', 'america', 'lucky', 'position', 'location', 'major', 'player', 'provide', 'infrastructure', 'excite', 'growth', 'trajectory', 'flash', 'growth', 'growth', 'trajectory', 'going', 'major', 'investment', 'making', 'thank', 'joining', 'forward', 'seeing'] 1511 1511 ['operator', 'conclude', 'today', 'teleconference', 'thank', 'participation'] 1512 1512 1513 1513 1514 1514 1515 1516 1516 [] 1517 1518 1518 ['language', 'english'] 1519 1520 1520 1521 1522 1522 ['publication', 'transcript'] 1523 1524 1524 ['copyright'] 1525 1525 ['right', 'reserve'] 1526 1527 1527 ['copyright'] 1528 1529 1529 ['return'] 1530 1531 1531 ['focus', 'document'] 1532 1533 1534 1534 ['disclosure'] 1535 1536 1536 1537 1538 1538 ['williams', 'company', 'williams', 'partner', 'raymond', 'james', 'institutional', 'investor', 'conference', 'final'] 1539 1540 1540 1541 1542 1542 ['corporate', 'participant'] 1543 1543 1544 1544 ['williams', 'company'] 1545 1545 1546 1546 1547 1547 1548 1548 1549 1549 1550 1550 ['really', 'company', 'introduction', 'premier', 'midstream', 'company', 'industry', 'leading', 'dividend', 'growth', 'backlog', 'believe', 'billion', 'project', 'three', 'years', 'tangible', 'amount', 'visibility', 'going', 'growth', 'going'] 1551 1551 1552 1552 1553 1553 1554 1554 1555 1555 ['certainly', 'early', 'innings', 'shale', 'shale', 'development', 'great', 'visibility', 'enormous', 'amount', 'growth', 'contracting', 'typically', 'service', 'earnings', 'really', 'strong', 'earnings', 'growth', 'base', 'business', 'contract', 'several', 'years'] 1556 1556 ['great', 'visibility', 'growth', 'great', 'backlog', 'sign', 'business', 'business', 'proposal', 'stage', 'business', 'given', 'position', 'market'] 1557 1557 ['little', 'really', 'pretty', 'footprint', 'country', 'probably', 'prominent', 'interstate', 'natural', 'pipeline', 'large', 'transco', 'move', 'mexico', 'northeast', 'move', 'northeast', 'atlantic'] 1558 1558 ['really', 'become', 'bidirectional', 'big', 'pipeline', 'system', 'country', 'pipeline', 'system', 'really', 'major', 'pipeline', 'system', 'appalachian', 'mountain', 'give', 'advantage', 'terms', 'business', 'along', 'heavily', 'populate', 'eastern', 'seaboard'] 1559 1559 ['transco', 'undergo', 'pretty', 'large', 'array', 'expansion', 'provide', 'service', 'power', 'company', 'repowering', 'plant', 'building', 'plant', 'nuclear', 'plant', 'serve', 'growing', 'petchem', 'demand', 'steel', 'demand', 'manufacturing', 'demand', 'normal', 'growth', 'residential', 'commercial', 'business', 'tremendous', 'amount', 'growth', 'around', 'transco', 'system', 'demand', 'payment', 'contract', 'structure', 'contract'] 1560 1560 ['florida', 'stream', 'pipeline', 'interest', 'pipeline', 'grow', 'serve', 'growing', 'market', 'expand', 'times', 'several', 'years', 'looking', 'another', 'potential', 'large', 'scale', 'expansion'] 1561 1561 ['northwest', 'northwest', 'pipeline', 'system', 'source', 'basin', 'rocky', 'mountain', 'canada', 'move', 'prime', 'northwest', 'market'] 1562 1562 ['comprise', 'interstate', 'pipeline', 'business', 'large', 'rapidly', 'growing', 'midstream', 'business', 'little', 'hard', 'major', 'position', 'mexico', 'onshore', 'offshore', 'major', 'position', 'rockies', 'basin', 'position', 'canada', 'sands', 'processing', 'upgraders', 'large', 'relatively', 'position', 'marcellus', 'beginning', 'business', 'utica'] 1563 1563 ['finally', 'investment', 'access', 'midstream', 'partner', 'month', 'december', 'buy', 'interest', 'general', 'partner', 'include', 'unit', 'expose', 'additional', 'growth', 'opportunity', 'access', 'portfolio', 'premier', 'basin', 'include', 'marcellus', 'utica', 'haynesville', 'barnett', 'position', 'continent', 'niobrara', 'portfolio', 'seeing', 'opportunity', 'producer', 'market', 'customer', 'continue', 'parade', 'growth'] 1564 1564 1565 1565 ['williams', 'control', 'interest', 'williams', 'partner', 'large', 'scale', 'williams', 'partner', 'growth', 'distribution', 'offer', 'market', 'continue', 'growth', 'several', 'years', 'compel', 'excuse', 'growth', 'distribution', 'dividend', 'really', 'propel', 'strong', 'fundamentals', 'project', 'mention', 'either', 'backlog', 'extend', 'growth', 'beyond', 'project'] 1566 1566 ['enjoy', 'coverage', 'ratio', 'coverage', 'ratio', 'seeing', 'price', 'reduce', 'forecasting', 'coverage', 'ratio', 'times', 'distribution', 'fall', 'short', 'million', 'couple', 'strong', 'years', 'times', 'coverage', 'expect', 'coverage', 'speed', 'something', 'manage'] 1567 1567 1568 1568 1569 1569 ['might', 'moment', 'couple', 'commodity', 'concern', 'ethane', 'ethane', 'pretty', 'demand', 'excess', 'supply', 'cracker', 'online', 'looking', 'slide', 'anyone', 'website', 'slide', 'number', 'seven', 'illustrate', 'strength', 'geismar', 'natural', 'ethane', 'hedge'] 1570 1570 ['slide', 'ethane', 'margin', 'ethylene', 'margin', 'diamond', 'guidance', 'forecasting', 'ethane', 'spread', 'equate', 'million', 'margin', 'ethane', 'spread', 'would', 'million', 'margin', 'thing', 'given', 'scale', 'williams'] 1571 1571 ['ethane', 'cheap', 'expand', 'fraction', 'really', 'gross', 'margin', 'include', 'ethylene', 'margin', 'hold', 'ethylene', 'constant', 'change', 'price', 'ethane', 'ethane', 'margin', 'diminish', 'ethylene', 'margin', 'expand', 'actually', 'negative', 'ethane', 'margin', 'possible', 'actually', 'first', 'quarter', 'actually', 'money'] 1572 1572 1573 1573 1574 1574 1575 1575 1576 1576 1577 1577 1578 1578 1579 1579 1580 1580 1581 1581 ['box', 'susquehanna', 'supply', 'business', 'start', 'expect', 'three', 'takeaway', 'capacity', 'volume', 'aggressively', 'growing', 'continuous', 'expansion', 'customer', 'need', 'susquehanna', 'county', 'position', 'need', 'wells', 'amaze', 'wells', 'things', 'going', 'quite'] 1582 1582 1583 1583 1584 1584 1585 1585 1586 1586 1587 1587 ['working', 'pipeline', 'solution', 'bring', 'northeast', 'marcellus', 'utica', 'coast', 'sanction', 'project', 'working', 'reality', 'investment', 'provide', 'better', 'drilling', 'economics', 'producer', 'marcellus', 'utica', 'drilling', 'accelerate', 'extend', 'period'] 1588 1588 1589 1589 ['major', 'investment', 'position', 'marcellus', 'utica'] 1590 1590 1591 1591 ['canada', 'moment', 'oftentimes', 'canadian', 'investment', 'business', 'overlook', 'spend', 'couple', 'minutes', 'sands', 'upgraders', 'produce', 'olefin', 'superheat', 'bitumen', 'crack', 'molecule', 'case', 'create', 'propylene', 'ethylene', 'typically', 'boiler', 'burning', 'valuable', 'product', 'release', 'excess', 'emission'] 1592 1592 ['years', 'sign', 'agreement', 'suncor', 'stream', 'extract', 'olefin', 'return', 'clean', 'methane', 'sign', 'contract', 'suncor', 'announce', 'overall', 'reduction', 'emission', 'facility', 'facility', 'emission', 'receive', 'praise', 'government', 'alberta', 'canada', 'environmental', 'group'] 1593 1593 ['since', 'build', 'pipeline', '260-mile', 'pipeline', 'mcmurray', 'redwater', 'fractionator', 'complex', 'handle', 'liquid', 'expand', 'complex', 'since', 'sign', 'agreement', 'supply', 'ethane', 'floor', 'price', 'commodity', 'price', 'upside', 'interest', 'taking', 'ethane', 'produce', 'earlier', 'announce', 'guess', 'announce', 'process', 'building', 'facility', 'process', 'finally', 'target', 'syncrude', 'discussion', 'syncrude', 'process'] 1594 1594 1595 1595 ['ethane', 'facility', 'selling', 'green', 'would', 'represent', 'remain', 'business', 'syncrude', 'contract', 'little', 'green', 'capture', 'within', 'couple', 'years'] 1596 1596 ['remainder', 'primarily', 'syncrude', 'think', 'economics', 'compel', 'environmental', 'benefit', 'compel', 'expect', 'business', 'taking', 'little', 'develop'] 1597 1597 ['yellow', 'slide', 'announce', 'expansion', 'upgraders', 'would', 'delight', '80,000', 'barrels', 'exist', 'business', 'think', 'longer', 'plenty', 'opportunity', 'company', 'provide', 'service', 'barrier', 'entry', 'pretty', 'think', 'really', 'business'] 1598 1598 1599 1599 1600 1600 ['service', 'second', 'quarter', 'really', 'first', 'really', 'anything', 'couple', 'years', 'carry', 'really', 'saying', 'driving', 'beyond', 'transco', 'project', 'leidy', 'southeast', 'million', 'going', 'service', 'really', 'driving', 'plenty', 'things', 'going', 'drive', 'growth'] 1601 1601 ['project', 'gulfstar', 'floating', 'production', 'system', 'deepwater', 'mexico', 'really', 'serving', 'discovery', 'coming', 'interest', 'marabini', 'announce', 'month', 'billion', 'capital', 'project', 'developing'] 1602 1602 ['marabini', 'investor', 'share', 'million', 'service', 'second', 'quarter', 'first'] 1603 1603 ['number', 'miscellaneous', 'pipeline', 'petchem', 'relate', 'project', 'pipeline', 'storage', 'facility', 'around', 'coast', 'petchem', 'facility', 'petchem', 'product', 'propylene', 'ethylene', 'petchem', 'facility', 'derivative', 'plant', 'think', 'base', 'business', 'base', 'additional', 'investment', 'making', 'service'] 1604 1604 1605 1605 ['larger', 'project', 'investing', 'project', 'really', 'service', 'really', 'flow', 'visibility', 'growth'] 1606 1606 1607 1607 1608 1608 ['chesapeake', 'need', 'interest', 'chesapeake', 'prepare', 'remain', 'interest', 'access', 'public', 'company', 'williams', 'participate', 'transaction', 'auction', 'negotiation', 'chesapeake', 'interest', 'williams', 'strategic', 'service', 'provider', 'knowing', 'relationship', 'want', 'company', 'going', 'provide', 'service', 'large', 'scale', 'reliable', 'williams', 'align', 'access', 'balance', 'investment'] 1609 1609 1610 1610 1611 1611 1612 1612 1613 1613 ['coverage', 'think', 'help', 'secure', 'growth', 'provide', 'upside', 'reinvestment', 'excess', 'base', 'project'] 1614 1614 ['think', 'excite', 'opportunity', 'front', 'fundamentals', 'could', 'better', 'close'] 1615 1615 1616 1616 ['depth', 'breadth', 'investment', 'grade', 'intention', 'remain', 'investment', 'grade', 'current', 'level', 'operate', 'great', 'visibility', 'growth', 'growth', 'beyond', 'think', 'dividend', 'distribution', 'growth', 'class'] 1617 1617 ['would', 'close', 'question', 'breakout', 'session', 'minutes'] 1618 1618 ['question', 'answer'] 1619 1619 ['kevin', 'smith', 'question', 'audience', 'question', 'natural', 'inflation', 'thing', 'always', 'try', 'figure', 'might', 'perspective', 'inaudible', 'customer', 'coming', 'outlook'] 1620 1620 ['chappel', 'question', 'anyone', 'could', 'anyone', 'phone', 'development', 'marcellus', 'customer', 'would', 'mix', 'would', 'area', 'couple', 'years', 'cool', 'tend', 'drier', 'area', 'result', 'quite', 'powerful', 'area', 'susquehanna', 'county', 'however', 'seeing', 'tremendous', 'result', 'tremendous', 'growth'] 1621 1621 ['growing', 'rapidly', 'would', 'laurel', 'mountain', 'economics', 'quite', 'strong', 'susquehanna', 'county', 'behind', 'infrastructure', 'think', 'drilling', 'activity', 'slow', 'still', 'growing', 'slow', 'growth', 'previously', 'think', 'catch', 'point', 'drilling', 'wells', 'capital', 'strand', 'wells', 'connect', 'market'] 1622 1622 1623 1623 ['nonetheless', 'development', 'development', 'utica', 'marcellus', 'little', 'mix', 'depend', 'wells', 'wetter', 'area', 'move', 'build'] 1624 1624 1625 1625 ['chappel', 'thank'] 1626 1626 ['thomson', 'financial', 'reserves', 'right', 'change', 'document', 'content', 'information', 'without', 'obligation', 'notify', 'person', 'change'] 1627 1627 ['conference', 'call', 'event', 'transcript', 'base', 'company', 'projection', 'forward', 'looking', 'statement', 'regard', 'variety', 'item', 'forward', 'looking', 'statement', 'base', 'current', 'expectation', 'involve', 'risk', 'uncertainty', 'actual', 'result', 'differ', 'materially', 'state', 'forward', 'looking', 'statement', 'base', 'number', 'important', 'factor', 'risk', 'specifically', 'identify', 'company', 'recent', 'filing', 'although', 'company', 'indicate', 'believe', 'assumption', 'underlie', 'forward', 'looking', 'statement', 'reasonable', 'assumption', 'could', 'prove', 'inaccurate', 'incorrect', 'therefore', 'assurance', 'result', 'contemplate', 'forward', 'looking', 'statement', 'realize'] 1628 1628 ['information', 'contain', 'event', 'transcript', 'textual', 'representation', 'applicable', 'company', 'conference', 'effort', 'provide', 'accurate', 'transcription', 'material', 'error', 'omission', 'inaccuracy', 'reporting', 'substance', 'conference', 'call', 'thomson', 'financial', 'applicable', 'company', 'applicable', 'company', 'assume', 'responsibility', 'investment', 'decision', 'base', 'information', 'provide', 'event', 'transcript', 'user', 'advise', 'review', 'applicable', 'company', 'conference', 'applicable', 'company', 'filing', 'making', 'investment', 'decision'] 1629 1630 1630 1631 1632 1632 1633 1634 1634 1635 1636 1636 1637 1638 1638 1639 1639 1640 1641 1641 1642
def clean_text(text):
tokenized_text = word_tokenize(text.lower())
cleaned_text = [t for t in tokenized_text if t not in STOPWORDS and re.match(r'[a-zA-Z\-][a-zA-Z\-]{2,}', t)]
return cleaned_text
# For gensim we need to tokenize the data and filter out stopwords
#tokenized_data = text_data
tokenized_data = []
for text in data_text:
tokenized_data.append(clean_text(text))
# Build a Dictionary - association word to numeric id
dictionary = corpora.Dictionary(tokenized_data)
# Transform the collection of texts to a numerical form
corpus = [dictionary.doc2bow(text) for text in tokenized_data]
import pickle
pickle.dump(corpus, open('corpus.pkl', 'wb'))
dictionary.save('dictionary.gensim')
import gensim
NUM_TOPICS = 5
ldamodel = gensim.models.ldamodel.LdaModel(corpus, num_topics = NUM_TOPICS, id2word=dictionary, passes=15)
ldamodel.save('model5.gensim')
topics = ldamodel.print_topics(num_words=4)
for topic in topics:
print(topic)
tokenized_data
[['download', 'request', 'tagged', 'documents', 'time', 'request', 'wednesday', 'may', 'send', 'university', 'liverpool', 'sydney', 'jones', 'library', 'box', 'terms', 'aflac', 'inc', 'source', 'fair', 'disclosure', 'wire', 'project', 'results', 'aflac', 'incorporated', 'earnings', 'conference', 'call', 'final', 'fair', 'disclosure', 'wire', 'february', 'wednesday', 'words', 'aflac', 'incorporated', 'goldman', 'sachs', 'financial', 'services', 'conference', 'final', 'fair', 'disclosure', 'wire', 'december', 'tuesday', 'words', 'aflac', 'incorporated', 'earnings', 'conference', 'call', 'final', 'fair', 'disclosure', 'wire', 'october', 'wednesday', 'words', 'aflac', 'incorporated', 'kbw', 'insurance', 'conference', 'final', 'fair', 'disclosure', 'wire', 'september', 'thursday', 'words', 'aflac', 'incorporated', 'raymond', 'james', 'european', 'investors', 'north', 'american', 'equities', 'conference', 'final', 'fair', 'disclosure', 'wire', 'september', 'tuesday', 'words', 'aflac', 'incorporated', 'scotiabank', 'financials', 'summit', 'final', 'fair', 'disclosure', 'wire', 'september', 'thursday', 'words', 'aflac', 'incorporated', 'earnings', 'conference', 'call', 'final', 'fair', 'disclosure', 'wire', 'july', 'wednesday', 'words', 'aflac', 'incorporated', 'investor', 'conference', 'final', 'fair', 'disclosure', 'wire', 'may', 'wednesday', 'words', 'aflac', 'incorporated', 'earnings', 'conference', 'call', 'final', 'fair', 'disclosure', 'wire', 'april', 'thursday', 'words', 'aflac', 'incorporated', 'jpmorgan', 'insurance', 'conference', 'final', 'fair', 'disclosure', 'wire', 'march', 'thursday', 'words', 'aflac', 'incorporated', 'citi', 'financial', 'services', 'conference', 'final', 'fair', 'disclosure', 'wire', 'march', 'wednesday', 'words', 'aflac', 'incorporated', 'raymond', 'james', 'institutional', 'investors', 'conference', 'final', 'fair', 'disclosure', 'wire', 'march', 'monday', 'words', 'aflac', 'incorporated', 'bank', 'america', 'merrill', 'lynch', 'insurance', 'conference', 'final', 'fair', 'disclosure', 'wire', 'february', 'thursday', 'words', 'return', 'list', 'focus', 'documents', 'fair', 'disclosure', 'wire', 'february', 'wednesday', 'aflac', 'incorporated', 'earnings', 'conference', 'call', 'final', 'length', 'words', 'corporate', 'participants', 'robin', 'wilkey', 'aflac', 'inc', 'svp', 'investor', 'rating', 'agency', 'relations', 'dan', 'amos', 'aflac', 'inc', 'chairman', 'ceo', 'paul', 'amos', 'aflac', 'inc', 'president', 'aflac', 'eric', 'kirsch', 'aflac', 'inc', 'evp', 'global', 'cio', 'ken', 'janke', 'aflac', 'inc', 'president', 'aflac', 'evp', 'deputy', 'cfo', 'teresa', 'white', 'aflac', 'inc', 'evp', 'coo', 'aflac', 'columbus', 'kriss', 'cloninger', 'aflac', 'inc', 'president', 'cfo', 'conference', 'call', 'participants', 'chris', 'giovanni', 'goldman', 'sachs', 'analyst', 'yaron', 'kinar', 'deutsche', 'bank', 'analyst', 'jimmy', 'bhullar', 'jpmorgan', 'chase', 'analyst', 'john', 'nadel', 'sterne', 'agee', 'leach', 'inc.', 'analyst', 'steven', 'schwartz', 'raymond', 'james', 'associates', 'analyst', 'tom', 'gallagher', 'credit', 'suisse', 'analyst', 'presentation', 'operator', 'welcome', 'aflac', 'fourth-quarter', 'earnings', 'conference', 'call', 'operator', 'instructions', 'please', 'advised', 'today', 'conference', 'recorded', 'would', 'like', 'turn', 'call', 'miss', 'robin', 'wilkey', 'senior', 'vice', 'president', 'aflac', 'investor', 'rating', 'agency', 'relations', 'robin', 'wilkey', 'svp', 'investor', 'rating', 'agency', 'relations', 'aflac', 'inc', 'good', 'morning', 'everyone', 'welcome', 'fourth-quarter', 'conference', 'call', 'joining', 'morning', 'dan', 'amos', 'chairman', 'ceo', 'kriss', 'cloninger', 'president', 'cfo', 'ken', 'janke', 'president', 'aflac', 'executive', 'vice', 'president', 'deputy', 'cfo', 'aflac', 'incorporated', 'eric', 'kirsch', 'executive', 'vice', 'president', 'global', 'chief', 'investment', 'officer', 'also', 'joining', 'today', 'tokyo', 'paul', 'amos', 'president', 'aflac', 'tohru', 'tonoike', 'president', 'coo', 'aflac', 'japan', 'get', 'started', 'let', 'remind', 'statements', 'teleconference', 'forward-looking', 'within', 'meaning', 'federal', 'securities', 'laws', 'although', 'believe', 'statements', 'reasonable', 'give', 'assurance', 'prove', 'accurate', 'perspective', 'nature', 'actual', 'results', 'could', 'differ', 'materially', 'discuss', 'today', 'encourage', 'look', 'quarterly', 'release', 'various', 'risk', 'factors', 'could', 'material', 'impact', 'results', 'turn', 'program', 'dan', 'begin', 'morning', 'comments', 'quarter', 'year', 'well', 'operations', 'japan', 'follow', 'financial', 'highlights', 'quarter', 'year', 'taking', 'questions', 'dan', 'dan', 'amos', 'chairman', 'ceo', 'aflac', 'inc', 'thank', 'robin', 'good', 'morning', 'pleased', 'met', 'many', 'cases', 'exceeded', 'financial', 'targets', 'quarter', 'year', 'let', 'begin', 'today', 'update', 'aflac', 'japan', 'largest', 'earnings', 'contributor', 'pretax', 'earnings', 'yen', 'quarter', 'year', 'reflecting', 'stronger', 'dollar', 'sales', 'third', 'sector', 'products', 'quarter', 'year', 'third', 'sector', 'sales', 'increased', 'high', 'end', 'annual', 'sales', 'target', 'flat', 'increase', 'third', 'sector', 'sales', 'largely', 'reflects', 'favorable', 'response', 'newest', 'ever', 'medical', 'product', 'introduced', 'august', 'innovative', 'advertising', 'promotions', 'product', 'anticipated', 'largest', 'medical', 'policy', 'proven', 'especially', 'popular', 'consumers', 'given', 'underpenetration', 'demographic', 'especially', 'pleased', 'efforts', 'appeal', 'consumers', 'yielded', 'positive', 'results', 'consistent', 'expectation', 'japan', 'new', 'annualized', 'premium', 'sales', 'fourth', 'quarter', 'declined', 'quarter', 'year', 'results', 'largely', 'attributable', 'significant', 'decline', 'sale', 'ways', 'product', 'following', 'repricing', 'first', 'sector', 'products', 'april', 'reflecting', 'expansion', 'distribution', 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'compensation', 'market', 'incentive', 'encourage', 'specific', 'activity', 'sales', 'segment', 'additionally', 'continuing', 'focus', 'brokers', 'regional', 'national', 'level', 'give', 'better', 'access', 'mid-', 'large', 'markets', 'already', 'represent', 'benefit', 'administration', 'platforms', 'sometimes', 'referred', 'exchanges', 'various', 'brokers', 'believe', 'good', 'year', 'broker', 'sales', 'continue', 'push', 'segment', 'distribution', 'finally', 'continue', 'seek', 'opportunities', 'leverage', 'strong', 'brand', 'relevant', 'product', 'portfolio', 'evolving', 'healthcare', 'environment', 'facets', 'economy', 'shown', 'signs', 'improvement', 'continue', 'see', 'challenging', 'economic', 'environment', 'many', 'small', 'employers', 'still', 'guarded', 'respect', 'business', 'outlook', 'including', 'hiring', 'plans', 'impact', 'universe', 'potential', 'policy', 'holders', 'access', 'taking', 'account', 'strategic', 'initiatives', 'designed', 'empower', 'sales', 'force', 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'rbc', 'capital', 'markets', 'analyst', 'sumant', 'kulkarni', 'bofa', 'merrill', 'lynch', 'analyst', 'gary', 'nachman', 'goldman', 'sachs', 'analyst', 'jason', 'gerberry', 'leerink', 'partners', 'analyst', 'david', 'amsellem', 'piper', 'jaffray', 'analyst', 'david', 'steinberg', 'jefferies', 'analyst', 'raj', 'denhoy', 'william', 'blair', 'company', 'analyst', 'tim', 'chiang', 'crt', 'capital', 'group', 'analyst', 'matthew', 'hewitt', 'craig-hallum', 'capital', 'group', 'analyst', 'austin', 'nelson', 'sterne', 'agee', 'leach', 'analyst', 'louise', 'chen', 'guggenheim', 'securities', 'analyst', 'elliot', 'wilbur', 'needham', 'company', 'analyst', 'gregg', 'gilbert', 'deutsche', 'bank', 'analyst', 'presentation', 'operator', 'good', 'morning', 'thank', 'joining', 'akorn', 'incorporated', 'fourth-quarter', 'earnings', 'conference', 'call', 'operator', 'instructions', 'reminder', 'today', 'call', 'recorded', 'objections', 'may', 'disconnect', 'time', 'would', 'like', 'turn', 'call', 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'driven', 'acquisitions', 'included', 'hi-tech', 'versapharm', 'xopenex', 'inhalation', 'solution', 'seasonal', 'impact', 'higher', 'sales', 'cough', 'cold', 'products', 'acquired', 'hi-tech', 'also', 'reflected', 'fourth', 'quarter', 'sales', 'successful', 'resolution', 'back', 'orders', 'third', 'quarter', 'encountered', 'due', 'clobetasol', 'market', 'dynamics', 'in-transit', 'sales', 'third', 'quarter', 'importantly', 'achieved', 'strong', 'top', 'line', 'organic', 'growth', 'base', 'akorn', 'business', 'fourth', 'quarter', 'reflecting', 'continued', 'strength', 'core', 'portfolio', 'active', 'productive', 'year', 'company', 'would', 'like', 'share', 'key', 'accomplishments', 'first', 'successfully', 'launched', 'branded', 'ophthalmic', 'commercial', 'platform', 'following', 'acquisition', 'several', 'branded', 'products', 'merck', 'santen', 'next', 'successfully', 'completed', 'transformative', 'hi-tech', 'versapharm', 'acquisitions', 'together', 'deals', 'transformed', 'akorn', 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'loan', 'portfolio', 'grew', 'larger', 'loan', 'balances', 'grew', 'result', 'march', 'portfolio', 'mix', 'consisted', 'small', 'larger', 'loans', 'compared', 'mix', 'small', 'larger', 'loans', 'end', 'previous', 'fiscal', 'year', 'sales', 'finance', 'loans', 'remained', 'change', 'mix', 'necessarily', 'planned', 'occurs', 'many', 'customers', 'demonstrate', 'excellent', 'payment', 'histories', 'allowing', 'qualify', 'higher', 'balance', 'loan', 'especially', 'true', 'texas', 'larger', 'loan', 'program', 'first', 'introduced', 'end', 'prior', 'fiscal', 'year', 'shift', 'result', 'reduction', 'loan', 'yields', 'believe', 'fundamental', 'change', 'business', 'remains', 'great', 'deal', 'demand', 'smaller', 'loan', 'products', 'additionally', 'strengthening', 'value', 'dollar', 'mexican', 'peso', 'impact', 'overall', 'growth', 'loan', 'balances', 'exchange', 'rate', 'remain', 'constant', 'throughout', 'overall', 'growth', 'would', 'instead', 'quarter', 'acquisitions', 'continue', 'important', 'factor', 'overall', 'growth', 'strategy', 'company', 'make', 'significant', 'purchases', 'fiscal', 'numerous', 'smaller', 'purchases', 'amounting', 'accounts', 'million', 'loan', 'balances', 'accounts', 'spread', 'among', 'offices', 'two', 'represented', 'new', 'locations', 'comparison', 'purposes', 'fiscal', 'company', 'purchased', 'accounts', 'million', 'gross', 'loans', 'offices', 'six', 'came', 'new', 'locations', 'remained', 'track', 'planned', 'expansion', 'branch', 'network', 'current', 'fiscal', 'year', 'began', 'fiscal', 'offices', 'opened', 'merged', 'two', 'purchased', 'two', 'merged', 'one', 'giving', 'total', 'offices', 'march', 'offices', 'wisconsin', 'newest', 'state', 'offices', 'mexico', 'intend', 'open', 'one', 'additional', 'state', 'fiscal', 'well', 'expanding', 'states', 'states', 'mexico', 'total', 'revenue', 'current', 'quarter', 'amounted', 'million', 'increase', 'million', 'fourth', 'quarter', 'fiscal', 'fiscal', 'total', 'revenue', 'grew', 'million', 'compared', 'million', 'fiscal', 'corresponds', 'increases', 'average', 'net', 'loans', 'compare', 'two', 'quarterly', 'annual', 'periods', 'respectively', 'revenues', 'offices', 'opened', 'throughout', 'annual', 'periods', 'increased', 'somewhat', 'disappointed', 'results', 'tax', 'preparation', 'season', 'transition', 'toward', 'complete', 'disappearance', 'traditional', 'refund', 'anticipation', 'loan', 'product', 'continues', 'impact', 'marketplace', 'completed', 'approximately', 'number', 'returns', 'prior', 'fiscal', 'year', 'revenues', 'program', 'amounted', 'approximately', 'million', 'increase', 'million', 'earned', 'fiscal', 'expected', 'company', 'delinquencies', 'charge-offs', 'remained', 'stable', 'fourth', 'quarter', 'first', 'three', 'quarters', 'fiscal', 'year', 'spite', 'ongoing', 'difficult', 'economic', 'environment', 'accounts', 'plus', 'days', 'past', 'due', 'increased', 'recency', 'basis', 'contractual', 'basis', 'comparing', 'two', 'quarter-end', 'statistics', 'ratio', 'net', 'charge-offs', 'average', 'net', 'loans', 'decreased', 'annualized', 'basis', 'comparing', 'fourth', 'quarter', 'fiscal', 'fourth', 'quarter', 'row', 'stable', 'charge-off', 'ratios', 'remain', 'line', 'historical', 'levels', 'last', 'years', 'charge-off', 'ratios', 'fourth', 'fiscal', 'quarter', 'ranged', 'high', 'fiscal', 'low', 'fiscal', 'full', 'fiscal', 'year', 'net', 'charge-offs', 'average', 'net', 'loans', 'decreased', 'basis', 'points', 'fiscal', 'levels', 'company', 'remains', 'focused', 'controlling', 'operating', 'expenses', 'general', 'administrative', 'expenses', 'amounted', 'million', 'current', 'fiscal', 'quarter', 'increase', 'million', 'prior', 'year', 'quarter', 'primarily', 'result', 'net', 'new', 'offices', 'opened', 'past', 'months', 'percentage', 'revenues', 'increased', 'slightly', 'quarter', 'prior', 'year', 'fourth', 'quarter', 'fiscal', 'revenue', 'ratio', 'remained', 'leveled', 'ratio', 'per', 'average', 'opened', 'office', 'increased', 'comparing', 'two', 'fiscal', 'years', 'continue', 'pleased', 'progress', 'made', 'mexican', 'operations', 'offices', 'opened', 'march', 'offices', 'opened', 'one', 'closed', 'current', 'fiscal', 'year', 'approximately', 'accounts', 'approximately', 'million', 'gross', 'loans', 'outstanding', 'represents', 'increase', 'accounts', 'increase', 'ledger', 'trailing', 'months', 'past', 'months', 'strengthening', 'value', 'dollar', 'peso', 'growth', 'mexican', 'ledger', 'balance', 'would', 'constant', 'exchange', 'rate', 'environment', 'revenues', 'mexico', 'grew', 'dollars', 'mexican', 'pesos', 'comparing', 'two', 'fiscal', 'years', 'net', 'charge-offs', 'approximately', 'million', 'current', 'fiscal', 'year', 'average', 'net', 'loans', 'annualized', 'basis', 'slightly', 'less', 'ratio', 'fiscal', 'basically', 'delinquencies', 'recency', 'contractual', 'basis', 'respectively', 'subsidiary', 'growing', 'size', 'see', 'greatly', 'enhance', 'profits', 'going', 'forward', 'fiscal', 'excluding', 'inter-company', 'charge', 'tax', 'purposes', 'pre-tax', 'earnings', 'amounted', 'million', 'increase', 'million', 'pre-tax', 'earnings', 'fiscal', 'inaudible', 'continue', 'improve', 'grow', 'outstanding', 'receivables', 'existing', 'office', 'company', 'return', 'average', 'assets', 'return', 'average', ...]]
corpus[2]
[(0, 1), (1, 2), (2, 1), (3, 9), (4, 38), (5, 4), (6, 46), (7, 1), (8, 1), (9, 1), (10, 1), (11, 1), (12, 3), (13, 3), (14, 39), (16, 16), (17, 1), (18, 14), (19, 9), (20, 9), (21, 2), (22, 50), (24, 42), (25, 51), (26, 78), (27, 13), (28, 5), (29, 8), (30, 12), (31, 12), (32, 38), (33, 13), (34, 8), (35, 1), (36, 4), (39, 6), (40, 4), (44, 4), (45, 19), (46, 4), (51, 1), (52, 1), (53, 6), (54, 12), (55, 12), (59, 8), (60, 16), (61, 2), (62, 2), (63, 10), (64, 6), (65, 8), (66, 4), (67, 4), (68, 12), (78, 13), (80, 4), (83, 8), (84, 5), (89, 8), (98, 74), (101, 8), (104, 8), (105, 7), (110, 26), (111, 16), (116, 10), (117, 6), (118, 9), (119, 56), (120, 9), (121, 4), (122, 7), (123, 10), (124, 4), (125, 45), (126, 5), (127, 64), (128, 57), (129, 15), (133, 121), (135, 4), (137, 3), (138, 4), (139, 18), (140, 3), (141, 55), (146, 47), (147, 6), (148, 13), (150, 36), (152, 40), (153, 26), (154, 4), (156, 10), (158, 7), (159, 17), (160, 9), (161, 36), (162, 4), (163, 4), (164, 4), (165, 6), (166, 3), (167, 11), (168, 55), (169, 8), (170, 8), (171, 4), (173, 26), (174, 27), (175, 10), (176, 5), (177, 2), (178, 4), (179, 9), (180, 8), (182, 5), (183, 9), (184, 215), (185, 123), (186, 87), (187, 44), (188, 4), (189, 5), (190, 3), (191, 31), (192, 54), (193, 10), (195, 15), (196, 1), (197, 5), (199, 7), (200, 6), (204, 2), (205, 2), (206, 7), (207, 68), (208, 21), (210, 76), (211, 23), (212, 10), (213, 23), (214, 11), (217, 34), (221, 1), (222, 1), (223, 10), (225, 43), (226, 1), (227, 4), (228, 6), (231, 8), (233, 4), (234, 5), (237, 12), (240, 5), (243, 19), (244, 8), (245, 3), (246, 116), (248, 23), (249, 15), (250, 2), (252, 15), (253, 3), (254, 11), (255, 1), (256, 2), (258, 51), (259, 11), (260, 1), (262, 4), (263, 1), (265, 32), (266, 38), (269, 5), (270, 38), (272, 5), (273, 29), (274, 15), (275, 46), (276, 72), (277, 4), (278, 15), (279, 4), (280, 1), (281, 10), (282, 55), (283, 17), (284, 1), (286, 7), (287, 23), (288, 15), (289, 7), (290, 3), (291, 5), (292, 9), (293, 4), (294, 4), (295, 1), (296, 1), (297, 16), (298, 17), (299, 4), (301, 2), (303, 1), (304, 2), (305, 3), (306, 4), (307, 17), (308, 34), (312, 1), (313, 11), (318, 2), (319, 5), (320, 22), (321, 7), (323, 1), (324, 14), (325, 9), (326, 1), (328, 1), (329, 12), (330, 11), (331, 5), (332, 5), (333, 1), (334, 6), (335, 3), (337, 1), (338, 62), (339, 5), (340, 2), (342, 72), (343, 1), (344, 13), (345, 2), (346, 8), (347, 22), (348, 10), (349, 15), (351, 4), (353, 3), (354, 53), (355, 6), (357, 1), (358, 3), (359, 7), (360, 35), (361, 3), (362, 12), (363, 11), (364, 2), (366, 2), (368, 6), (369, 13), (370, 6), (371, 11), (372, 17), (373, 2), (374, 6), (375, 19), (376, 7), (377, 4), (378, 9), (380, 2), (381, 1), (383, 18), (384, 1), (386, 1), (390, 14), (391, 3), (397, 1), (402, 6), (404, 5), (406, 1), (408, 35), (410, 9), (411, 2), (412, 4), (413, 1), (414, 12), (417, 13), (418, 19), (420, 2), (421, 46), (422, 7), (423, 3), (430, 2), (431, 5), (432, 1), (433, 22), (434, 13), (436, 2), (437, 1), (439, 1), (441, 3), (444, 14), (445, 35), (446, 1), (447, 3), (448, 31), (450, 8), (451, 17), (453, 2), (455, 8), (460, 8), (461, 25), (462, 1), (464, 1), (466, 1), (467, 7), (470, 4), (471, 4), (472, 1), (473, 4), (474, 13), (475, 25), (476, 1), (479, 2), (480, 24), (481, 8), (482, 27), (483, 39), (484, 16), (485, 24), (486, 11), (488, 2), (493, 33), (494, 6), (495, 2), (497, 5), (498, 2), (499, 36), (500, 11), (501, 60), (504, 6), (505, 4), (507, 1), (508, 10), (510, 6), (511, 10), (512, 23), (514, 9), (515, 1), (519, 7), (520, 85), (521, 1), (522, 1), (524, 16), (525, 7), (526, 16), (527, 5), (528, 9), (529, 36), (532, 2), (534, 1), (538, 20), (539, 1), (540, 11), (541, 3), (542, 17), (545, 1), (548, 9), (549, 4), (550, 37), (551, 18), (554, 3), (556, 8), (557, 1), (558, 2), (559, 12), (561, 9), (564, 51), (565, 10), (566, 12), (567, 1), (569, 7), (571, 5), (572, 13), (574, 1), (576, 17), (577, 3), (579, 13), (580, 6), (581, 27), (582, 43), (583, 5), (584, 2), (585, 12), (588, 14), (591, 34), (592, 3), (594, 1), (595, 7), (596, 2), (597, 1), (598, 3), (599, 18), (600, 5), (602, 11), (604, 37), (605, 8), (606, 3), (607, 2), (609, 1), (611, 1), (613, 4), (615, 3), (617, 37), (618, 2), (619, 6), (621, 6), (622, 50), (623, 8), (624, 3), (625, 5), (627, 13), (628, 15), (629, 18), (630, 7), (631, 5), (632, 20), (637, 34), (638, 5), (639, 1), (641, 7), (642, 13), (644, 8), (645, 3), (646, 1), (647, 6), (648, 3), (649, 7), (650, 3), (651, 4), (652, 4), (653, 7), (654, 3), (655, 8), (656, 5), (657, 15), (658, 8), (659, 33), (661, 1), (663, 1), (664, 4), (665, 7), (667, 22), (668, 1), (669, 11), (671, 5), (672, 28), (673, 2), (675, 11), (676, 3), (678, 82), (679, 43), (680, 34), (681, 17), (683, 6), (684, 1), (685, 1), (688, 16), (689, 9), (693, 14), (695, 42), (696, 6), (697, 1), (699, 7), (701, 6), (703, 10), (706, 52), (708, 9), (709, 2), (710, 37), (712, 2), (714, 1), (715, 1), (716, 1), (717, 1), (718, 12), (719, 7), (721, 1), (725, 7), (731, 1), (732, 13), (733, 1), (734, 2), (738, 1), (740, 7), (742, 2), (745, 1), (746, 2), (748, 8), (749, 40), (752, 2), (754, 6), (755, 8), (757, 4), (758, 28), (763, 1), (764, 1), (765, 4), (766, 1), (767, 2), (771, 13), (772, 14), (774, 3), (775, 3), (779, 3), (780, 13), (781, 17), (784, 7), (785, 4), (786, 1), (787, 42), (788, 2), (789, 56), (790, 19), (791, 28), (794, 32), (795, 7), (796, 8), (797, 2), (798, 16), (799, 3), (801, 4), (802, 25), (803, 3), (805, 2), (806, 12), (807, 4), (808, 18), (810, 1), (811, 8), (814, 2), (815, 5), (816, 1), (818, 10), (822, 1), (823, 13), (824, 6), (825, 9), (827, 10), (830, 13), (833, 16), (834, 7), (835, 3), (836, 7), (839, 2), (840, 13), (841, 29), (842, 3), (846, 5), (847, 8), (849, 24), (853, 2), (854, 10), (856, 20), (859, 4), (861, 4), (864, 37), (866, 5), (867, 1), (868, 2), (869, 9), (870, 2), (871, 25), (872, 6), (873, 3), (874, 10), (877, 20), (879, 1), (880, 2), (881, 8), (882, 1), (883, 1), (886, 4), (887, 2), (888, 12), (889, 5), (891, 6), (892, 4), (896, 32), (897, 11), (898, 2), (899, 13), (901, 4), (902, 2), (903, 4), (907, 1), (910, 1), (914, 8), (917, 3), (920, 2), (922, 19), (923, 1), (924, 3), (928, 20), (932, 10), (933, 1), (934, 10), (937, 1), (938, 1), (939, 5), (942, 1), (943, 3), (944, 4), (947, 2), (953, 7), (955, 1), (956, 12), (959, 1), (964, 1), (970, 6), (971, 2), (972, 4), (978, 1), (979, 3), (985, 14), (988, 4), (989, 3), (991, 8), (994, 1), (995, 1), (998, 1), (1005, 21), (1006, 1), (1009, 1), (1010, 8), (1011, 1), (1013, 12), (1014, 3), (1015, 13), (1019, 1), (1021, 1), (1022, 1), (1024, 2), (1026, 1), (1027, 3), (1033, 2), (1035, 13), (1037, 7), (1039, 2), (1040, 2), (1043, 2), (1044, 7), (1048, 1), (1050, 3), (1054, 14), (1057, 22), (1060, 17), (1061, 4), (1062, 5), (1065, 1), (1066, 42), (1068, 1), (1069, 4), (1070, 4), (1076, 7), (1080, 17), (1081, 4), (1082, 1), (1084, 3), (1087, 5), (1088, 8), (1091, 2), (1095, 1), (1097, 2), (1098, 7), (1100, 2), (1101, 1), (1102, 5), (1103, 6), (1107, 2), (1108, 1), (1109, 1), (1110, 1), (1111, 2), (1113, 7), (1114, 6), (1115, 2), (1117, 3), (1118, 8), (1120, 6), (1123, 13), (1125, 4), (1128, 1), (1129, 1), (1131, 7), (1134, 4), (1137, 1), (1139, 8), (1141, 12), (1144, 23), (1152, 1), (1153, 17), (1159, 3), (1161, 2), (1164, 5), (1166, 2), (1171, 9), (1172, 1), (1173, 5), (1178, 8), (1180, 4), (1184, 2), (1185, 11), (1186, 2), (1188, 15), (1189, 4), (1190, 1), (1191, 9), (1192, 2), (1199, 2), (1204, 3), (1210, 10), (1211, 11), (1212, 2), (1214, 4), (1217, 4), (1218, 2), (1219, 9), (1221, 1), (1225, 3), (1228, 7), (1231, 11), (1235, 3), (1237, 11), (1250, 1), (1255, 2), (1256, 2), (1257, 6), (1260, 11), (1261, 1), (1263, 11), (1266, 14), (1268, 1), (1271, 5), (1272, 1), (1274, 6), (1275, 7), (1278, 2), (1284, 1), (1289, 9), (1290, 3), (1291, 13), (1292, 23), (1295, 8), (1297, 1), (1299, 1), (1300, 16), (1301, 1), (1302, 4), (1303, 1), (1304, 3), (1307, 42), (1308, 3), (1313, 12), (1314, 4), (1315, 2), (1316, 1), (1317, 19), (1318, 1), (1321, 5), (1325, 7), (1328, 6), (1332, 1), (1333, 3), (1334, 2), (1335, 2), (1336, 2), (1337, 15), (1352, 2), (1355, 1), (1356, 1), (1358, 8), (1359, 23), (1361, 1), (1362, 23), (1364, 3), (1366, 4), (1367, 8), (1368, 36), (1369, 8), (1370, 8), (1371, 4), (1372, 4), (1373, 13), (1374, 11), (1375, 4), (1376, 8), (1377, 4), (1378, 4), (1379, 8), (1380, 12), (1381, 7), (1382, 9), (1383, 4), (1384, 4), (1385, 4), (1386, 4), (1387, 4), (1388, 4), (1389, 4), (1390, 4), (1391, 4), (1392, 20), (1393, 12), (1394, 4), (1395, 4), (1396, 4), (1397, 4), (1398, 4), (1399, 4), (1400, 9), (1401, 4), (1402, 8), (1403, 5), (1404, 13), (1405, 6), (1406, 8), (1407, 4), (1408, 8), (1409, 4), (1410, 4), (1411, 8), (1412, 4), (1413, 4), (1414, 4), (1415, 4), (1419, 1), (1420, 10), (1424, 8), (1425, 1), (1426, 1), (1427, 4), (1428, 6), (1432, 2), (1433, 3), (1434, 3), (1436, 1), (1438, 1), (1440, 3), (1441, 63), (1442, 2), (1444, 1), (1446, 8), (1450, 2), (1452, 3), (1454, 87), (1459, 1), (1462, 4), (1466, 3), (1467, 6), (1469, 2), (1471, 1), (1472, 1), (1474, 3), (1475, 2), (1476, 6), (1477, 3), (1478, 2), (1479, 2), (1481, 1), (1482, 1), (1483, 2), (1487, 2), (1489, 1), (1499, 2), (1502, 3), (1506, 2), (1508, 5), (1511, 1), (1513, 8), (1520, 2), (1522, 69), (1523, 2), (1527, 1), (1532, 7), (1533, 5), (1538, 3), (1540, 1), (1542, 10), (1544, 17), (1546, 3), (1548, 4), (1550, 1), (1558, 1), (1559, 1), (1561, 1), (1563, 1), (1565, 2), (1568, 1), (1576, 13), (1577, 2), (1578, 13), (1579, 1), (1581, 2), (1585, 7), (1588, 1), (1590, 2), (1592, 2), (1599, 1), (1601, 2), (1605, 1), (1606, 1), (1607, 3), (1608, 2), (1613, 2), (1616, 4), (1617, 3), (1618, 5), (1619, 7), (1620, 20), (1621, 1), (1622, 9), (1629, 3), (1631, 1), (1632, 8), (1634, 1), (1640, 1), (1644, 2), (1646, 1), (1647, 3), (1656, 2), (1657, 2), (1658, 1), (1661, 3), (1665, 9), (1666, 12), (1669, 2), (1670, 2), (1671, 1), (1675, 1), (1676, 1), (1677, 3), (1678, 1), (1680, 4), (1684, 6), (1696, 15), (1697, 13), (1704, 1), (1705, 2), (1707, 9), (1708, 5), (1711, 1), (1717, 2), (1718, 2), (1719, 4), (1720, 10), (1721, 2), (1722, 9), (1724, 2), (1726, 3), (1730, 6), (1732, 2), (1733, 1), (1734, 3), (1736, 1), (1737, 4), (1738, 3), (1740, 2), (1741, 2), (1743, 4), (1748, 2), (1754, 1), (1756, 1), (1762, 14), (1769, 13), (1772, 6), (1774, 5), (1777, 9), (1778, 9), (1783, 3), (1786, 3), (1787, 22), (1790, 1), (1798, 2), (1799, 3), (1802, 3), (1805, 1), (1806, 1), (1808, 3), (1809, 1), (1810, 1), (1811, 1), (1812, 3), (1813, 1), (1821, 1), (1822, 3), (1825, 2), (1827, 1), (1828, 2), (1829, 6), (1837, 3), (1841, 5), (1844, 1), ...]
coy_name = coy[:-4]
['CVS_Health_Corp2014.txt', 'Commercial_Metals_Co2015.txt', 'Crocs_Inc2010.txt', 'FedEx_Corp2014.txt', 'HCP_Inc2009.txt', 'Haverty_Furniture_Cos_Inc2012.txt', 'Herman_Miller_Inc2014.txt', 'PTC_Inc2011.txt', 'Parkway_Properties_Inc2014.txt', 'Williams_Cos_Inc2013.txt']
### It works, I guess the trick is that it has to be unsees otherwise it prodces akward recusts.
for i in range(20):
new = open(mypath +[ rrr[i] for i in sorted(random.sample(range(len(rrr)), 1)) ][0]).read()
new = clean_text(new)
new = [dictionary.doc2bow(text) for text in [new]]
new = new[0]
print(lda[new])
[(0, 0.44310560776446495), (1, 0.11139815316297985), (2, 0.16310755806998817), (3, 0.24841433162842072), (4, 0.03397434937414625)] [(0, 0.4748064648821921), (1, 0.1897689032837501), (3, 0.2152143770969904), (4, 0.11329092420272754)] [(0, 0.10413031449442015), (1, 0.04244500944609349), (2, 0.11717611656494684), (3, 0.058538005543693164), (4, 0.6777105539508463)] [(0, 0.5463836353186571), (1, 0.2519063727403068), (2, 0.06836114712609116), (3, 0.10207696145312502), (4, 0.031271883361820095)] [(0, 0.489110908810286), (1, 0.02477749142492998), (2, 0.10625819142376305), (3, 0.16261633559675762), (4, 0.2172370727442633)] [(0, 0.45504398168762117), (1, 0.27068658381811506), (2, 0.046716310490513266), (3, 0.13050876482828933), (4, 0.0970443591754612)] [(0, 0.06175362639529743), (2, 0.6025566585940649), (3, 0.2963939426133277), (4, 0.0322423946294804)] [(0, 0.3390776764130162), (1, 0.30318954713462776), (2, 0.03887816942081292), (3, 0.13228533364009895), (4, 0.18656927339144408)] [(0, 0.500109458543355), (1, 0.025993125582849316), (2, 0.039240005762554014), (3, 0.4126223044869546), (4, 0.02203510562428712)] [(0, 0.47485541263515846), (1, 0.12259440612417837), (2, 0.2816017834285187), (3, 0.11152543846120072)] [(0, 0.09744798308818843), (1, 0.01721559235115504), (2, 0.7315151013189614), (3, 0.030336318134575865), (4, 0.12348500510711934)] [(0, 0.18232044108341774), (1, 0.02769075818777858), (2, 0.6028030594943303), (3, 0.06138182585263216), (4, 0.12580391538184119)] [(0, 0.2747267155927595), (1, 0.14036316782186004), (2, 0.05109081187126692), (3, 0.476313748816998), (4, 0.05750555589711546)] [(0, 0.21697272755840621), (1, 0.14858112686558544), (2, 0.01587754450724476), (3, 0.46465238784417084), (4, 0.15391621322459267)] [(0, 0.036148856549528915), (1, 0.03381602047335412), (2, 0.85513055718441), (3, 0.03502778952539175), (4, 0.039876776267315145)] [(0, 0.13630336280414568), (1, 0.03688834137600524), (2, 0.08042854628593787), (3, 0.6799424921175861), (4, 0.0664372574163252)] [(0, 0.32391351487575953), (1, 0.37861796436685585), (2, 0.021491132250595433), (3, 0.24942724223289756), (4, 0.02655014627389165)] [(0, 0.3215523257897883), (2, 0.4251400369213971), (3, 0.1613576112280996), (4, 0.08372476899324123)] [(0, 0.32392226099805677), (1, 0.1729222219153484), (2, 0.09571059637301443), (3, 0.28741322706758043), (4, 0.12003169364599992)] [(0, 0.3802062015776792), (1, 0.0506482815488107), (2, 0.12345681314717274), (3, 0.35551537046313464), (4, 0.0901733332632027)]
lda[new]
[(0, 0.49177199004794125), (1, 0.018533931331132018), (2, 0.025233131065649877), (3, 0.38149503923229255), (4, 0.08296590832298423)]
for (i, text),name in zip(enumerate(data_text),zulu):
coy_name = name[:-4]
print(lda[corpus[i]])
[(0, 0.9997358650857714)] [(0, 0.2390227018551707), (1, 0.023913057480220684), (4, 0.7320345413539593)] [(0, 0.9855569765224949), (3, 0.010441804317311166)] [(1, 0.09090045334832761), (3, 0.9089092575437265)] [(0, 0.12542344561431232), (3, 0.8712323760131088)] [(4, 0.9978956410048)] [(0, 0.4596472668232963), (3, 0.5378106936189836)] [(1, 0.2278511057635088), (3, 0.6455002177810389), (4, 0.12042732084518168)] [(2, 0.995613911839947)] [(4, 0.9988868898227267)]
lda[corpus[7]]
[(1, 0.22738786340937311), (3, 0.6452219986034642), (4, 0.12035639020024992)]
dictionary = gensim.corpora.Dictionary.load('dictionary.gensim')
corpus = pickle.load(open('corpus.pkl', 'rb'))
lda = gensim.models.ldamodel.LdaModel.load('model5.gensim')
import pyLDAvis.gensim
lda_display = pyLDAvis.gensim.prepare(lda, corpus, dictionary, sort_topics=False)
pyLDAvis.display(lda_display)
/Users/dereksnow/anaconda/envs/py36/lib/python3.6/site-packages/pyLDAvis-2.1.1-py3.6.egg/pyLDAvis/_prepare.py:387: DeprecationWarning: .ix is deprecated. Please use .loc for label based indexing or .iloc for positional indexing See the documentation here: http://pandas.pydata.org/pandas-docs/stable/indexing.html#ix-indexer-is-deprecated topic_term_dists = topic_term_dists.ix[topic_order]
corpus[30]
[(0, 1), (1, 2), (2, 1), (3, 13), (4, 59), (5, 2), (6, 75), (7, 1), (14, 76), (16, 8), (17, 2), (18, 19), (19, 14), (20, 13), (21, 8), (22, 47), (24, 46), (25, 44), (26, 81), (27, 18), (28, 4), (29, 13), (32, 24), (33, 2), (35, 2), (36, 12), (38, 12), (39, 3), (40, 8), (41, 12), (42, 12), (44, 1), (45, 4), (51, 18), (52, 6), (53, 12), (55, 7), (56, 5), (57, 4), (58, 2), (59, 1), (63, 10), (64, 6), (65, 31), (66, 6), (67, 7), (68, 12), (71, 14), (72, 4), (73, 1), (75, 5), (77, 9), (78, 20), (80, 3), (81, 228), (83, 20), (84, 3), (89, 18), (92, 12), (93, 3), (98, 82), (110, 59), (113, 22), (114, 67), (116, 14), (118, 10), (119, 58), (120, 1), (122, 5), (123, 5), (124, 6), (125, 41), (126, 4), (127, 112), (128, 87), (129, 30), (130, 5), (131, 4), (132, 3), (133, 145), (134, 45), (135, 17), (136, 2), (137, 1), (139, 24), (141, 62), (146, 84), (147, 6), (148, 13), (150, 30), (152, 36), (153, 31), (155, 2), (156, 10), (158, 7), (159, 38), (160, 7), (161, 32), (162, 6), (163, 6), (164, 7), (165, 22), (166, 7), (167, 13), (168, 31), (169, 10), (170, 13), (171, 6), (172, 4), (173, 53), (174, 4), (175, 20), (176, 10), (177, 15), (178, 16), (179, 11), (180, 21), (181, 9), (182, 29), (183, 38), (184, 255), (185, 309), (186, 105), (187, 6), (188, 6), (190, 21), (191, 29), (192, 61), (193, 2), (195, 9), (196, 3), (198, 6), (199, 5), (200, 6), (204, 6), (205, 8), (207, 15), (208, 51), (209, 7), (210, 2), (211, 16), (212, 16), (213, 50), (214, 2), (215, 5), (216, 2), (217, 17), (218, 11), (219, 1), (220, 14), (223, 7), (224, 1), (225, 18), (226, 1), (227, 4), (231, 4), (234, 1), (237, 43), (239, 1), (240, 12), (243, 14), (244, 7), (245, 4), (246, 93), (249, 40), (250, 3), (252, 18), (253, 4), (254, 10), (255, 1), (256, 4), (257, 2), (258, 59), (259, 6), (262, 2), (263, 2), (264, 5), (265, 32), (266, 67), (268, 1), (269, 7), (270, 12), (271, 1), (272, 19), (273, 53), (274, 23), (275, 15), (276, 80), (278, 41), (279, 5), (280, 3), (281, 8), (282, 117), (283, 16), (284, 3), (285, 5), (286, 2), (287, 74), (288, 22), (289, 19), (290, 3), (291, 13), (292, 9), (293, 7), (294, 2), (296, 3), (297, 43), (298, 12), (299, 17), (301, 1), (303, 1), (304, 1), (305, 3), (306, 40), (307, 10), (308, 14), (310, 1), (312, 3), (313, 16), (318, 8), (320, 66), (321, 3), (324, 14), (325, 4), (326, 1), (329, 28), (330, 29), (331, 1), (332, 3), (333, 3), (334, 15), (336, 4), (337, 2), (338, 138), (339, 3), (340, 3), (342, 81), (344, 29), (345, 15), (346, 10), (347, 12), (348, 13), (349, 6), (351, 2), (353, 23), (354, 90), (355, 5), (356, 36), (357, 19), (359, 5), (360, 37), (361, 11), (362, 10), (363, 35), (364, 67), (365, 1), (368, 13), (369, 21), (370, 29), (371, 12), (372, 20), (373, 5), (374, 13), (375, 17), (376, 5), (378, 9), (381, 1), (385, 1), (386, 2), (388, 1), (390, 81), (391, 32), (397, 1), (398, 16), (400, 1), (402, 27), (403, 11), (404, 1), (407, 1), (408, 132), (410, 5), (411, 23), (412, 25), (413, 2), (414, 10), (415, 1), (416, 4), (417, 45), (418, 44), (419, 1), (420, 49), (421, 254), (422, 10), (425, 6), (426, 5), (430, 14), (431, 13), (433, 40), (434, 10), (435, 1), (437, 131), (439, 8), (441, 23), (442, 3), (443, 5), (444, 11), (445, 122), (446, 3), (447, 6), (448, 56), (450, 10), (451, 4), (453, 10), (455, 4), (457, 3), (460, 12), (461, 85), (462, 7), (463, 1), (464, 1), (466, 3), (467, 4), (470, 7), (471, 3), (474, 29), (475, 48), (477, 1), (478, 27), (479, 4), (480, 16), (481, 17), (482, 14), (483, 48), (484, 26), (485, 103), (486, 19), (490, 7), (492, 9), (493, 32), (495, 3), (499, 56), (501, 57), (504, 6), (505, 5), (507, 5), (508, 30), (510, 2), (511, 13), (512, 10), (513, 4), (514, 11), (515, 6), (519, 2), (520, 132), (523, 1), (524, 3), (525, 7), (526, 26), (527, 1), (528, 12), (529, 45), (530, 9), (532, 10), (534, 2), (535, 2), (536, 4), (539, 2), (540, 10), (541, 9), (542, 23), (543, 1), (548, 81), (549, 6), (550, 70), (555, 3), (556, 32), (559, 21), (561, 15), (564, 16), (565, 2), (566, 19), (567, 7), (569, 7), (570, 8), (571, 14), (572, 30), (575, 1), (576, 44), (577, 20), (578, 7), (579, 27), (580, 2), (581, 28), (582, 21), (583, 3), (584, 1), (588, 20), (589, 2), (590, 1), (591, 28), (592, 7), (594, 8), (595, 7), (596, 2), (597, 13), (598, 42), (599, 32), (600, 20), (602, 34), (604, 76), (605, 9), (606, 1), (607, 11), (609, 2), (611, 32), (613, 2), (615, 8), (616, 5), (617, 168), (618, 1), (619, 52), (620, 1), (621, 8), (622, 49), (623, 4), (624, 3), (625, 6), (627, 2), (628, 32), (629, 12), (630, 7), (631, 7), (632, 34), (634, 4), (635, 6), (637, 154), (638, 2), (639, 1), (641, 55), (642, 40), (646, 1), (647, 26), (648, 17), (649, 7), (650, 3), (651, 2), (652, 5), (654, 11), (655, 20), (656, 15), (657, 32), (658, 3), (659, 41), (662, 5), (663, 8), (664, 6), (665, 21), (666, 1), (667, 67), (670, 1), (671, 22), (672, 14), (674, 2), (675, 79), (676, 6), (678, 286), (679, 88), (680, 25), (681, 29), (683, 6), (684, 37), (685, 3), (686, 5), (687, 7), (688, 5), (689, 7), (693, 20), (695, 40), (696, 2), (697, 3), (701, 5), (702, 2), (703, 15), (706, 35), (708, 19), (710, 74), (712, 3), (713, 1), (714, 3), (715, 20), (717, 4), (718, 38), (719, 4), (720, 1), (723, 7), (724, 1), (725, 20), (728, 3), (729, 2), (730, 17), (731, 2), (732, 4), (734, 1), (736, 5), (737, 2), (738, 1), (739, 116), (740, 2), (742, 12), (743, 3), (744, 1), (746, 20), (748, 8), (749, 34), (750, 11), (751, 41), (752, 20), (753, 1), (754, 7), (757, 10), (758, 87), (760, 1), (762, 2), (763, 3), (764, 5), (766, 1), (767, 2), (768, 4), (769, 3), (770, 2), (771, 6), (772, 38), (773, 11), (774, 25), (775, 19), (779, 3), (780, 19), (781, 13), (783, 3), (784, 59), (785, 48), (787, 58), (788, 8), (789, 66), (790, 47), (791, 13), (794, 160), (795, 10), (796, 24), (798, 2), (799, 3), (800, 2), (801, 7), (802, 130), (803, 11), (804, 17), (805, 10), (806, 22), (808, 60), (809, 3), (810, 1), (811, 21), (814, 2), (816, 2), (818, 60), (819, 6), (821, 5), (822, 3), (823, 9), (824, 8), (825, 16), (827, 20), (829, 1), (830, 14), (833, 45), (834, 20), (835, 1), (836, 6), (838, 3), (839, 1), (840, 20), (841, 70), (842, 1), (845, 3), (846, 4), (847, 13), (849, 61), (850, 3), (853, 1), (854, 28), (856, 18), (859, 5), (861, 7), (864, 7), (866, 14), (869, 10), (870, 3), (871, 15), (872, 9), (874, 10), (876, 1), (877, 15), (880, 2), (881, 1), (882, 3), (883, 4), (886, 2), (887, 1), (888, 18), (889, 4), (891, 32), (893, 2), (896, 20), (897, 26), (898, 1), (899, 10), (900, 4), (901, 5), (902, 8), (903, 1), (905, 3), (906, 1), (911, 8), (913, 1), (914, 15), (916, 6), (917, 2), (918, 1), (919, 1), (920, 4), (922, 6), (923, 1), (924, 11), (926, 1), (928, 21), (931, 7), (932, 4), (933, 2), (934, 13), (935, 3), (938, 2), (941, 1), (942, 1), (944, 1), (945, 3), (947, 11), (948, 4), (949, 9), (951, 7), (952, 3), (953, 26), (955, 3), (956, 6), (962, 5), (965, 11), (966, 3), (967, 2), (969, 12), (970, 13), (971, 7), (972, 6), (974, 3), (975, 1), (977, 15), (978, 2), (979, 15), (980, 1), (984, 1), (985, 26), (987, 3), (989, 4), (990, 3), (991, 10), (993, 4), (995, 7), (996, 3), (997, 2), (1001, 1), (1005, 20), (1006, 5), (1007, 2), (1009, 11), (1010, 3), (1012, 5), (1013, 9), (1014, 5), (1015, 126), (1018, 5), (1019, 1), (1021, 6), (1022, 1), (1023, 1), (1024, 1), (1026, 5), (1027, 3), (1028, 2), (1032, 11), (1033, 15), (1035, 4), (1036, 7), (1037, 6), (1038, 2), (1039, 7), (1040, 3), (1041, 4), (1043, 2), (1048, 8), (1049, 2), (1050, 2), (1052, 2), (1053, 1), (1054, 20), (1055, 1), (1056, 12), (1057, 44), (1058, 1), (1060, 30), (1061, 3), (1062, 6), (1065, 4), (1066, 7), (1068, 1), (1069, 19), (1070, 7), (1076, 26), (1080, 20), (1084, 1), (1086, 1), (1087, 2), (1088, 13), (1091, 5), (1092, 1), (1095, 6), (1097, 4), (1098, 9), (1099, 4), (1100, 9), (1101, 1), (1102, 2), (1103, 6), (1108, 15), (1109, 2), (1111, 3), (1113, 5), (1114, 3), (1117, 9), (1118, 8), (1119, 1), (1120, 8), (1123, 13), (1125, 83), (1126, 2), (1127, 1), (1128, 6), (1131, 2), (1133, 3), (1134, 2), (1136, 2), (1137, 1), (1139, 22), (1141, 1), (1142, 1), (1144, 55), (1148, 1), (1149, 3), (1152, 5), (1153, 16), (1156, 15), (1161, 34), (1162, 3), (1164, 5), (1169, 5), (1170, 4), (1171, 5), (1172, 2), (1173, 10), (1177, 12), (1178, 2), (1179, 2), (1180, 6), (1185, 2), (1186, 11), (1188, 26), (1189, 4), (1190, 1), (1191, 3), (1192, 6), (1195, 2), (1196, 1), (1198, 2), (1201, 2), (1204, 1), (1208, 1), (1209, 3), (1211, 11), (1214, 3), (1218, 1), (1219, 14), (1221, 1), (1222, 1), (1228, 18), (1231, 2), (1232, 2), (1234, 1), (1235, 4), (1236, 5), (1237, 16), (1241, 1), (1244, 1), (1245, 4), (1247, 11), (1249, 1), (1250, 1), (1255, 4), (1256, 3), (1257, 8), (1258, 6), (1261, 2), (1263, 63), (1266, 3), (1268, 5), (1269, 1), (1270, 1), (1271, 4), (1272, 1), (1273, 1), (1274, 10), (1275, 1), (1277, 2), (1282, 1), (1287, 2), (1288, 4), (1289, 2), (1291, 8), (1292, 28), (1293, 2), (1294, 1), (1295, 5), (1298, 1), (1300, 24), (1304, 10), (1307, 32), (1308, 10), (1313, 3), (1314, 4), (1315, 3), (1316, 4), (1317, 1), (1318, 1), (1319, 6), (1320, 3), (1321, 4), (1323, 1), (1325, 61), (1328, 15), (1329, 22), (1330, 1), (1332, 2), (1333, 5), (1335, 7), (1336, 5), (1337, 6), (1338, 1), (1340, 1), (1343, 1), (1344, 1), (1347, 1), (1352, 3), (1355, 1), (1357, 3), (1358, 12), (1359, 57), (1360, 4), (1361, 3), (1362, 27), (1364, 4), (1365, 3), (1366, 5), (1367, 12), (1368, 6), (1369, 12), (1370, 7), (1371, 6), (1372, 6), (1373, 19), (1374, 12), (1375, 6), (1376, 6), (1377, 7), (1378, 15), (1379, 17), (1380, 16), (1381, 6), (1382, 22), (1383, 7), (1384, 6), (1385, 6), (1386, 6), (1387, 7), (1388, 7), (1389, 6), (1390, 6), (1391, 6), (1392, 30), (1393, 20), (1394, 6), (1395, 6), (1396, 6), (1397, 6), (1398, 14), (1399, 6), (1400, 9), (1401, 6), (1402, 15), (1403, 7), (1404, 18), (1405, 6), (1406, 7), (1407, 6), (1408, 10), (1409, 6), (1410, 6), (1411, 12), (1412, 6), (1413, 6), (1414, 6), (1415, 6), (1416, 5), (1419, 9), (1420, 17), (1421, 1), (1424, 3), (1428, 7), (1429, 2), (1430, 1), (1432, 4), (1433, 9), (1434, 21), (1436, 1), (1440, 1), (1441, 2), (1442, 3), (1446, 3), (1447, 1), (1448, 5), (1453, 1), (1454, 1), (1459, 6), (1462, 9), (1466, 6), (1467, 1), (1469, 3), (1471, 1), (1474, 7), (1475, 7), (1476, 3), (1477, 32), (1479, 2), (1480, 2), (1482, 5), (1484, 3), (1486, 1), (1494, 4), (1499, 3), (1502, 1), (1503, 1), (1506, 5), (1508, 3), (1510, 4), (1513, 24), (1515, 1), (1519, 1), (1520, 1), (1522, 1), (1525, 4), (1527, 1), (1528, 1), (1532, 13), (1533, 14), (1536, 2), (1538, 1), (1540, 2), (1543, 1), (1544, 2), (1545, 2), (1546, 4), (1547, 2), (1548, 2), (1550, 8), (1557, 2), (1558, 3), (1559, 2), (1561, 1), (1563, 1), (1576, 8), (1577, 2), (1578, 14), (1579, 8), (1581, 2), (1585, 1), ...]
lda[corpus[2]]
[(0, 0.09615204729133821), (1, 0.1138417263191659), (2, 0.32063266173816457), (3, 0.21900720954644737), (4, 0.250366355104884)]
import re
from gensim import models, corpora
from nltk import word_tokenize
from nltk.corpus import stopwords
NUM_TOPICS = 10
STOPWORDS = stopwords.words('english')
def clean_text(text):
tokenized_text = word_tokenize(text.lower())
cleaned_text = [t for t in tokenized_text if t not in STOPWORDS and re.match(r'[a-zA-Z\-][a-zA-Z\-]{2,}', t)]
return cleaned_text
# For gensim we need to tokenize the data and filter out stopwords
#tokenized_data = text_data
tokenized_data = []
for text in data_text:
tokenized_data.append(clean_text(text))
# Build a Dictionary - association word to numeric id
dictionary = corpora.Dictionary(tokenized_data)
# Transform the collection of texts to a numerical form
corpus = [dictionary.doc2bow(text) for text in tokenized_data]
# Have a look at how the 20th document looks like: [(word_id, count), ...]
print(corpus[20])
# [(12, 3), (14, 1), (21, 1), (25, 5), (30, 2), (31, 5), (33, 1), (42, 1), (43, 2), ...
# Build the LDA model
lda_model = models.LdaModel(corpus=corpus, num_topics=NUM_TOPICS, id2word=dictionary)
# Build the LSI model
lsi_model = models.LsiModel(corpus=corpus, num_topics=NUM_TOPICS, id2word=dictionary)
[(0, 2), (1, 8), (2, 2), (3, 54), (4, 377), (5, 19), (6, 190), (7, 11), (8, 7), (9, 1), (10, 1), (11, 1), (12, 3), (13, 15), (14, 233), (16, 3), (17, 35), (18, 74), (19, 66), (20, 53), (21, 56), (22, 104), (23, 2), (24, 129), (25, 189), (26, 262), (27, 64), (28, 10), (29, 65), (30, 18), (31, 18), (32, 132), (33, 277), (34, 26), (35, 12), (36, 13), (38, 32), (39, 18), (40, 10), (42, 1), (43, 6), (44, 91), (45, 42), (46, 23), (49, 3), (50, 5), (51, 9), (52, 55), (53, 37), (54, 22), (55, 30), (56, 6), (58, 6), (59, 33), (60, 45), (61, 23), (62, 23), (63, 90), (64, 36), (65, 149), (66, 26), (67, 73), (68, 54), (71, 42), (72, 3), (73, 1), (74, 5), (75, 3), (77, 49), (78, 106), (79, 3), (80, 70), (83, 2), (84, 180), (85, 10), (86, 3), (89, 38), (91, 2), (92, 1), (96, 10), (98, 210), (101, 9), (105, 118), (110, 59), (111, 12), (112, 1), (113, 6), (114, 9), (116, 33), (117, 26), (118, 77), (119, 104), (120, 21), (121, 10), (122, 16), (123, 26), (124, 27), (125, 402), (126, 12), (127, 603), (128, 586), (129, 75), (130, 5), (131, 8), (132, 19), (133, 502), (134, 116), (135, 34), (136, 10), (137, 19), (138, 46), (139, 182), (140, 41), (141, 446), (142, 1), (145, 6), (146, 513), (147, 66), (148, 195), (149, 8), (150, 105), (152, 138), (153, 112), (154, 10), (155, 16), (156, 4), (157, 8), (158, 37), (159, 93), (160, 35), (161, 164), (162, 27), (163, 29), (164, 29), (165, 96), (166, 12), (167, 42), (168, 223), (169, 28), (170, 30), (171, 6), (172, 4), (173, 636), (174, 5), (175, 13), (176, 21), (177, 47), (178, 41), (179, 69), (180, 83), (181, 73), (182, 13), (183, 13), (184, 492), (185, 900), (186, 396), (187, 82), (188, 28), (189, 5), (190, 92), (191, 114), (192, 154), (193, 5), (194, 12), (195, 131), (196, 27), (197, 5), (198, 10), (199, 26), (200, 33), (201, 4), (202, 10), (203, 2), (204, 7), (205, 16), (206, 11), (207, 71), (208, 99), (209, 29), (210, 176), (211, 27), (212, 83), (213, 162), (214, 22), (215, 48), (216, 44), (217, 58), (218, 46), (219, 6), (220, 17), (221, 11), (222, 6), (223, 34), (224, 11), (225, 265), (226, 3), (227, 3), (228, 6), (231, 8), (232, 16), (233, 2), (234, 43), (236, 8), (237, 82), (240, 45), (243, 57), (244, 18), (245, 10), (246, 425), (248, 7), (249, 63), (250, 3), (251, 2), (252, 68), (253, 15), (254, 22), (255, 64), (256, 9), (258, 379), (259, 33), (260, 9), (261, 1), (262, 26), (263, 1), (264, 6), (265, 154), (266, 446), (267, 9), (268, 1), (269, 38), (270, 1116), (271, 6), (272, 49), (273, 201), (274, 172), (275, 55), (276, 399), (277, 35), (278, 141), (279, 46), (280, 8), (281, 35), (282, 176), (283, 21), (284, 31), (285, 5), (286, 26), (287, 255), (288, 31), (289, 20), (290, 31), (291, 26), (292, 34), (293, 114), (294, 4), (295, 5), (296, 30), (297, 210), (298, 60), (299, 29), (300, 6), (301, 50), (302, 3), (303, 4), (304, 7), (305, 22), (306, 34), (307, 46), (308, 19), (309, 1), (310, 290), (311, 8), (312, 7), (313, 118), (314, 1), (317, 10), (318, 40), (319, 33), (320, 229), (321, 10), (322, 3), (323, 5), (324, 127), (325, 46), (326, 207), (328, 2), (329, 97), (330, 332), (331, 36), (332, 11), (333, 17), (334, 32), (335, 3), (336, 17), (337, 12), (338, 1218), (339, 3), (340, 33), (342, 637), (343, 1), (344, 49), (345, 209), (346, 157), (347, 120), (348, 99), (349, 39), (350, 12), (351, 22), (352, 2), (353, 2), (354, 199), (355, 157), (356, 9), (357, 36), (358, 37), (359, 53), (360, 496), (361, 57), (362, 67), (363, 250), (364, 58), (365, 1), (366, 9), (368, 30), (369, 43), (370, 211), (371, 67), (372, 176), (373, 32), (374, 167), (375, 32), (376, 102), (377, 23), (378, 40), (380, 38), (381, 1), (382, 2), (383, 7), (384, 18), (385, 10), (386, 22), (387, 1), (388, 5), (390, 162), (391, 116), (392, 3), (393, 29), (395, 3), (396, 9), (397, 2), (398, 14), (401, 3), (402, 23), (403, 32), (404, 36), (406, 2), (407, 24), (408, 343), (409, 14), (410, 60), (411, 45), (412, 87), (413, 1), (414, 48), (415, 5), (416, 7), (417, 81), (418, 256), (420, 102), (421, 169), (422, 124), (423, 8), (424, 2), (425, 35), (426, 23), (427, 4), (428, 3), (430, 17), (431, 32), (432, 2), (433, 113), (434, 73), (435, 7), (436, 9), (437, 185), (438, 4), (439, 91), (441, 25), (442, 6), (444, 43), (445, 673), (446, 23), (447, 20), (448, 192), (450, 49), (451, 84), (452, 7), (453, 35), (454, 2), (455, 38), (457, 6), (458, 2), (459, 16), (460, 35), (461, 271), (462, 17), (463, 11), (464, 14), (466, 3), (467, 62), (470, 2), (471, 12), (472, 4), (473, 27), (474, 27), (475, 124), (476, 8), (478, 145), (479, 48), (480, 70), (481, 42), (482, 90), (483, 176), (484, 93), (485, 412), (486, 87), (488, 1), (490, 50), (491, 2), (492, 15), (493, 360), (494, 7), (495, 3), (496, 51), (497, 30), (498, 6), (499, 59), (501, 171), (502, 1), (503, 12), (504, 66), (505, 15), (507, 35), (508, 254), (510, 28), (511, 24), (512, 193), (513, 34), (514, 211), (515, 36), (516, 8), (518, 1), (519, 3), (520, 418), (523, 11), (524, 64), (525, 27), (526, 185), (527, 12), (528, 22), (529, 34), (530, 952), (531, 3), (532, 36), (533, 6), (535, 11), (536, 45), (539, 8), (540, 126), (541, 18), (542, 107), (543, 8), (544, 1), (545, 3), (547, 5), (548, 159), (549, 32), (550, 299), (551, 358), (553, 1), (554, 23), (555, 4), (556, 249), (557, 6), (558, 15), (559, 46), (561, 148), (563, 7), (564, 110), (565, 40), (566, 15), (569, 41), (570, 2), (571, 3), (572, 139), (575, 2), (576, 137), (577, 8), (578, 3), (579, 55), (580, 40), (581, 51), (582, 167), (583, 10), (584, 145), (585, 11), (586, 3), (588, 129), (589, 8), (590, 6), (591, 167), (592, 27), (593, 1), (594, 23), (595, 100), (596, 26), (597, 9), (598, 134), (599, 129), (600, 48), (602, 42), (603, 13), (604, 812), (605, 72), (606, 30), (607, 10), (609, 7), (611, 90), (612, 8), (613, 14), (615, 29), (616, 3), (617, 459), (618, 20), (619, 346), (620, 4), (621, 9), (622, 194), (623, 18), (624, 17), (625, 27), (627, 67), (628, 314), (629, 33), (630, 9), (631, 24), (632, 79), (635, 7), (637, 891), (638, 23), (639, 22), (641, 188), (642, 95), (644, 48), (645, 7), (646, 31), (647, 60), (648, 95), (649, 223), (650, 75), (651, 8), (652, 33), (653, 18), (654, 124), (655, 84), (656, 91), (657, 19), (658, 41), (659, 232), (660, 1), (661, 1), (662, 1), (663, 5), (664, 27), (665, 155), (667, 170), (669, 4), (670, 31), (671, 64), (672, 164), (673, 44), (674, 1), (675, 107), (676, 6), (678, 1634), (679, 139), (680, 163), (681, 229), (682, 12), (683, 71), (684, 56), (685, 21), (686, 18), (687, 7), (688, 65), (689, 44), (690, 2), (692, 3), (693, 110), (694, 12), (695, 142), (696, 39), (697, 28), (699, 61), (701, 42), (702, 2), (703, 24), (706, 304), (707, 5), (708, 14), (709, 40), (710, 278), (712, 10), (713, 6), (714, 42), (715, 1), (716, 17), (717, 21), (718, 433), (719, 50), (720, 1), (721, 17), (723, 45), (724, 6), (725, 218), (726, 2), (728, 7), (729, 1), (730, 1), (731, 82), (732, 69), (733, 12), (734, 7), (735, 6), (736, 6), (738, 7), (739, 162), (740, 147), (741, 1), (742, 22), (744, 3), (745, 12), (746, 19), (747, 9), (748, 154), (749, 256), (750, 4), (751, 9), (752, 15), (754, 56), (755, 1), (757, 6), (758, 502), (760, 1), (762, 2), (763, 2), (764, 20), (765, 67), (766, 3), (767, 9), (768, 11), (770, 20), (771, 88), (772, 31), (773, 11), (774, 61), (775, 100), (776, 62), (777, 4), (778, 8), (779, 94), (780, 84), (781, 39), (782, 2), (783, 64), (784, 46), (785, 23), (786, 18), (787, 146), (788, 21), (789, 270), (790, 97), (791, 71), (794, 232), (795, 15), (796, 154), (797, 7), (798, 57), (799, 31), (800, 24), (801, 21), (802, 196), (803, 19), (804, 134), (805, 88), (806, 153), (807, 39), (808, 135), (809, 2), (810, 28), (811, 96), (813, 1), (814, 25), (815, 5), (816, 29), (817, 18), (818, 109), (819, 8), (821, 23), (822, 99), (823, 182), (824, 30), (825, 81), (827, 336), (829, 10), (830, 46), (833, 445), (834, 194), (835, 10), (836, 45), (838, 36), (839, 3), (840, 114), (841, 444), (842, 2), (843, 1), (844, 3), (845, 38), (846, 54), (847, 46), (849, 417), (850, 54), (851, 6), (853, 9), (854, 327), (855, 2), (856, 60), (857, 8), (859, 87), (860, 21), (861, 7), (862, 2), (863, 1), (864, 129), (865, 2), (866, 27), (867, 15), (868, 2), (869, 15), (870, 3), (871, 168), (872, 18), (873, 7), (874, 36), (875, 1), (876, 4), (877, 58), (878, 6), (879, 38), (880, 24), (881, 14), (882, 15), (883, 36), (884, 1), (886, 1), (887, 17), (888, 260), (889, 48), (890, 7), (891, 64), (892, 1), (893, 102), (894, 3), (895, 8), (896, 83), (897, 144), (898, 2), (899, 10), (900, 4), (901, 43), (902, 150), (903, 15), (904, 1), (905, 119), (906, 18), (907, 3), (908, 4), (910, 14), (911, 9), (912, 33), (913, 9), (914, 14), (915, 1), (916, 50), (917, 11), (918, 4), (919, 4), (920, 8), (922, 40), (923, 22), (924, 62), (926, 5), (928, 124), (929, 3), (930, 2), (931, 54), (932, 68), (933, 35), (934, 28), (935, 10), (936, 1), (938, 16), (939, 7), (941, 4), (942, 38), (943, 22), (944, 2), (945, 9), (946, 2), (947, 6), (948, 4), (949, 12), (950, 7), (951, 11), (953, 64), (955, 15), (956, 79), (959, 3), (960, 23), (962, 4), (964, 28), (965, 6), (966, 9), (967, 5), (968, 1), (969, 25), (970, 5), (971, 7), (972, 20), (974, 25), (975, 2), (977, 21), (978, 10), (979, 80), (980, 22), (984, 8), (985, 63), (986, 1), (987, 8), (988, 5), (989, 22), (990, 8), (991, 66), (992, 2), (993, 14), (994, 19), (995, 11), (996, 7), (997, 6), (998, 3), (999, 2), (1000, 3), (1001, 33), (1002, 15), (1003, 1), (1005, 198), (1006, 12), (1007, 3), (1008, 8), (1009, 43), (1010, 18), (1011, 3), (1012, 1), (1013, 27), (1014, 10), (1015, 52), (1017, 6), (1018, 4), (1019, 9), (1021, 9), (1022, 2), (1023, 6), (1024, 35), (1026, 7), (1027, 27), (1028, 1), (1029, 2), (1030, 210), (1031, 11), (1032, 5), (1033, 45), (1035, 27), (1036, 9), (1037, 38), (1038, 6), (1039, 11), (1040, 46), (1041, 7), (1042, 3), (1043, 9), (1044, 19), (1047, 1), (1048, 16), (1049, 9), (1050, 2), (1052, 6), (1053, 1), (1054, 439), (1055, 4), (1056, 21), (1057, 151), (1058, 6), (1059, 1), (1060, 214), (1061, 17), (1062, 63), (1063, 2), (1064, 2), (1065, 19), (1066, 24), (1067, 1), (1068, 7), (1069, 29), (1070, 13), (1071, 5), (1073, 15), (1076, 99), (1080, 80), (1081, 2), (1082, 8), (1084, 57), (1086, 2), (1087, 6), (1088, 43), (1091, 6), (1092, 4), (1095, 15), (1096, 3), (1097, 20), (1098, 59), (1099, 6), (1100, 52), (1101, 40), (1102, 52), (1103, 22), (1106, 31), (1107, 10), (1108, 8), (1109, 19), (1110, 7), (1111, 34), (1112, 12), (1113, 170), (1114, 31), (1115, 11), (1116, 2), (1117, 32), (1118, 61), (1120, 21), (1121, 5), (1123, 58), (1125, 68), (1126, 32), (1127, 31), (1129, 2), (1130, 2), (1131, 11), (1133, 12), (1134, 3), (1135, 2), (1136, 2), (1138, 11), (1139, 22), (1141, 97), (1142, 1), (1144, 49), (1145, 10), (1146, 1), (1148, 2), (1149, 1), (1152, 11), (1153, 106), (1154, 3), (1156, 56), (1158, 3), (1159, 371), (1161, 40), (1163, 1), (1164, 9), (1165, 1), (1166, 65), (1170, 75), (1171, 39), (1172, 5), (1173, 58), (1177, 26), (1178, 62), (1179, 15), (1180, 28), (1182, 13), (1183, 5), (1184, 13), (1185, 72), (1186, 112), (1188, 228), (1189, 30), (1190, 6), (1191, 43), (1192, 66), (1193, 7), (1195, 18), (1196, 4), (1198, 4), (1199, 11), (1201, 12), (1204, 37), (1205, 1), (1207, 12), (1208, 3), (1209, 6), (1210, 28), (1211, 47), (1212, 12), (1213, 1), (1214, 24), (1215, 1), (1217, 8), (1218, 22), (1219, 41), (1221, 8), (1222, 3), (1223, 2), (1225, 5), (1226, 7), (1227, 2), (1228, 13), (1231, 86), (1232, 11), (1234, 2), (1235, 32), (1236, 17), (1237, 226), (1238, 1), (1243, 3), (1245, 15), (1246, 4), (1247, 8), (1248, 10), (1249, 52), (1250, 19), (1251, 1), (1252, 4), (1255, 21), (1256, 15), (1257, 28), (1258, 32), (1259, 2), (1260, 29), (1261, 2), (1263, 57), (1264, 5), (1265, 1), (1266, 76), (1268, 22), (1269, 4), (1270, 6), (1271, 45), (1272, 11), (1273, 7), (1274, 33), (1275, 20), (1277, 64), (1278, 6), (1279, 1), (1282, 6), (1284, 8), (1285, 1), (1286, 1), (1287, 14), (1288, 5), (1289, 282), (1290, 24), (1291, 76), (1292, 172), (1293, 29), (1295, 108), (1298, 6), (1299, 19), (1300, 41), (1301, 4), (1302, 11), (1303, 34), (1304, 27), (1307, 104), (1308, 90), (1310, 1), (1311, 24), (1312, 1), (1313, 142), (1314, 31), (1315, 2), (1316, 17), (1317, 12), (1318, 50), (1319, 11), (1320, 1), (1322, 2), (1323, 2), (1324, 13), (1325, 179), (1328, 162), (1329, 16), (1330, 6), (1331, 2), (1333, 18), (1334, 1), (1335, 9), (1336, 21), (1337, 58), (1338, 15), (1341, 3), (1343, 5), (1344, 5), (1345, 1), (1346, 1), (1347, 3), (1348, 1), (1349, 6), (1350, 1), (1351, 52), (1352, 33), (1354, 1), (1355, 4), (1356, 10), (1357, 22), (1358, 60), (1359, 61), (1360, 5), (1361, 4), (1362, 153), (1363, 1), (1364, 10), (1365, 2), (1366, 7), (1367, 54), (1368, 44), (1369, 53), (1370, 27), (1371, 26), (1372, 37), (1373, 85), (1374, 52), (1375, 27), (1376, 26), (1377, 39), (1378, 29), (1379, 62), (1380, 58), (1381, 26), (1382, 54), (1383, 57), (1384, 26), (1385, 26), (1386, 33), (1387, 26), (1388, 33), (1389, 26), (1390, 26), (1391, 27), (1392, 133), (1393, 107), (1394, 26), (1395, 26), (1396, 26), (1397, 26), (1398, 30), (1399, 26), (1400, 35), (1401, 36), (1402, 86), (1403, 37), (1404, 78), (1405, 30), (1406, 30), (1407, 26), (1408, 33), (1409, 26), (1410, 26), (1411, 52), (1412, 26), (1413, 43), (1414, 26), (1415, 26), (1416, 87), (1417, 2), (1418, 24), (1419, 23), (1420, 74), (1421, 7), (1423, 1), (1424, 155), (1425, 5), (1426, 1), (1427, 18), (1428, 3), (1429, 4), (1430, 1), (1431, 12), (1432, 36), (1433, 4), (1434, 57), (1436, 7), (1437, 6), (1438, 1), (1439, 1), (1440, 16), (1441, 511), (1442, 15), (1444, 8), (1446, 14), (1448, 7), (1450, 3), (1452, 27), (1454, 35), (1455, 6), (1456, 1), (1457, 1), (1459, 20), (1462, 26), (1463, 1), (1464, 1), (1465, 3), (1466, 11), (1467, 8), (1469, 138), (1471, 2), (1473, 3), (1474, 82), (1475, 57), (1476, 14), (1477, 21), (1478, 32), (1479, 5), (1480, 6), (1481, 3), (1482, 62), (1483, 10), (1484, 49), (1485, 24), (1486, 3), (1487, 42), (1488, 1), (1490, 1), (1492, 1), (1494, 14), (1497, 1), (1499, 8), (1501, 1), (1502, 2), (1503, 1), (1505, 1), (1507, 31), (1508, 9), (1509, 2), (1510, 19), (1512, 2), (1513, 146), (1514, 6), (1515, 3), (1516, 3), (1518, 2), (1519, 3), (1520, 21), (1521, 2), (1523, 12), (1525, 66), (1526, 16), (1527, 40), (1528, 1), (1529, 1), (1530, 15), (1531, 8), (1532, 17), (1533, 17), (1534, 1), (1538, 4), (1539, 5), (1540, 5), (1541, 112), (1542, 28), (1543, 3), (1544, 188), (1545, 26), (1546, 120), (1547, 12), (1548, 26), (1549, 1), (1550, 6), (1551, 11), (1552, 3), (1553, 1), (1554, 6), (1558, 5), (1559, 25), (1561, 1), (1562, 1), (1563, 18), (1564, 8), (1565, 1), (1566, 2), (1567, 2), (1568, 17), (1569, 1), (1570, 5), (1572, 1), (1573, 1), (1575, 9), (1576, 26), (1577, 18), (1578, 100), (1579, 65), (1581, 61), (1583, 5), (1584, 4), (1585, 65), (1586, 15), (1587, 3), (1588, 19), (1590, 1), (1591, 7), (1592, 9), (1593, 4), (1594, 1), (1595, 1), (1596, 1), (1597, 5), (1598, 2), (1599, 1), (1601, 8), (1602, 1), (1603, 11), (1604, 17), (1605, 3), (1607, 3), (1608, 55), (1610, 9), (1611, 27), (1612, 25), (1613, 355), (1614, 2), (1615, 1), (1616, 14), (1617, 11), (1618, 27), (1619, 71), (1620, 47), (1621, 18), (1622, 36), (1623, 3), (1624, 3), (1626, 1), (1627, 4), (1628, 24), (1629, 51), (1630, 1), (1631, 4), (1632, 32), (1633, 1), (1634, 4), (1635, 22), (1636, 5), (1638, 1), (1640, 9), (1642, 1), (1644, 43), (1645, 6), (1646, 41), (1647, 15), (1648, 1), (1649, 2), (1650, 43), (1651, 8), (1652, 9), (1653, 1), (1654, 1), (1656, 1), (1657, 4), (1658, 3), (1659, 2), (1661, 29), (1662, 30), (1663, 6), (1664, 1), (1665, 11), (1666, 6), (1669, 7), (1670, 12), (1671, 5), (1673, 2), (1674, 8), (1675, 26), (1676, 2), (1677, 9), (1678, 22), (1679, 1), (1680, 24), (1681, 41), (1684, 8), (1686, 14), (1687, 7), (1688, 3), (1690, 14), (1691, 11), (1693, 9), (1696, 30), (1697, 55), (1698, 8), (1704, 2), (1707, 1), (1708, 18), (1709, 12), (1710, 11), (1711, 7), (1713, 1), (1714, 3), (1715, 27), (1716, 14), (1717, 45), (1718, 1), (1719, 19), (1720, 35), (1721, 15), (1722, 10), (1723, 4), (1724, 70), (1725, 1), (1726, 22), (1727, 16), 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